By Al Barbarino 2/05 1:26pm

Lease Beat

521 Fifth Avenue

Major, Lindsey & Africa Takes Nearly 22,000 SF at 521 Fifth Avenue

Legal industry recruiter Major, Lindsey & Africa has signed a 10-year lease at SL Green Realty Corp’s 521 Fifth Avenue.

The transaction, coupled with Chinatrust Commercial Bank, Ltd.’s lease at the building, which was also just announced, raises occupancy at the 463,000-square-foot, 39-story boutique office building, located two blocks from Grand Central Terminal, to 98 percent, according to a statement from SL Green.

“Leasing activity at the building accelerated at the end of 2012,” said Steven Durels, director of leasing at SL Green, adding that “comprehensive redevelopment and value-oriented rents have attracted several new tenants to the building.” Read More

By Al Barbarino 2/05 1:03pm

Lease Beat

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Chinatrust Commercial Bank Takes Nearly 21,000 SF at 521 Fifth Avenue

Chinatrust Commercial Bank, Ltd. has signed 15-year lease at SL Green Realty Corp’s 521 Fifth Avenue.

The transaction, coupled with Major, Lindsey & Africa’s lease which was also just announced, raises occupancy at the 463,000-square-foot, 39-story boutique office building, located two blocks from Grand Central Terminal, to 98 percent, according to a statement from SL Green.

“Leasing activity at the building accelerated at the end of 2012,” said Steven Durels, director of leasing at SL Green, adding that “comprehensive redevelopment and value-oriented rents have attracted several new tenants to the building.”

Chinatrust Commercial Bank, Ltd. signed a 20,987-square foot, 15-year lease for the entire 11th floor; and Major Lindsey & Africa, a recruiter for the legal industry, took 21,677 square feet in a 10-year lease for the entire 5th floor, joining a list of tenants within the building that includes Royal Healthcare, Lebenthal Holdings, Starz Media and McGraw Communications. Read More

By Ian Thomas 7:00am

2012 Owners Magazine

Bernard Mendik and Harry Helmsley. (Photo courtesy Real Estate Board of New York.)

As the World Turns: Leasing Activity Impact Markets First, Then Owners

As a pair of 26-foot steel beams were hoisted high above Manhattan on April 30, the crowd below spoke of resilience, hope and remembrance.

One World Trade Center had just hit a height of 1,271 feet, making it the city’s tallest building. Port Authority Executive Director Pat Foye said in a press conference that the building will “anchor Lower Manhattan and its rebirth for many generations to come.”

But tourists and tristate residents aren’t the only ones noticing the change in the city skyline. A number of commercial property owners are looking to the tower and other developments as a hopeful bellwether for the future, despite what most analysts still describe as a stagnant market.

The numbers speak for themselves. Real estate brokers leased 12.9 million square feet through July 31, 2012, a 28 percent drop from the 17.9 million square feet inked during the same period in 2011, according to a CBRE report. Vacancy sat at 7.5 percent, no change from a year earlier. Read More

By Daniel Edward Rosen 4:41pm

Lease Beat

100 Church Street (photo courtesy of CoStar)

SL Green Keeps City Law Department at 100 Church St. For Another 20 Years

Real Estate Investment Trust SL Green has renewed the New York City Law Department for its 372,520 square foot foothold at 100 Church Street for the next 20 years, starting in November 2013.

The City Law Department will continue to occupy floors 2-6, 20, and a part of the building’s concourse in the lease renewal. Its lease at 100 Church Street was set to expire in 2013.  Read More