More good news out of Downtown, with the latest Cushman & Wakefield research showing that it was the only submarket to register positive net absorption in the third quarter.
Downtown saw 523,000 square feet of positive net absorption, while the average asking rents increased 14.8 percent, to $45.66 per square foot.
The firm attributes the Read More
For the first time since construction workers topped off 1 World Trade Center in May, the Durst Organization this morning unveiled a crisp, white-walled model office space that tenants could be replicating as early as next year. Replete with floor-to-ceiling windows and unobstructed views of the city, office spaces below the 64th floor will command $75 per square foot.
“This is the beginning of a big year for us as we begin our transformation from a construction site to an office building,” said Jordan Barowitz, director of external affairs for Durst, before introducing the project’s director of leasing, Eric Engelhardt.
“What we’ve done here is taken the first and biggest step in being able to showcase what the office space can look like for tenants,” Mr. Engelhardt added.
Pixafy has signed a 10-year lease for the entire 17,320-square-foot 37th floor at SL Green’s 810 Seventh Avenue, The Commercial Observer has learned. The company will pay rent starting in the mid-$60s per square foot, according to data from CompStak.
Pixafy relocated from 475 Park Avenue South earlier this month after a seven-month, 40-building search for new office space. It is the company’s third relocation since its founding in 2010.
One World Trade Center
The Durst Organization has set aside two floors totaling 94,000 square feet for a pre-built and build-to-suit program at One World Trade Center, the developer announced today.
The program—located on floors 45 and 46—is designed to accommodate up to 18 tenants. The two floors are being subdivided in to smaller spaces between 2,000 and 20,000 square feet.
When Santiago Calatrava‘s much-delayed World Trade Center transportation hub (maybe) opens in mid-2015, its mammoth concourse floor will be leased out for private events and to retail tenants staging promotional blitzes. And while retail rents between $450 and $550 a foot rival those of respectable Midtown corridors, some industry insiders think that opening up Calatrava’s Oculus concourse to parties and glorified live commercials is an ominous sign for traditional retail in the $3.74 billion project.
Cushman & Wakefield has been appointed by RXR Realty as the exclusive leasing agent for roughly 100,000 square feet being vacated by Pearson at 1330 Avenue of the Americas, where ownership recently completed a capital improvement program and a rare signage opportunity awaits a prospective anchor tenant.
Floors 7 through 10, 14, 16 and 17 will come online in the 40-story trophy building in January 2014, after Pearson vacates the space, freeing up four sides of illuminated signage atop the building (the signage is currently branded “FT” for Pearson-owned Financial Times) for the new tenancy to broadcast its image into the Manhattan skyline.
“We want it to be the right image for the right company, and one that takes a meaningful presence in the building,” said William Elder, leasing director with RXR Realty. “This is a very rare opportunity that allows for top of building signage just outside of Times Square.
SpotCo has signed a lease at 114 West 41st Street, located between Broadway and 6th Avenue in the Garment District.
The entertainment and arts advertising firm, which is relocating from 512 7th Avenue, is taking 23,402 square feet in the 22-Story, 304,000-square-foot building, on floors 18 and part of 17.
“We are thrilled to have a space that will allow us to service the entertainment community in the most contemporary way possible,” said Drew Hodges, SpotCo’s CEO, in a prepared statement.
The Silverstein Properties marketing center on the seventh floor of 7 World Trade Center has the air of a sacred vault. After entering past the sliding glass doors, visitors are greeted by a hallway lined with pictures documenting the World Trade Center’s sometimes contentious, sometimes momentous journey from somber graveyard to gleaming new development featuring state-of-the-art office space and retail.
Pictures depicting union construction workers at a 2010 protest and Larry Silverstein unveiling Jeff Koons’s balloon flower monument outside 7 World Trade Center compete for space with five LCD televisions broadcasting Silverstein promotional videos.
But the most effective marketing in the entire suite may be the building itself.
Investment firm First Spring Corporation has renewed its lease for its 26th floor office at 499 Park Avenue, The Commercial Observer has learned.
The firm will continue to rent 11,591 square feet in the 28-story building, located on 59th and Park.
Tara Stacom and Michael Rotchford, executives at Cushman & Wakefield, took top honors at REBNY’s annual Most Ingenious Deal of the Year Award last night for their work representing the owners of One World Trade Center in the large office lease that was done there last year with the publishing and media giant Conde Nast.
The event, which dolls out a trio of awards, ended with three prominent women as winners, a notable result in the male-dominated leasing and sales brokerage business.
When The Commercial Observer caught up with Tara Stacom last year, the Cushman & Wakefield vice chairman was positively beaming about leasing opportunities at 1 World Trade Center, the 1,776-foot, 3.1-million-square-foot tower she’s been billed with filling with tenants. “I’m more bullish today than I was in 2007,” she said last year, shortly after news surfaced that Condé Nast would serve as anchor tenant at the building. “I did not think one of the first tenants would be a million-plus feet.” Last week, Ms. Stacom’s confidence in the building, which remains far from leased up, was still brimming over. She spoke with The Commercial Observer about the impact of the Condé Nast deal, how the Downtown office market fared in the first quarter and what to expect in the next quarter.
“I’m more bullish today than I was in 2007,” said Cushman & Wakefield’s Tara Stacom of 1 World Trade and the outlook for the 1,776-foot tower that will offer 3.1 million square feet of Class A office space. “I did not think one of the first tenants would be a million-plus feet.”
Signing the lease with Condé Nast in May of this year was, for lack of a less hackneyed term, a game-changer for downtown Manhattan, especially as the area emerges not only from the Great Recession but from the malaise that characterized so much of the area since 9/11.
It was only two weeks until the ninth anniversary of the 9/11 terrorist attacks, and, needless to say, the woman now charged with leasing office space at One World Trade Center was dealing with a congested appointment book.
Media requests for walking tours at the building, now standing 36 stories, had reached capacity. Arrangements Read More