By Billy Gray 6/18 10:00am

The Sit-Down

Scott Panzer (Photo: Sasha Maslov)

Scott Panzer: Jones Lang LaSalle’s Triple Digit Threat

Scott Panzer no longer wears a tie to the office. But despite his nod to Gen Y’s watering down of the workplace dress code, the Jones Lang LaSalle vice chairman shows up to our interview in a snazzy pair of suspenders and a starched white button-down. A 26-year veteran of the real estate industry, Mr. Panzer is at a stage of his career when he doesn’t sweat the small stuff, like neckwear. Instead, he focuses on matching elite tenants (like Interpublic Group of Companies) with A-list landlords (including Sheldon Solow) and their trophy properties (e.g. 9 West 57th Street). Mr. Panzer spoke to The Commercial Observer about his real estate salad days, the comeback of triple-digit rents and the negotiating power of cowboy boots.  Read More

By Gus Delaporte 4/02 7:30am

Lease Beat

1400broadway

Interpublic Group Signs Lease at 1400 Broadway

The Interpublic Group of Companies (IPG) has signed a lease for 87,000 square feet at 1400 Broadway, a spokesperson confirmed with The Commercial Observer. Three New York-based subsidiaries of the advertising conglomerate will relocate to 1400 Broadway by the end of the year from their current offices in Flatiron and Soho.

IPG, considered a “big four” advertising agency, is headquartered at 1114 Avenue of the Americas and also operates a U.S. regional office in Omaha, Neb.

The building at 1400 Broadway is owned by Malkin Holdings via W&H Properties. Currently, the building boasts 10,627 square feet of available space on the 10th floor, available immediately, according to the W&H Properties’ website. Read More

By Karsten Strauss 11/26/12 4:32pm

Bruno Magli Lands in Manhattan

Italian shoe designer, Bruno Magli, recently signed a 10-year, 5,174-square-foot lease at 4 West 58th Street. Building owner, Solow Management, initially asked for $80 per square foot, said Jones Lang LaSalle vice president, Michael Higgins, who represented the tenant. He would not disclose the final negotiated price. The landlord is currently asking for $85 per Read More

By Stephen Kleege 11/06/12 7:30am

Marketwatch

Madison/Fifth Avenue Boundaries.

9 West 57th Street, Others Across Fifth, Command Highest Rent in Manhattan

The Madison/Fifth Avenue submarket has the most expensive office space in Manhattan and the highest vacancy rate in Midtown, as the owners of its trophy buildings hold out for top-dollar rents.

“The reality is that for tenants who want to have [a] premier office environment with premier views of the city, there’s no such thing as pre-recession or post recession,” said Scott Panzer, vice chairman of Jones Lang LaSalle, who has the task of signing up tenants for one of the biggest vacancies in the city, at 9 West 57th Street. The owner of that building, Sheldon Solow, is looking to get rents as high at $200 a square foot, more than twice the average for the district and more than three times that for all of Manhattan.

The 50-story tower, known for its concave-sloping black glass façades and the fat red numeral 9 on the 57th Street sidewalk, is about one-third vacant,  according to JLL’s website. Available spaces range from 3,210 to 247,400 square feet. Read More

By Carl Gaines 3/26/12 10:39am

Mortgage Beat

10-14 West 57th Street

JLL Brokers $120 Million Sale of 10-14 West 57th Street

An affiliate of the Solow Organization has purchased 10-14 West 57th Street, the former Henri Bendel building, for $120 million according to the seller’s law firm. Jones Lang LaSalle brokered the sale.

Trigon 57 LLC, an affiliate of Trigon Equities, sold the building and was represented by David Mandel, Christine McGuinness and Marina Rabinovich at law firm Schiff Hardin LLP. Nixon Peabody represented the buyer. Read More

By Daniel Edward Rosen 10/25/11 9:49am

Lease of the Week

9 West 57th Street in all its glory.

A Room With A View (Of Central Park)

For an emerging—albeit press-shy—wealth management firm like Forty North Capital LLC, snagging a prime block of office space on the 30th floor of a building that features stupefying views of Central Park and an intimidating list of titanic private equity tenants like Kohlberg Kravis Roberts & Co. and Silver Lake Partners is indeed a bold move.

In August, Forty North signed a 10-year lease to take 17,000 square feet at 9 West 57th Street, a gleaming, 50-story skyscraper owned by real estate titan Sheldon Solow with an address that a business of any shape or size would kill to have on its business card. Read More