Lease Beat

Frisco Flash Storage Firm Finds Flat for Itself at 655 Third Ave.

655 Third Avenue.

Nimble Storage, a San Francisco-based flash storage solutions firm that consolidates workloads and eliminates storage silos, is coming to New York City, Commercial Observer has learned.

The firm has signed a three-year lease for 6,609 square feet on the ninth floor at 655 Third Avenue between East 41st and East 42nd Streets, according to the building owner, The Durst Organization. The length of the lease is so short because “it’s a rapidly growing company and they want the option to expand,” said a spokesman for Durst. The asking rent was in the high-$50s per square foot. Read More

Lease Beat

Tech Firm, Commodities Processor Ink Mid-Floor Deals at 1 WTC

1 World Trade Center. (Photo: Lauren Draper)

Two more tenants have signed on to 1 World Trade Center, chipping away a combined 13,000 square feet at  the 104-story skyscraper.

Symphony, a communications platform for those in the financial world, inked a deal for almost 8,600 square feet on the 45th floor in a pre-built space, according to building manager, The Durst Organization. Its lease is for five years, according to The Wall Street Journal, which first reported the deal. Read More


J.P. Morgan Finances Upgrades on Durst’s 655 Third Avenue

655 Third Avenue.

The Durst Organization took a $75 million loan from J.P. Morgan Chase to finance recent upgrades on its 30-story office tower at 655 Third Avenue—the first property the Durst family built from the ground up—city records show.

The three-year mortgage carries a floating interest rate over Libor, a spokesman for the real estate giant told Commercial Observer. Read More

Lease Beat

1 WTC Nabs More Finance, Tech Companies

1 World Trade Center. (Photo: Lauren Draper)

Two companies have inked deals at 1 World Trade Center as The Durst Organization and the Port Authority of New York & New Jersey continue to lure technology and finance firms into the Downtown skyscraper, according to the landlords.

Tinypass, an ecommerce software developer that specializes in paywalls, signed a lease for 4,936 square feet of pre-built office space in the building. Casablanca Capital, an investment advisory, inked a deal for 2,488 square feet of built-to-suit space. Both leases are for five years, the landlords announced, and both companies will be on the 46th floor.  Read More

Lease Beat

Law Firm Grows Indoors and Outdoors at Durst Property

733 Third Avenue

Real estate law firm Rosenberg & Estis has expanded to the 7,442-square-foot 19th floor and a 4,800-square-foot terrace below at the Durst Organization‘s 733 Third AvenueCommercial Observer has learned.

The firm that provides representation in all types of commercial and residential transactions now occupies 42,764 square feet on the entire 12th, 14th and 19th floors. But that footprint doesn’t include the new outdoor space on a previously inaccessible green roof of the 24-story tower where asking rents run for $62 per square foot, officials with Durst said. Read More

Lease Beat

Video Game Developer Signs at 1 WTC

1 World Trade Center. (Andrew Burton/Getty Images)

In the 12th lease to be signed at 1 World Trade Center, High 5 Games, a digital game creator, has signed a 87,663-square-foot deal spanning the entire 58th and 59th floors of the office tower, according to a press release about the deal.

The game developer is relocating to larger digs from 770 Broadway in the second quarter of 2015. Its offices are being designed by Gensler and built by The Durst Organization. Durst and the Port Authority of New York & New Jersey own the building. Read More

Mortgage Observer

Wells Fargo and BNY Mellon Lead $412M Construction Loan for Durst West Side Rental

A rendering of 625 West 57th Street. (Durst Fetner)

The Durst Organization scored a $411.5 million construction loan from a group of lenders led by Wells Fargo and Bank of New York Mellon Corp. to finance the development of its tetrahedron-shaped rental tower at 625 West 57th Street, sources familiar with the deal told Mortgage Observer.

The loan, which closed last week, carries a term of four years with a one-year extension option and “smoking interest rates,” one person familiar with the transaction said on the condition of anonymity. Read More

Lease Beat

Westfield Corp. To Move Into 1 WTC

Base of One World Trade Center

Australia-based retail company and World Trade Center Transportation Hub retail developer Westfield Corp. will move its New York City corporate office from 7 WTC to the 46th floor of 1 World Trade Center through a five-year, 12,000-square-foot lease, the New York Post reported this morning.

