Lease Beat

Blue State Digital Bringing Presidential Pedigree to 101 Avenue of the Americas

101-avenue-of-the-americas

Blue State Digital, a subsidiary of WPP, will relocate its New York office to 101 Avenue of the Americas in November, The Commercial Observer has learned. The new media strategy agency has signed a five-year deal for the entire 15,600-square-foot 12th floor at the Edward J. Minskoff Equities building and will pay rent in the mid-$60s per square foot, according to data from CompStak. Read More

Lease Beat

Mediaocean Relocating to RXR Property

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Mediaocean, a developer and provider of advertising software, is relocating to RXR Realty’s 620 Avenue of the Americas after signing a 14-year, 88,387-square-foot lease for a portion of the property’s sixth floor. Asking rent was in the low-$60s.

The tenant, which has 80,000 users and processes $130 billion annually, is relocating from 115 West 18th Street. Mediaocean, headquartered in New York, also operates offices in Atlanta, Chicago, New Jersey, Los Angeles and Louisville in the United States. International locations include Toronto, Paris and London. Read More

Lease Beat

LinkedIn Leases 31,196 Square Feet at Empire State Building

Looking_Up_at_Empire_State_Building

LinkedIn inked a full-floor deal for 31,196 square feet at the Empire State Building, bringing its total footprint there to 109,719 square feet.

Sacha Zarba led a team from CBRE representing the tenant. William Cohen and Ryan Kass of Newmark Grubb Knight Frank represented the landlord, Malkin Properties. The social networking site became a direct tenant in the Midtown landmark in 2011, with 31,742 square feet on the 25th floor. It has since expanded to the 23rd, 24th and 39th floors. Read More

The Year in Review

2012: The Year Tech Invaded NYC Real Estate

year tech broke

This past February, 10Gen, developer of the computer system database MongoDB, was in search of new office space, specifically in tech- and media-rich Midtown South.

The company needed a large open layout for its workers, with an option for more space to allow the firm to grow—plus an option to terminate. Unfortunately, the ultra-tight market Read More

Lease Beat

LinkedIn Expands its Office at Empire State Building

Empire State Building.

LinkedIn, the social network for work professionals that boasts more than 187 million members across 200 countries, is expanding its New York office space in the iconic Empire State Building. The company has inked a 10-years lease for 40,781 square feet of space on the 23rd floor of the building, where it is reaching a total occupancy of 72,523 square feet. The asking rent for the new space was $51 per square foot. Read More

Lease Beat

LinkedIn Grabs 10K In Empire State Building

Courtesy of Wikipedia

LinkedIn is set to expand 10,400 square feet on the 24th floor in the Empire State Building.

“Their sales force is expanding in New York City and they are out of space on their main floor,” Sacha Zarba, a senior vice president ofCBRE explained.

LinkedIn initially moved into the building in 2010 and has maintained Read More

Lease Beat

Barneys Expands Flagship Store

660 Madison Avenue

The luxury department store Barneys is expanding its landmark flagship store on Madison Avenue.

The 230,000-square-foot store on the corner 61st Street is taking space upstairs in its long-time home, 660 Madison Avenue. Barneys owns and occupies the 23-story property’s first nine floors. In the expansion deal, the store is leasing an additional 12,000 square feet on the 10th floor, a little less than half the floor. Read More

Lease Beat

Cogent Signs On For 4,500 s/f at 599 Lex

599 Lexington Avenue

Cogent Partners, an investment banking firm, has signed a 4,553-square-foot lease at 599 Lexington Avenue, for a portion of the building’s 38th floor.

The deal nearly fills the 17,00-square-foot floor, which landlord Boston Properties cut into four pre-built office units in order to market it to smaller tenants.

Earlier this year, Istithmar, the Dubai investment Read More

Lease of the Week

“The Most Complicated Deal I Personally Have Handled.”

Starrett-Lehigh Building. (Courtesy Property Shark)

It’s not uncommon to hear Manhattan’s real estate market characterized as sophisticated or complex.

Not every day, however, does a requirement as straightforward as Dentsu McGarryBowen’s uncork such an elaborate and interconnected series of transactions as it did at the Starrett-Lehigh Building.

A longtime tenant in the 2.3-million-square-foot building and one of the property’s largest users, the advertising firm needed to expand. But there was a small problem: Despite its size, the building—an artsy, far West Side location popular among creative tenants—had virtually no available space. Read More

Lease Beat

EXCLUSIVE: New Hedge Signs 9,000 SF–And it Hasn't Even Launched Yet.

The Falcon lands at 660 Madison Avenue. (Courtesy Property Shark)

Falcon Edge Capital, a soon to be launched hedge fund, is taking almost 9,000 square feet at the high-end office building 660 Madison Avenue.

The firm, which will begin operations in 2012 according to reports, was formed by celebrated young investment professionals Rick Gerson, formerly of the major firm Blue Ridge and Navroz Udwadia or the well known investment company Eton Park Capital Management. Read More