Lease Beat

Global Advisory Firm Inks Deal at SL Green’s 1350 Avenue of the Americas

1350 bldg shot

Global advisory and investment banking firm Seabury Advisors Holdings LLC has signed a seven-year lease renewal covering 13,065 square feet across the entire 25th floor at SL Green Realty Corp.‘s 1350 Avenue of the Americas, Commercial Observer has learned.

The 35-story, 595,000-square-foot tower is situated in the heart of the Plaza District, offering sweeping Central Park views. Read More

Lease Beat

Metro-North Commuter Rail Renews, Expands at Graybar Building

Graybar Building.

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.

Read More

Lease Beat

IMG Worldwide Expands at 304 Park Avenue South

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IMG Worldwide, a global leader in sports, fashion, and media, will be expanding its lease at 304 Park Avenue South, The Commercial Observer has learned.

The office, which initially housed its IMG Model department at the building, will now span 72,080 square feet in the building. The lease term also received a boost from its original term of 10 years to now extending through the next 15 years. 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

Lease Beat

Greater New York Hospital Association Expands at 555 West 57th Street

(Credit: SL Green)

Greater New York Hospital Association, a New York-based healthcare trade association, has signed a long-term lease expansion at the BMW Building, which is located at 555 West 57th Street, between 10th and 11th Avenues, The Commercial Observer has learned.

The group has expanded for an additional 7,278 square feet on the 12th floor of the 20-story building.  The organization, which Read More

Lease Beat

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

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

Lease Beat

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

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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

2012 Owners Magazine

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

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

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

Lease Beat

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

100 Church Street (photo courtesy of CoStar)

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