Lease Beat

Kanematsu USA Signs 500 Fifth Avenue Lease

500 Fifth Avenue.

Kanematsu USA, the U.S. subsidiary of the Kanematsu Corporation of Japan, has signed a lease for the entire 10,914-square-foot 29th floor at 500 Fifth Avenue, the landlord’s broker announced today.

The tenant, a large trading company, operates a number of business areas including electronics, steel and metals, food products, chemicals, textiles, and aerospace. The company signed a 10-year lease at 500 Fifth Avenue, according to The Wall Street Journal, which first reported the deal. Read More

Lease Beat

Law Firm Inks Renewal at 500 Fifth Avenue

500 Fifth Avenue.

Wollmuth Maher & Deutsch LLP has signed a 15-year renewal for its 19,942-square-foot space on the 12th floor at 500 Fifth Avenue. The law firm has occupied space in the building, where asking rents range from the low-$60s to low-$80s per square foot, since 1999.

The lease continues a run of renewals and expansions signed this year at the Midtown building. As reported by The Commercial Observer, Elias Sports Bureau, IMC Asset Management, University of Oxford and Argus Media have all renewed or expanded in the building in 2013.

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Lease Beat

Elias Sports Bureau Renews at 500 Fifth

500 Fifth Avenue.

Sports research and statistical service provider Elias Sports Bureau has signed a seven-year renewal for its 7,400-square-foot portion of the 21st floor at 500 Fifth Avenue.

Elias Sports Bureau, founded in 1913, has been a tenant at 500 Fifth Avenue for over 20 years. The company is the official statistician for all major U.S. sports leagues including Major League Baseball, the National Football League, the National Basketball Association and the National Hockey League. Elias is also the leading source of statistics for both ESPN and CBS Sports. Read More

Lease Beat

IMC Asset Management Expands, Relocates at 500 Fifth Avenue

500 Fifth Avenue.

IMC Asset Management has signed a 10-year, 5,904-square-foot lease for the entire 56th floor at 500 Fifth Avenue. The company, headquartered in the Netherlands, will relocate within the building, where asking rents were in the high-$70s per square foot.

The global asset manager, with approximately €1 billion under management, explored alternative locations in Midtown, according to Michael Affronti of CBRE, but settled on expanding within 500 Fifth Avenue. Read More

Lease Beat

Lanier Law Firm Expands at Tower 56

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Houston-based law firm Lanier Law Firm will be renewing and expanding its lease in Midtown, brokers told The Commercial Observer.

Currently operating out of a 12,147-square-foot space spanning the entire sixth and seventh floors at 126 East 56th Street, otherwise known as Tower 56, the firm will occupy the eighth floor and increase its foothold to 18,223 square feet. Read More

Lease Beat

University of Oxford Tops Off String of Leases at 500 Fifth Avenue

500 Fifth Avenue

Cushman & Wakefield represented ownership at 500 Fifth Avenue in a 10,346-square-foot lease renewal to The University of Oxford, completing a string of five recent leases at the building.

The Oxford lease and four other recent leases arranged at the 680,000-square-foot Class-A skyscraper total roughly 20,000 square feet and are reflective of the building’s flexibility, which attracts a range of tenant types and a blend of the old with the new, brokers said.

“They all have a different story,” said C&W’s Harry Blair, who represented 500 Fifth Avenue Inc. with Sean Kearns in the transactions.  “500 Fifth Avenue offers tenants a prestigious Midtown Manhattan address combined with high-quality space with plenty of natural light and spectacular views of Bryant Park.” Read More

Lease Beat

Barcelona Fashion Giant Puig Lease Brings 183 Madison Avenue to 99 Percent Occupancy

183 Madison Avenue

The Barcelona-based fashion and fragrance company Puig signed a 10-year lease for a 7,240-square-foot penthouse office space at 183 Madison Avenue, The Commercial Observer has learned. A 1,200-square-foot terrace sweetens the deal, which brings the 257,000-square-foot building to 99 percent occupancy just two years after it had been half vacant.

Harry Blair and Sean Kearns of Cushman & Wakefield, along with Gerard Nocera of co-asset manager Herald Square Properties, represented the owner, Inversiones y Representaciones Sociedad Anóma. Mark Weiss and Rob Eisenberg of Newmark Grubb Knight Frank represented the tenant. Asking rent was $75 per square foot. Read More

Lease Beat

LJAF Opens Office in New York

Courtesy of Malkin Properties

The Laura and John Arnold Foundation, a Houston-based nonprofit, is set to open an office in New York in September.

Forbes-listed billionaire John Arnold established the foundation to support criminal justice, education, and public accountability. Their latest work includes the ERIN Project, a powerful tool that analyzes K-12 education in the United States.

LJAF has signed Read More

Lease Beat

Lankler Siffert & Wohl Takes 10 Years, 27,872 sq. ft at 500 Fifth Avenue

500 Fifth Avenue (photo courtesy of CoStar)

Lankler Siffert & Wohl, a law firm that specializes in civil litigation and white-collar criminal cases, has agreed to renew and expand its lease at 500 Fifth Avenue, growing to a total of 27,872 square feet, The Commercial Observer has learned.

The firm, which has been in the Bryant Park office building for 25 years, renewed its lease for 22,753 square feet on the 33rd and 34th floors of the building while tacking on an additional 5,119 square feet on the 35th floor.

Harry Blair and Sean Kearns, two Cushman & Wakefield brokers who act as the exclusive leasing agents in the building, represented the owner, 500 Fifth Ave. Inc.

Ryan Kass and William Cohen of Newmark Grubb Knight Frank represented Lankler Siffert & Wohl LLP. Messrs. Kass and Cohen were not immediately available for comment. A partner at Lankler Siffert & Wohl did not immediately respond to a request for comment.

The new lease is for 10 years. Average asking rents for the three floors was $69-a-square-foot.

In a statement, Mr. Blair said that Lankler Siffert & Wohl wanted to remain in 500 Fifth Avenue. Read More

Lease Beat

Law Firm Re-Ups at Fifth Avenue Tower

500 Fifth Avenue.

Law firm Riker, Danzig, Scherer, Hyland & Perretti has renewed its lease at 500 Fifth Avenue. Cushman & Wakefield represented both tenant and landlord in the renewal, which was for 6,793 square feet—the entirety of the 49th floor.

Executive vice president Gary Greenspan and associate Andrew Weinstein represented the law firm, while senior director Harry Blair and director Sean Kearns represented the landlord, 500 Fifth Avenue Inc. Read More

Lease Beat

Rubicon Project Moves New York Home to 183 Madison

(Courtesy of NYC Officspace)

The 257,000 square foot building at 183 Madison will be the New York home to the California-based Rubicon Project.

The Rubicon Project is one the leading advertising technology companies in the world. Its program and platforms connect buyers and sellers through a real time trading marketplace with a transaction volume upwards of 120 billion.

“The Read More