Lease Beat

WeWork on the Verge of 300,000-SF Deal at 110 Wall Street

110 Wall Street

WeWork is close to signing a lease for the entirety of 110 Wall Street, Rudin Management‘s 300,000-square-foot Financial District tower that was battered by Superstorm Sandy just over a year ago.

The New York Post‘s Steve Cuozzo reports that the fast-growing co-working space is in negotiations for what would be its sixth Manhattan location and first full building lease. Read More

Sea Change

Welcome to the South Street Tweeport! Downtown Tourist Trap Aims for Cool, Cool Summer

Ch-Ch-Ch-Ch-Changes at the Seaport.

On a recent summer Saturday afternoon, the weather is perfect but the South Street Seaport’s so-called Tourist Alley is devoid of tourists. Nearly eight months after Sandy ransacked the area, its tent-pole businesses—Abercrombie & Fitch, Ann Taylor, Brookstone—remain closed.

Over at Pier 17, at the widely loathed third-floor food court, Arthur Treacher’s and Subway do a brisk business. A thousand little Statues of Liberty glimmer beneath fluorescent lighting. Read More

Food & Drink

8,000-Square-Foot Capsouto Frères Space Hits the Market in Tribeca

Capsouto Freres (Credit: Town)

Capsouto Frères, the French bistro at 451 Washington Street that closed for repairs following Hurricane Sandy, will not reopen, and Town Residential has listed its 8,000-square-foot space for rent at $35,000 a month.

The restaurant was a culinary pioneer in Tribeca when it opened in the postindustrial downtown neighborhood in 1980. Along with The Odeon, which since-estranged brothers Keith and Brian McNally opened with Lynn Wagenknecht the same year, Capsouto Frères put Tribeca on the celebrity and yuppie map, paving the cobblestone way for its dramatic gentrification. Read More

The Sit-Down

CBRE Tristate President Matt Van Buren on the Megadeal’s Comeback and the Post-Sandy Summer

Matt Van Buren

It will be two years ago this summer that Matt Van Buren succeeded Mitch Rudin as CBRE’s tristate president. The Commercial Observer spoke with Mr. Van Buren about the state of the region—and of the Yankees—as the area prepares to emerge from its long, cold winter of discontent.

Since taking over as CBRE’s tristate president, what has been your biggest accomplishment and biggest setback?

I took over for a tristate region office that was in really good condition following Mitch Rudin’s presidency. The biggest accomplishment has been keeping that momentum going forward. When you’re number one, the goal is to stay number one. And we’ve been able to do that. Staying number one is one of the great unsung stories of the world. That’s why I respect the 2000 Yankees so much. [Laughs]

You run CBRE’s offices in Midtown, Downtown, Long Island, Westchester, New Jersey and Connecticut. Do the fortunes of the different metro area hubs often diverge or does a rising tide lift all boats?

To a certain degree it does. Although the highs are higher and the lows are lower in Manhattan. If you look at rents and availability statistics, Connecticut, Westchester, New Jersey and Long Island vary in a fairly narrow range even from boom to bust.

Frankly, New York will always have lower availability. But the prices will fluctuate high and low if you took a percentage off of a norm. Read More

Post-Tropical Storm Sandy

One New York Plaza Re-Opens its Doors After Sandy

One New York Plaza is officially open again – as of this past Saturday – following a shutdown due to tropical storm Sandy. Building owner, Brookfield Office Properties, said that the company has property, casualty and flood insurance and anticipates full coverage of losses. “The storm will have no material financial impact on the company,” the firm said as part of a release.

Hurricane Sandy caused a surge that increased ocean water levels and flooded numerous coastal areas of New York City, including the southern tip of Manhattan where One New York Plaza is located.

“Brookfield’s property operations and maintenance personnel removed all water, restored services and prepared the building for the safe return of tenants,” a Brookfield spokesperson said. Read More

Post-Tropical Storm Sandy

Hurricane Sandy Rallying Cry For Anti-Development Crowd in Brooklyn

The corner of Third Street and Third Avenue, near the Whole Foods site in Gowanus.

The Gowanus neighborhood of Brooklyn has been billed as one of the city’s most up and coming areas for the better part of a decade despite the literally toxic nature of its namesake canal.

Now, development-wary locals are viewing the surge of dirty water that Hurricane Sandy brought to the Superfund site as a rallying cry in their restrained fight against Gowanus’ residential and commercial rehabilitation. Read More

Stat of the Week

Despite Sandy, Sublet Availability Up

Important dates in sublease history.

After easing in both of the previous two months from its 2012 high of 10.4 million square feet in July, overall sublet availability reversed course to close October at just over 9.8 million square feet. Interestingly, this is almost exactly the monthly average, going back nearly 21 years, of just under 9.9 million square feet.

Though there has been talk of Sandy-displaced Downtown firms taking at least some of the “plug-and-play” sublet space available in Midtown, it likely will not make much of a dent in the figure. At this point, many tenants with multiple offices are finding a way to desk-share at another location or work from home. Read More