It was a cold, brisk morning but on the 29th floor of 180 Maiden Lane, the sun was shining and the views were stunning at Commercial Observer‘s breakfast panel to discuss Downtown Manhattan. Some of the big players of the industry showed up and spoke including Howard Hughes Exec Vice President Christopher Curry, Jack Resnick & Sons President (and Resnick grandson) Jonathan Resnick, CBRE Global Brokerage Chair Stephen Siegel and MHP Real Estate President and Chief Executive Officer Norman Sturner. It was moderated by Fried Frank‘s Jonathan Mechanic.
It was a who’s who of the commercial real estate industry this morning at Commercial Observer’s Downtown East Breakfast Panel, featuring Christopher Curry of the Howard Hughes Corporation, Jonathan Resnick of Jack Resnick & Sons, Stephen Siegel of CBRE and Norman Sturner of MHP Real Estate Services, and the assembled real estate pros reached a consensus: Lower Manhattan has enormous potential and demand in the area will only increase for years to come.
The theme of the panel, which was hosted at MHP Real Estate Services and Clarion Partners’ 180 Maiden Lane with expansive views of the Brooklyn Bridge and the frozen East River, was the demand for Lower Manhattan real estate and capitalizing on some of the still-untapped potential in the area. All of these New York real estate luminaries agreed: this is not your grandfather’s Lower Manhattan.
Last September, Stephen Siegel co-represented Hudson’s Bay Company, parent company of Saks Fifth Avenue, in its plans to consolidate its New York City offices and relocate to 410,000 square feet at Brookfield Place. The transaction included additional space at 225 Liberty Street and 250 Vesey Street. That was the ninth largest lease signed in all of 2014.
Mr. Siegel is no stranger to big deals as the chairman of global brokerage at CBRE, where he has worked since the firm acquired Insignia Financial Group in 2003. Prior to the merger, Mr. Siegel was the president of Insignia Financial Group and the chairman and chief executive officer of Insignia/ESG, the latter of which was the commercial real estate division of Insignia Financial Group. (Insignia Financial Group acquired Edward S. Gordon Company, or ESG, then New York’s largest commercial real estate company, in 1996.)
The retail, at the northeast corner of Seventh Avenue at 47th Street, in Times Square’s bow-tie and across the street from 2 Times Square and the iconic Coca-Cola sign, will feature 200 feet of wraparound frontage, a 25-foot-tall glass storefront and flexible floor sizes ranging from 10,700 to 14,700 square feet. Read More
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.
Just months after taking over 120,000 square feet Downtown at 222 Broadway, WeWork is reportedly taking another 86,000 square feet down the street in a 20-year lease at 25 Broadway.
After a one-year period of free rent, the collaborative work space provider will begin paying in the low-$30s per square foot for the 9th and Read More
L’Oréal USA has inked a 402,000-square-foot of space at the South Tower of Hudson Yards, the developers of the 15-million-square-foot project on the far west side of Manhattan announced yesterday.
Along with that announcement came news that SAP also leased 115,000 square feet on the top four floors of the building, bringing the LEED Gold South Tower to more than 80 percent occupancy. Sources said the deals are for 15 years.
The companies join Coach, which agreed to pay a reported $750 million for its 740,000-square-foot global corporate headquarters in the tower in late 2011, after what Related’s president on the project, Jay Cross, called a three-year negotiation process.
“The confluence of three significant tenants committing to the building almost simultaneously is a testimonial to the belief in this project and its future,” said CBRE’s Stephen Siegel, who represented L’Oréal with Mike Geoghegan, Bill Hedman and Lauren Crowley Corrinet.
Lease of the Week
SAE Institute (f.k.a. the School of Audio Engineering) signed for a 10-year relocation and expansion that will bring it from 1293 Broadway to 27,000 square feet at 218 West 18th Street in Chelsea, The Commercial Observer has learned.
CBRE‘s Stephen Siegel, Gregg Rothkin and Peter Turchin, along with Zak Snider and Ben Fastenberg represented the landlord, Atlas Capital Group and GreenOak Real Estate. A team from Realty Insight Group and Zimmer Real Estate Services led by RIG President Neil Schoor represented the tenant.
Lease of the Week
Midtown South is hot with leasing activity and 218 West 18th Street, at the area’s nexus of activity in Chelsea, had been recently gut-renovated into pristine condition.
So when Atlas Capital and GreenOak Real Estate Partners purchased the roughly 170,000-square-foot property for about $60 million at the start of the year and handed it to a CBRE leasing team to fill, there was no question they had high expectations.
When Take-Two Interactive, the video game giants behind such popular and violently lurid titles as Grand Theft Auto and Max Payne, had a few years remaining on its lease at 622 Broadway, the landlord, Yuco Management, found itself in a curious position.
Should Yuco Management aggressively market the 69,000 square feet of space Take-Two had called its own since 2002, thereby losing its anchor tenant? Or should it do anything it could to keep Take-Two, which had in some ways branded 622 Broadway as a distinctly hip and colorful office building, especially with its endless parade of behooded video game designers and executives?
“It’s the unique building where people don’t wear suits and ties and ride bicycles to work with their dogs,” said William Cohen, an executive vice president and principal at Newmark Knight Frank, who was hired alongside colleague Mark Weiss by Yuco Management to help decide the next best move. “I’m not kidding,”
Since it started with a roll call of 27 members in 1896 with the goal of “facilitating transactions in real estate,” the Real Estate Board of New York has indisputably been the city’s most influential real estate organization, with its annual gala being to brokers what the Vanity Fair Oscar party is for Hollywood: If you’re there, it means you’re somebody.
Sure, some may lovingly write it off as a veritable men’s club (men are thought to outnumber women five to one), chide it as “The Liar’s Ball” (each year is a broker’s best year, no matter how wretched the marketplace) and speak ill of the food (nearly everyone avoids the chicken and filet mignon).
But the REBNY gala is as essential to a real estate person’s reputation and status as the buildings and bricks he works with. A dozen of the city’s most legendary players spoke to The Commercial Observer about the blurry nights and boom years that helped make the event what it is today.
Since joining Jones Lang LaSalle in 2002 as president of New York operations, Peter Riguardi has spearheaded a rapid expansion drive that has culminated in the hiring of no fewer than 100 new brokers over the past nine years. Mr. Riguardi, 50, spoke to The Commercial Observer last week about that ambitious hiring phase, the firm’s leasing assignment at 85 Broad Street and, for the first time, his plans to move the firm to 330 Madison Avenue.
Painfully early Wednesday morning, on the 18th floor of the MetLife Building, CB Richard Ellis Global Brokerage Chairman Stephen Siegel, the patriarch of New York’s brokerage community, held forth on the future of New York commercial real estate.
“This city will bounce back faster than any city in the world,” said Mr. Siegel, who admitted he’s Read More
When’s the leasing market going to return, or has it returned already?
Mr. Siegel: The leasing market has shown strong indications in Midtown of returning to good health. It appears that people have determined that the rents have bottomed out and they want to take advantage of the bargains that are out there. June, Read More