SL Green Realty Corp. has recycled another 164,000 square feet of carpet as part of recent tenant office construction at 100 Church Street, making the product available for second generation products.
“The idea is that you can send it off into a landfill or you can do something better with it,” Jay Black, SL Green’s Read More
Masters of Real Estate
The Commercial Observer will host its annual Masters of Real Estate conference on October 16 at The Metropolitan Club, located at 1 East 60th Street. Beginning at 8am, the event will feature three panel discussions on the State of New York City Real Estate, the State of Opportunistic Investments and the State of the Capital Markets.
Aquila Management, a sponsor and distributor of mutual funds, will relocate to 120 West 45th Street, also known as Tower 45, from 380 Madison Avenue. The company has signed a 15-year lease for 8,032 square feet on the 36th floor of the SL Green property.
The tenant will pay rent in the high-$60s per square foot, according to data from CompStak. Asking rent for the space was $72 per square foot.
The first of at least two major dormitories in the pipeline at Pace University is open just in time for the beginning of the school year.
DNAinfo reported that 600 Pace University students have a new home in Lower Manhattan after the university’s 24-story dormitory at 180 Broadway opened this past weekend.
The Read More
SL Green Realty Corp. has agreed to acquire The Olivia, a mixed-use residential and commercial property, from Stonehenge Partners for $386 million, the company announced today. The acquisition also includes a lot adjacent to the property.
“We see this acquisition as a great opportunity to expand our multifamily investment platform at a time when the New York City residential market is strong,” said Andrew Mathias, president, in a prepared statement. “The property is located in a neighborhood that is expected to absorb thousands of new jobs during the next decade. With those new jobs, the local demand for luxury housing also is expected to climb sharply.”
Dragados USA is set to consolidate its offices in the New York region.
As a subsidiary of the global construction firm Actividades de Construcción y Servicios of Spain, the North American branch will combine its operations in Westchester and Midtown to one central location at 810 Seventh Avenue.
DZ Bank has signed a 10-year extension of its 29,524-square-foot lease at SL Green Realty Corp.’s 609 Fifth Avenue, The Commercial Observer has learned.
The bank, one of Germany’s largest leading international commercial financial institutions, will continue to occupy the entire 7th and 8th floors of the 13-story, 156,700-square-foot boutique office building.
“We are delighted Read More
World Business Lenders LLC has signed a new 23,406-square-foot lease for its new headquarters across the entire 5th and 29th floors at SL Green Realty Corp.’s 120 West 45th Street, aka Tower 45, The Commercial Observer has learned.
The company, a private provider of short-term and flexible commercial loans to small and mid-sized companies throughout Read More
Pharmacy CVS Caremark has signed a 15-year lease for 21,158 square feet at 3 Columbus Circle, it was announced this morning. Asking rents were not disclosed.
The lease is for the vacant part of the 768,565-square-foot building’s ground floor and a portion of the second floor, according to a statement from SL Green Realty, the landlord in partnership with The Moinian Group. The pharmacy is expected to occupy the space beginning June 1.
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.”
Did you ever uncover that your grandmother had numerous “favorite” grandchildren, or that your brother or sister was earning a bigger allowance?
If so, you might have felt like the city’s mayoral candidates as they come to realize that they might not be so special in the eyes of some real estate executives.
An article published in the New York Daily News shows that some real estate executives are throwing cash at more than one mayoral candidate in what critics believe is an attempt to butter up the next mayor – whoever it may be – to better suit their interests.
“Critics say it’s proof that some donors are not supporting a vision for the city — they just want a sympathetic ear from whoever wins,” the report stated.
It’s been a busy month for Urban Outfitters. The trendy apparel retailer is said to have inked a deal for 21,000 square feet at 180 Broadway in the Financial District.
Jeff Sutton, who with SL Green Realty Corp. and Harel Insurance owns the building, represented the landlords. Stephen Plourde and Wade McDevitt of the McDevitt Co. represented the tenant, reported the New York Post‘s Lois Weiss. Since its inception 42 years ago in Philadelphia, Urban Outfitters has grown to over 400 American locations.
Accounting firm EisnerAmper has signed a lease renewal and expansion at 750 Third Avenue, The Commercial Observer has learned.
The eight-year lease solidified the firm’s existing 138,000 square feet across floors 13 through 17 and 21, while adding 12,000 square feet on the 22nd floor.
“They have a dynamic, growing practice,” said Newmark Grubb Knight Frank Vice Chairman Mark Weiss, who represented the tenant with Rob Eisenberg and Robert Emden.
“It’s a good building, near Grand Central and with great functionality – and the landlord has been very reliable,” he added, referring to SL Green Realty Corp.
SL Green Realty Corp. today announced that 35 office leases covering 457,677 square feet were signed in its Manhattan portfolio during the first two months of the year, already trumping its totals from the fourth quarter of 2012.
The year so far was highlighted by a 150,865 square foot lease signed with Eisner Amper at 750 Third Avenue, and the firm also said it has 600,000 more square feet in the pipeline
“Even though first-quarter leasing is typically slow, we entered 2013 with confidence, given our overall assessment of the New York commercial real estate market and knowing what we had in the pipeline at that point,” SL Green’s CEO Marc Holliday said, in a statement. “Our results and activity since January have far outpaced our expectations.”
Following RXR Realty’s $700 million acquisition of 450 Lexington Avenue last year, six of the firm’s top executives met with sellers Daniel Saliba and Mark Troy of Istithmar World Capital for a closing dinner at Lavo, the Italian restaurant on Manhattan’s East Side.
A round of toasts that evening, most agreed, was in stark contrast Read More