Lease Beat

Media Company Takes Full Floor at Macklowe’s 386 Park Avenue South

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Advertising and marketing communications agency Lowe Campbell Ewald has signed a 10-year, 13,121-square-foot lease at William Macklowe Company’s 386 Park Avenue South, Commercial Observer has learned.

The subsidiary of Interpublic Group of Companies takes the entire 15th floor in the renovated 20-story Midtown South office building, located on the corner of Park Avenue South and Read More

Lease Beat

IPG Subsidiary Gotham Inc. Inks 25,000-SF Deal at 104 West 40th

104 West 40th Street

Advertising behemoth IPG expanded its Bryant Park-Herald Square corridor holdings with subsidiary Gotham Inc.‘s 25,000-square-foot lease at 104 West 40th Street.

The boutique wing of the ad company’s new digs are blocks away from IPG’s offices at 100 West 33rd Street, the site of a 100,000-square-foot expansion last year, and 1400 Broadway, where IPG in April inked a 90,000-square-foot deal. Read More

Lease Beat

Tiger Global Management Joins Triple Digit Rent Club

Courtesy of Wikipedia

Tiger Global Management is the latest to break the triple digit threshold for commercial space in the city.

Following Ruane, Cunniff & Goldfarb Inc., which signed a deal in late May, the investment management firm will be taking a massive 32,000-square-foot space in the prized Plaza District 9 West 57th Street. The building, owned by Sheldon Solow, is known for its breathtaking views and the ability to demand close to $200 per square foot. Read More

The Sit-Down

Scott Panzer: Jones Lang LaSalle’s Triple Digit Threat

Scott Panzer (Photo: Sasha Maslov)

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

Lease Beat

Interpublic Group Signs Lease at 1400 Broadway

1400broadway

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

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

Marketwatch

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

Madison/Fifth Avenue Boundaries.

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

Mortgage Beat

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

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