Lease Beat

Hudson Yards Move on the Horizon, SAP Subsidiary Signs Short-Term Renewal

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Ahead of SAP’s scheduled move to Hudson Yards, Sybase, a subsidiary, has signed a short-term renewal for its 31,285-square-foot space on the 32nd floor of the Grace Building, The Commercial Observer has learned.

The software developer has signed an early renewal one one year and three months, according to data from CompStak, and will pay rent in the low-$90s per square foot. The company, acquired by SAP in 2010, first signed a lease at the Brookfield Office Properties’ building in 2004, then paying in the mid-$50s per square foot.

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CREFC 2013

CREFC 2013: A Look Back

CREFC's Alex Ong and Andrea Rouse.

On Tuesday January 15 in the middle of the Commercial Real Estate Finance Council’s January 2013 conference, The Mortgage Observer was joined by conference attendees for our event celebrating the conference at Miami’s STK. The Collins Avenue bar and steakhouse played host to industry insiders and Observer Media Group staff, who spent an evening talking Read More

Sales Beat

Thor Equities and ASB Real Estate Investments Pay $96.5 M for Meatpacking Building

875 Washington Street

Thor Equities and ASB Real Estate Investments’ Allegiance Real Estate Fund have purchased 875 Washington Street in the Meatpacking District for $96.5 million.

The 60,000-square-foot, five-story building, between 13th and 14th Streets, features office and retail space and is located across the street from the High Line Park, a main driver in the neighborhood’s assent as one of the city’s most-travelled retail destinations.

“The Meatpacking District is the place to be in the fashion world, and as purveyors of high-end retail real estate, it is only fitting that we continue to expand our presence here,” said Joseph Sitt, CEO at Thor Equities, in a statement. “Situated among many of the world’s best nightlife, dining, and shopping outposts, 875 Washington is truly in the heart of the excitement and growth of Manhattan.” Read More