Lease Beat

Three New Leases Signed at 370 Lexington Avenue

370-lex

Sherwood Equities has signed three new tenants to deals at 370 Lexington Avenue, Commercial Observer has learned.

In the largest of the three deals, Virtusa Corporation, a global IT services company, has signed a five-year lease for 3,500 square feet on the 16th floor of the building. The Massachusetts based company will relocate from 230 Park Avenue. Read More

Lease Beat

Twenty Recruitment Group Relocating to 370 Lexington Avenue

370-lex

Twenty Recruitment Group has signed a four-year lease for 5,135 square feet on 26th floor at Sherwood Equities370 Lexington AvenueThe Commercial Observer has learned.

The tenant will pay rent starting in the low-$50s per square foot after a period of free rent, according to data from CompStak. Headquartered in London, Twenty Recruitment Group currently operates a New York office at 1140 Avenue of the Americas and expects to relocate by the middle of December.

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Hudson Yards

Frank McCourt Snaps Up Hudson Yards Site for $167M

Hudson Yards, rendering (Credit: Visualhouse/KPF)

Frank McCourt, the former owner of the Los Angeles Dodgers, has acquired a 26,000-square-foot vacant lot at the southern end of Hudson Yards from Sherwood Equities and Long Wharf Real Estate Partners for $167.3 million, the sellers announced late last week.

“We began investing in this area over 25 years ago and it is finally now in the moment where it is all coming together at a scale that has never been imagined, even in the city of New York,” said Jeffrey Katz, president and chief executive officer of Sherwood, in a statement. Read More

Cover Story

Midtown Madness: Leasing Still Sluggish in Manhattan’s Priciest Market

TO GO WITH AFP STORY: US-economy-propert

Midtown Manhattan, the biggest and most expensive U.S. office market, is still adapting to New York’s post-financial-crisis economy, as technology and new media companies flood into the more affordable areas and banks remain wary of expanding in higher-priced real estate.

With construction getting under way on millions of square feet of planned Class A offices on the West Side, much of the leasing action for the year to date has centered on neighborhoods like Murray Hill, the Penn Station area and the Garment District, which are attracting companies that have been priced—or crowded—out of the technology hub in Midtown South, brokers said. Financial companies, traditionally the biggest occupiers of Midtown real estate, remained conservative, pursuing greater efficiency in their use of real estate rather than growth.

“The days of bigger is better are gone,” said Eric Thomas, senior vice president of Cresa, a specialist in tenant representation. “Capital preservation is still key. That’s why renewals still reign in many cases.” Read More

Lease Beat

Phoenix Group Expands at 370 Lexington Avenue

370-lex

The Phoenix Group Advisors Inc. has renewed and expanded its office in Midtown.

The staffing agency will add an additional 1,000 square feet to their lease at Sherwood Equities370 Lexington Avenue. The firm previously occupied 2,500 square feet on the 10th floor of the building but will move in favor of a 3,500 square Read More

Lease Beat

Active Network Gets “Active” at 370 Lexington Avenue

370 Lexington Avenue (image courtesy of CoStar)

San Diego-based tech firm Active Network is consolidating its New York City operations while also doubling its office space at 370 Lexington Avenue, a 27-story office tower owned by Sherwood Equities.

Active Network will be taking the entire 25th floor, sized at a healthy 6,300 square feet, in the office building that caters to a variety of boutique tech, architecture and accounting firms. Read More

Lease Beat

Zucker’s Bagels is Coming to Midtown

Zucker's Bagels (Courtesy of Yelp)

Zucker’s Bagels & Smoked Fish is opening its second location in Sherwood Equities’ 370 Lexington Avenue.

Zucker’s is a Chamber Street favorite, but will soon be taking the 1,700 retail space  on the ground floor at the corner of the Lexington Avenue and 42nd Street. The lease will also include 800 square foot of underground storage area, bringing the total amount to 2,500 square feet.

“The space has high ceilings and has a great presence on the front of the building on Lexington Avenue,” Adam Weissleder, a senior leasing agent at Sherwood Equities, noted on the deal. Read More

Lease Beat

Colorful Hunt Slonem Lands Near 10th

Man of many mansions Hunt Slonem has garnished a new far West Side space.

The Southern painter-cum-interior designer has taken 22,500 square feet for 10 years at 509 West 34th Street, past 10th Avenue. The four-story industrial building over a parking garage has a few columns and windows on three sides, offering the perfect canvas for Read More

Lease Beat

Sherwood Filling 370 Lex by Getting Small

370 Lexington Avenue

With all the partying in the Grand Central submarket over all the full-floor leases being signed, at least someone’s still looking out for the little guys.

Sherwood Equities has signed more than 100,000 square feet at 370 Lexington Avenue in the past year, totaling 43 transactions, Read More

New Finance Firm Takes Prebuilt Space in Sherwood’s 370 Lexington

In uncertain times following a financial implosion, it is either a terrible time to be a financial consulting firm or the perfect time to start one. Newly formed Boxwood Strategic Advisors is going with the latter option. The firm signed a lease for 3,562 square feet at 370 Lexington Avenue.

After a search consisting of Read More