Lease Beat

Kanematsu USA Signs 500 Fifth Avenue Lease

500 Fifth Avenue.

Kanematsu USA, the U.S. subsidiary of the Kanematsu Corporation of Japan, has signed a lease for the entire 10,914-square-foot 29th floor at 500 Fifth Avenue, the landlord’s broker announced today.

The tenant, a large trading company, operates a number of business areas including electronics, steel and metals, food products, chemicals, textiles, and aerospace. The company signed a 10-year lease at 500 Fifth Avenue, according to The Wall Street Journal, which first reported the deal. Read More

Lease Beat

Library Journal Signs Lease at 123 William Street

123 William Street. (Credit: viewthespace.com)

Library Journal, a trade publication for library professionals, reportedly signed a 10-year, 11,521-square-foot lease for a portion of the 10th floor at East End Capital’s 123 William Street

East End Capital acquired the building last year and plans to update the 27-story, 500,000-square-foot downtown property, but asking rents still came in at just $36 per square foot. Read More

Lease Beat

Law firm Signs Dotted Line for Space at Rock Center

Atlas Statue at Rockefeller Center

Law firm Emery Celli Brinckerhoff & Abady is moving to bigger digs at Rockefeller Center, Commercial Observer has learned.

The firm, which has an active commercial and real estate litigation practice, is expanding its office space by more than 4,000 square feet to 16,163 square feet comprising the entire 10th floor at 600 Fifth Avenue near 48th Street. Read More

Trading CRE

ETRE Financial Files for IPO

Nasdaq

On Monday, ETRE Financial filed with the U.S. Securities and Exchange Commission for an initial public offering of ETRE REIT (proposed ticker is ECAV) on the NASDAQ exchange. Operating as a limited liability corporation, ETRE REIT would allow public investment in individual commercial real estate properties with the properties held as separate real estate investment trusts. Read More

Lease Beat

Publicis Takes 114,000 SF at 1 Penn Plaza

1 Penn Plaza

Advertising firm Publicis, while in the process of merging with Omnicom to form what will reportedly become the largest media conglomerate in the world, has signed a temporary five-year lease for 113,947 square feet at 1 Penn Plaza.

Publicis, expected to take occupancy in April, will take over space occupied by media firm Direct Brands. Read More

Lease Beat

Spain-U.S. Chamber of Commerce Takes Space at 80 Broad Street

80 Broad Street

The Spain-U.S. Chamber of Commerce, a private nonprofit, has signed a 10-year, 3,540-square-foot lease for a portion of the 21st floor at Savanna’s 80 Broad Street.

Founded in 1959, The Spain-U.S. Chamber of Commerce was established with a mission to foster economic ties between Spain and the United States, namely promoting the expansion of bilateral trade and investment between the two countries. The organization, which is currently headquartered at the Empire State Building, signed its lease last week and is expected to take possession of its new space on April 1. Read More

Lease Beat

Law Firm Takes Jones Day Space at 222 East 41st Street

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Wood Smith Henning & Berman has signed an 11,972-square-foot sublease from Jones Day at 222 East 41st Street, Commercial Observer has learned. Asking rent for the space was $45 per square foot.

“We started off our search downtown and worked our way uptown,” said Kirill Azovtsev of Jones Lang LaSalle, who represented the tenant. “The proximity to Grand Central was a big driver.” Read More

Sales Beat

Time Warner Sells Headquarters Space, Will Move to Hudson Yards

Time Warner Center. (Courtesy Property Shark)

A venture of the Related Companies, the Abu Dhabi Investment Authority and Singapore’s GIC has purchased the office space of Time Warner Inc. at the Time Warner Center for $1.3 billion, the seller announced today.

Time Warner will relocate its corporate headquarters and New York City employees from Columbus Circle to Related’s Hudson Yards. The company has made an “initial financial commitment” to the development, according to a press release. Time Warner has agreed to lease back office space in the Time Warner Center until 2019, when the development at Hudson Yards is expected to be complete. 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