The company that’s working with the building’s primary owner Port Authority of New York & New Jersey to develop a 365,000-square-foot shopping and dining complex called Westfield World Trade Center slated to open next year inside the Santiago Calatrava-designed transit hub will move into a pre-built space with asking rents of $75 per square foot, said officials with the Durst Organization. Read More

Lease Beat

Servcorp Takes 35K SF at 1 WTC

One World Trade Center

Servcorp, a global provider of equipped executive offices and virtual office space, has signed a 15-year lease for 34,775 square feet on the 85th floor at 1 World Trade Center. The lease marks the fourth Manhattan location for the Australia-based company. Servcorp represented itself in yesterday’s transaction and The Durst Organization‘s Robert Becker represented Durst, according to the New York Post, which first reported the deal.

Featuring boardrooms, private offices and private workstations, Servcorp’s 1 World Trade Center location will open in the first quarter of next year, Durst and The Port Authority of New York and New Jersey said in a release. The Port Authority developed the 1,776-square-foot tall, 3-million-square-foot office building and Durst operates and leases it. Read More

Office Deals

FedCap Makes Condo Deal at Durst’s 205 East 42nd Street

205 East 42nd Street. (The Durst Organization)

Just over a month after exchanging its 14th Street headquarters for a Midtown office condo, FedCap has made another condo deal, this time at the Durst Organization’s 205 East 42nd Street property.

The nonprofit has purchased a leasehold condo in the building, Durst announced today. The 64,303-square-foot deal consists of a portion of the ground floor, as well as the entire second and third floors of the building. FedCap will have a dedicated entrance on 43rd Street and a private elevator and staircase. Read More

Lease Beat

Two Tenants Lease 1 WTC Pre-Built Spaces [Updated]

1 WTC pre-built space

The Durst Organization and The Port Authority of New York & New Jersey have signed two 10-year leases for a total of 6,950 square feet of pre-built space at 1 World Trade Center.

Legends Hospitality Group has taken 4,759 square feet on the 45th floor of 1 World Trade to house its team developing the One World Observatory on the building’s 101st and 102nd floors. Legends Hospitality is a division of Legends, the sports and entertainment company. Read More

Lease Beat

Ad Agency KiDS Signs 1 World Trade Center Lease

(Photo: Andrew Burton/Getty Images)

KiDS Creative has signed a 15-year lease for the entire 34,775-square-foot 87th floor of 1 World Trade Center. The ad agency’s deal is the first new lease at the downtown tower for nearly three years.

“KiDS and 1 World Trade Center make a perfect match,” said Eric Engelhardt, the director of leasing at 1 World Trade Center for The Durst Organization, in a prepared statement. “KiDS is destined to a bright future at the top of 1 World Trade Center, the world’s most prestigious business address.” Read More


Asking Rents Reduced at 1 World Trade Center

(Photo: Andrew Burton/Getty Images)

The Durst Organization and the Port Authority of New York and New Jersey are reducing asking rents at 1 World Trade Center by nearly 10 percent, according to a report by The Wall Street Journal. Asking rent for larger tenants on the building’s middle floors now stands at $69 per square foot, down from $75 per square foot.

The tower’s owner has struggled to attract private tenants to the development. Publisher Conde Nast’s 1-million-square-foot deal signed in 2011 remains the only major lease done at 1 World Trade Center. The building is 55 percent leased. Read More

Legal Disputes

Durst Organization Sued by U.S. Attorney’s Office Over Inaccessible Buildings

The Helena, which the federal government claims is inaccessible.

The U.S. Attorney’s Office has filed suit against The Durst Organization, the second major New York developer to come within the cross hairs of the federal government in a dispute over what does and should constitute accessible housing. The federal government alleges that Durst “has engaged in a pattern and practice of developing rental apartment buildings that are inaccessible to persons with disabilities.” Also named in the suit are The Helena Associates and FXFOWLE Architects, who designed the Helena, a 595-unit rental building in Hell’s Kitchen that is at the center of the lawsuit. Read More