Sales Beat

Purchase of Thor Equities’ 530 Bway Closes at $326M [Updated]

530 Broadway

A joint venture led by Jeff Sutton’s Wharton Properties has nabbed a three-building site at 530 Broadway from Joseph Sitt‘s Thor Equities for $326 million. The sale closed on March 6 and appeared in public records today.

The retail mogul bought the 11-story property to extend his dominance in Soho. It hit the market in February 2013 and Mr. Sitt agreed to sell it to the new owners that September.  Read More

Sales Beat

SL Green Acquires Ivanhoe Cambridge Stake in Citigroup Headquarters

388-390 Greenwich Street.

SL Green Realty Corp. has agreed to acquire Ivanhoe Cambridge’s stake in the Citigroup headquarters at 388-390 Greenwich Street and will assume full ownership of the building, the real estate investment trust announced today. 

The REIT will pay approximately $783 million for a 49.4 percent stake in the 2.6 million-square-foot property, according to Commercial Real Estate Direct. The transaction values the consolidated investment at $1.585 billion.  Read More

MO's Top 50

Jonathan Pollack Takes Top Spot On This Year’s 50 Most Important People in CREF

Jonathan Pollack

Deutsche Bank’s CMBS guru and real estate financing head honcho, Jonathan Pollack, took the No. 1 spot on this year’s 50 Most Important People list due to several colossal deals and his team’s top ranking in the global and U.S. securitized debt markets.

While the German global banking and financial services company reported an unexpected overall loss of 965 million euros, or $1.3 billion, for the fourth quarter of 2013, its real estate debt operations have continued to show clear gains. Read More

Mortgage Observer

HFF’s New York Office Still in Growth Mode as Michael Tepedino Begins His Seventh Year at the Helm

Mike Tepedino (Photo by Michael Nagle)

When HFF’s New York office negotiated its first major deal in 1998, Michael Tepedino, a recently hired broker at the time, and his colleagues called on Cigna, an “old-line relationship” that one of them knew on the life insurance side of the business.

The borrower, SL Green Realty Corp., was by no means desperate to find a lender. Read More

Lease Beat

Charter Brokerage Moves Around in SL Green’s Portfolio

125 Park Avenue.

Charter Brokerage will be relocating its offices in New York.

The global trade company that helps clients with import, export, and drawback services has outgrown its office at SL Green Realty Corp.’s 317 Madison Avenue. The firm will relocate to another property in the landlord’s portfolio, trading in its 15,000-square-foot space at the older building for 26,000-square-feet at 125 Park Avenue

Steven Durels and David Kaufman of SL Green represented the landlord and are responsible for leasing across the portfolio. Charter Brokerage enlisted the help of CBRE‘s Michael Liss to represent them in the transaction. Neither party could be reached in time for publication.

Read More

Sustainability

SL Green Continues Green Streak with LED Lighting Order

485 Lexington, one of the buildings that will benefit from SL Green’s latest round of LED retrofits (Photo: SL Green)

SL Green Realty Corp. has selected Revolution Lighting Technologies, Inc. and its Seesmart brand LED tube lamps for a second phase retrofit at 10 of its commercial properties, which could ultimately save $300,000 annually. 

The 8,000 lamps will be used across 485 Lexington Avenue, 600 Lexington Avenue, 750 3rd Avenue, 625 Madison Avenue, and 1185 Avenue of the Americas, among other properties.

Read More

Sustainability

SL Green Recycles Another 164,000 SF of Carpet

100 Church Street

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

Lease Beat

Aquila Management to Relocate to Tower 45

120 W. 45th Street, Tower 45

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. Read More

Sales Beat

SL Green Agrees to Acquire West Side Mixed-Use Property for $386M

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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.” Read More

Lease Beat

DZ Bank Renews Nearly 30,000 SF at 609 Fifth Avenue

609 Fifth 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