Mortgage Observer

Citigroup and others to lend $1.45B to SL Green, as REIT raises cash for new deals

388 Greenwich Street

The financial musical chairs at Citigroup’s Tribeca offices continue. The multinational financial services firm signed a contract in December to occupy and possibly buy two buildings, 388 and 390 Greenwich Street, which it already occupies. Now, the bank is also lending a whopping $1.45 billion to the current landlord, SL Green Realty, according to a report from Bloomberg News today.

That loan–which reportedly includes bundled funds from Barclays Plc, Wells Fargo and Bank of China—will be packaged into bonds set to hit the market next month. Read More

Tech Beat

View the Space to Launch Mobile Platform

View the Space's Andrew Flint (left), the head of business development, and Ryan Massiello, the chief revenue officer with the new mobile app on his phone

Commercial real estate leasing startup View the Space is preparing to introduce a mobile reporting platform, Commercial Observer has learned.

Next week, the real-time data provider, which aims to streamline the leasing process for brokers and landlords, will introduce the mobile platform for iPhone and iPad after beta testing the product for the last couple of weeks. Read More

Lease Beat

Memorial Sloan Kettering Inks 54,000SF Sublease at 485 Lexington Avenue

485 Lexington Avenue

Memorial Sloan Kettering Cancer Center has signed a seven-year, 54,200-square-foot sublease with EdisonLearning, Inc. at 485 Lexington Avenue, Commercial Observer has learned.

MSKCC will occupy the second floor of the building and the lease will run through the end of EdisonLearning’s own sublease of the space, as EdisonLearning had subleased it from Advance Magazine Publishers for an 11-year term in 2009 after relocating from its previous offices at 521 Fifth Avenue.

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Power Broker

Adding Value with Neil Kessner

Photo by Mike Nagle

On June 17, 2013, the head of SL Green’s in-house legal team, Neil Kessner, hopped on the subway with the firm’s president, Andrew Mathias, and headed to 1 Saint Andrews Place to meet retail bigwig Jeff Sutton for a meeting with the U.S. Attorney’s Office’s head of forfeiture, Sharon Cohen Levin.  

The SL Green/Sutton team had won an RFP issued in October 2012 to purchase the 49-year leasehold interest on the roughly 32,000-square-foot retail condo at 650 Fifth Avenue, signing a letter of intent for the leasehold on January 2013.  Read More

REBNY 2014

Such Great Heights: REBNY’S Year In Review

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As the city and real estate market continued its post-recession surge over the past year, a number of significant milestones played out under the watchful eyes—and in some cases careful direction—of the Real Estate Board of New York that will shape the future of the city for decades to come.  Read More

Lease Beat

TAG Associates Leaving Rock Center for SL Green Building

810

Multi-family office and portfolio management firm TAG Associates is relocating its corporate headquarters to SL Green’s 810 Seventh Avenue after spending nearly three decades at Rockefeller Center.

810 TAG Associates Leaving Rock Center for SL Green Building The firm signed a 10-year, 22,437-square-foot lease for the 7th floor of the 41-story, 694,000-square-foot office tower. Read More

Retail

Jeff Sutton Sole Owner of 747 Madison Avenue Retail

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Jeff Sutton is the buyer of SL Green‘s 33.3 percent stake in the retail co-op at 747 Madison Avenue, according to a New York Post report. The deal makes Mr. Sutton the sole owner of the space.

SL Green announced earlier this week it had agreed to sell its stake in the co-op in deal valuing the space at $160 million. In conjunction with the sale, the real estate investment trust agreed to make a $30 million preferred equity investment in the property.

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Lease Beat

Metro-North Commuter Rail Renews, Expands at Graybar Building

graybar

The Metro-North Commuter Railroad Company has signed a 20-year, 265,903-square-foot lease at the Graybar Building at 420 Lexington Avenue, landlord SL Green said yesterday.

The tenant, a subsidiary of the Metropolitan Transit Authority, has renewed its lease for its 133,503-square-foot space across the entire 11th, 12th and partial 22nd floors. Metro-North has also expanded into an additional 132,400 square feet on the entire 10th floor and much of the second, third and fifth floors.

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Venture Capital

Real Estate Startup Gets $7M in Venture Funding

VTS Screenshot (Courtesy: View the Space)

View the Space, the real estate startup that collects leasing data and creates virtual space tours, has secured a $7 million round of venture funding.

The funding, provided primarily by Trinity Ventures of Menlo Park, Calif., will allow View the Space to expand into new markets and build the next generation of the service, according to a report by The Wall Street Journal.

“We believe that real estate has been, like some industries, underpenetrated by information technology,” said Noel Fenton, a general partner at Trinity, in an interview with the Journal. “There is an opportunity there to help owners and brokers execute their job more efficiently through online facilities.”

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Lease Beat

Silicon Alley Welcomes iAcquire

Courtesy of CPEX Executive

iAcquire will be leaving its office in the heart of Times Square to move to a 5,162-square-foot space in tech-heavy Midtown South.

The content marketing agency that specializes in marketing strategy, social media and search engine optimization will leave its office at 268 West 44th Street in favor of 304 Park Avenue South. The deal marks the Read More