Sales Beat

Savanna and Feil Sell 21 Penn to TIAA-CREF

21 Penn Plaza

Financial services company TIAA-CREF has purchased the 16-story, 378,547-square-foot 21 Penn Plaza building from Savanna and the Feil OrganizationCommercial Observer has learned.

While representatives for both sides of the deal declined to state the purchase price of the renovated Class B building that sits one block west of Penn Station, the owners placed the property on the market this summer with an asking price of about $250 million, Crain’s New York Business reported. Savanna and Feil inked 225,000 square feet of leases and implemented $5 million in building upgrades to deliver the property to TIAA-CREF with 98 percent occupancy, said Robert Knakal of Massey Knakal Realty Services. Read More

Lease Beat

Architecture Firm Inks Flatiron District Sublease

250 Park Avenue South

Architecture and design firm ODA Architecture has moved north to the Flatiron District through a three-year, 11,666-square-foot lease at the Feil Organization‘s 250 Park Avenue South between 19th Street and 20th Streets, Commercial Observer has learned.

The firm that’s designing both the interiors and exteriors of the 1,193-unit twin Hunter’s Point South towers in Long Island City previously occupied space at 494 Broadway. But the firm has now transitioned to offices with asking rents in the high $50s formerly occupied by Hudson Realty Capital, said Jared Sternberg of the Kaufman Organization. Read More

853 Broadway

The Plan: 853 Broadway

Rendering of 853 Broadway.

Last week, landlord The Feil Organization began removing the scaffolding at 853 Broadway, a building that come the holiday season will be home to a new MAC cosmetics store.

Feil’s Brian Feil, the vice president of leasing, and Robert Fisher, the director of commercial leasing at the building, talked to Commercial Observer about the company’s $10 million-plus renovation project spanning the first five floors of the property. Construction at the site, at the corner of 14th Street and Union Square, began about a year ago. Read More

Lease Beat

DMV Relocating to 21 Penn Plaza

21 Penn Plaza

The Department of Motor Vehicles is trading Herald Square for 21 Penn Plaza, where the government agency will receive a complete build out—featuring a separate entrance and lobby–from landlord the Feil Organization.

The DMV has signed a 10-year lease for 27,500 square feet at the building. The deal includes the entire second floor and a 1,385-square-foot street-level space. Read More

Lease Beat

Environmental Defense Fund Renews 44,000 SF at 257 Park Avenue South

257 Park Ave South

The non-profit Environmental Defense Fund has signed a long-term renewal for 44,010 square feet at The Feil Organization’s 257 Park Avenue South, the company announced today.

The EDF plans to implement several sustainability features in its new space at the building, which features brick masonry and terracotta adorned by gargoyles and Art Deco graphics.

“This is the perfect site and perfect building for the Fund to be in,” said Robert Fisher, director of commercial leasing for Feil, the building owner and manager, in a statement.  Mr. Fisher represented ownership with Brian Feil, the firm’s vice president of leasing.

“We have a great location near Union Square and Gramercy Park and 13.5-foot ceilings that offer extraordinary amounts of natural light and spectacular views of Gramercy Park,” Mr. Fisher added. Read More

Lease Beat

Law Firm Fabiani Cohen & Hall LLP Renews and Expands at 570 Lexington Avenue

The Arch Atop 570 Lexington Avenue (Credit: nyc-architecture.com)

Construction and insurance litigation firm Fabiani Cohen & Hall LLP has signed a renewal and expansion for 24,000 square feet of space at 570 Lexington Avenue, The Commercial Observer has learned.

The firm will retain the 4th floor and expand into and 3rd floor, sources familiar with the deal said.

Mark Weiss, a vice president at Newmark Grubb Knight Frank, represented the tenant with Robert Silver and Robert Eisenberg.  The brokers declined comment. Read More

Lease Beat

Gemological Institute Leases 20,400 Square Feet in the Fred F. French Building

The Fred F. French Building (Photo: Curbed)

The International Gemological Institute has signed a 10-year, 20,400-square-foot lease at 551 Fifth Avenue in the Diamond District—the Art Deco tower known as the Fred F. French Building.

IGI’s president and chief executive, Jerry Ehrenwald, estimates that the new space offers about 15 percent to 20 percent more usable space than the institute’s current location at 589 Fifth Avenue. The building’s Read More

Cartography

The Gangs of New York: Who Rules Each Manhattan Zip Code

OWNERS_2012_OPERATINGCOSTS

From Washington Heights to Lower Manhattan, nearly every neighborhood includes at least a little office space.

And while it can be difficult to discern on the ground, most neighborhoods and ZIP codes have a single, predominant landlord who rules the roost.

To determine who controls each of the borough’s nearly 50 ZIP codes, we combed the portfolios of Manhattan’s 20 largest owners and drafted a turf map of sorts. In cases where none of the 20 largest landlords owned office property, such as in the Lower East Side and parts of the West Village, no victor is listed.

Gathered from each company’s official website and media liaisons, as well as the United States Postal Service, the data after the jump includes ZIP codes for single buildings as well, numbered in inset maps. Read More

Lease Beat

ComScore, Inc. Scores Own Floor at 7 Penn Plaza

7 Penn Plaza (photo courtesy of CoStar)

ComScore, Inc., a publicly traded internet marketing firm, will be moving into its own floor at 7 Penn Plaza, an 18-story office building owned by The Feil Organization. 

The firm will be moving out of its current offices at 5 Penn Plaza to a 24,150 square foot space on the 10th floor at the Midtown South building. It is expected to move into the building sometime during the first quarter of 2013. Read More

heart-tuggers

Warriors Get New Lease on Life

570 Lexington Avenue, Roosevelt Institute

It began with a rush to expand before Veterans Day, easily the busiest time of the year for the Wounded Warriors Project.

The non-profit, which since 2002 has assisted servicemen and women injured in combat, had occupied a small 4,700 square feet space at 7 Penn Plaza, but urgently needed to expand by the Nov. 11 federal holiday in order to host a whirlwind week of activities and visitors, many of them wounded veterans, brokers at Cassidy Turley said. Read More

Lease Beat

Roosevelt Institute Consolidates on Lex

Looking very presidential at 570 Lexington Avenue.

The Roosevelt Institute, which promotes the “legacy, values and spirit” of the nation’s 32nd president and his wife, took 10,400 feet at the building previously known as the RCA Victor building, The Feil Organization’s 50-floor asset at 570 Lexington Avenue. Read More