The 360 View
Retail pros are aflutter as they schedule their appointments for the International Council of Shopping Centers’ RECon Las Vegas. Two companies in particular are preparing for a big debut on the first day of the three-day May trade show: Related Companies and Floored.
Floored, a company providing software for the 3-D visualization of real estate, is planning to showcase the 3-D modeling of Related’s 26-acre Hudson Yards at its booth at the convention, David Eisenberg, the chief executive of Floored, told Commercial Observer. The technology will give potential tenants a sense of what it will look and feel like to be at the Far West Side commercial and residential development upon its completion in 2018. (Representatives from Related were not available for comment at press time.)
Commercial real estate leasing startup View the Space is preparing to introduce a mobile reporting platform, Commercial Observer has learned.
Next week, the real-time data provider, which aims to streamline the leasing process for brokers and landlords, will introduce the mobile platform for iPhone and iPad after beta testing the product for the last couple of weeks.
Jones Lang LaSalle’s Ryan Masiello will be jumping ship to View The Space as Chief Revenue Officer. VTS, one of the fast growing commercial real estate start-ups, is revolutionizing the way brokers, tenants, and landlords interact in commercial real estate transactions.
“Our goal is to centralize what has historically been a very fragmented process and Read More
Grace Beauty has inked a deal for an office at 1140 Avenue of the Americas.
The beauty development and distribution business that specializes in brand development, operations, and sales services will take a 7,466 square foot space on the 16th floor of the Class A office building. Grace Beauty’s brand portfolio includes Tommy Bahama Fragrances, Izod Read More
Lease of the Week
Tech company Operative Media, which provides digital advertising business solutions, has signed for 30,720 square feet of space at Himmel + Meringoff Properties’ 6 East 32nd Street. The company signed an eight-year lease at the 173,600-square-foot building and will relocate from its current space at 40 West 25th Street.
Jones Lang LaSalle’s Jim Wenk and Ryan Masiello represented the tenant, while Mark Stein and Jason Vacker represented the landlord in-house.
Lease of the Week
Even before the Blackstone Group won a contentious bidding war for 1140 Avenue of the Americas, the prewar office building was in the midst of a multimillion-dollar restoration project in early 2011.
Nearly 30 firms were fighting for the right to own the $116 million nonperforming note held by Laurence Gluck’s Stellar Management and partner Rockpoint Group, which bought 1140 Avenue of the Americas from SL Green Realty Corp. for $97.5 million in 2006.
Endurance Reinsurance needed more office space. But growing wasn’t going to be as easy as just tacking a few new floors onto its existing footprint.
The firm had split its operations between two closely located buildings on Third Avenue, 750 and 767 Third Avenue. A quick perusal of the former revealed that only a tantalizing scrap on the building’s 10th floor was available. Alone, it wasn’t going to cut it. Endurance, a roughly 60,000-square-foot tenant at the time, was looking to grow by about 50 percent or more.