Lease Beat

Ad Firm Sizmek Joins Tech Roster at 401 Park Avenue South

401 Park Avenue South.

Newly-formed digital advertising company Sizmek (NASDAQ: SZMK) has signed a 21,100-square-foot lease for the entire fifth floor at Meringoff Properties’ 401 Park Avenue South, Commercial Observer has learned.

The space will accommodate the firm’s growing demands after coming to fruition as a spinoff of ad firm Digital Generation, purchased last month by video ad company Extreme Reach.The deal also completes ownership’s comprehensive leasing program at the property, during which 150,000 square feet of leasing was completed after an extensive renovation. Read More

Mergers and Acquisitions

Contentious Comcast/Time Warner Deal Could Save $12.2M in Real Estate ‘Synergies’ [Updated]

The Time Warner Center at Columbus Circle

Comcast expects to save $1.5 billion from “synergies” resulting from its $45 billion merger with Time Warner Cable, including estimated savings of more than $12 million yearly after TWC leaves its Columbus Circle headquarters. 

A report from CoStar Group stated that the anticipated cost-saving measure after the termination of the $91.27 per square foot lease in 2016 would save Comcast about $12.2 million a year. 

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Wired City

Cox Communications Beefs Up Wi-Fi Hot Spots

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Cox Communications is expanding its Wi-Fi network.

The cable company is beefing up its footprint by stretching its network of Wi-Fi hot spots. The company announced that its latest expansion of Wi-Fi hot spots will include Los Angeles and New York City. The extensions to its network will give the company nearly 200,000 Wi-Fi hot spots, making Cox one of the largest hot spot providers in the United States.

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Wired City

Verizon, Optimum Cable Ranks High Among East Coast Customers

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Verizon Wireless and Optimum Cablevision are making its broadband customers happier than most of their competitors, according to a recent study by J.D. Power and Associates.

The firm, which rates products and customer experiences across various industries, studied Internet customers and customers who upgraded their bandwidth. The 2013 U.S. Residential Internet Service Provider Satisfaction study also measured customer loyalty and overall satisfaction. J.D. Power measured overall customer satisfaction on a 1,000-point scale.

Verizon and Optimum grabbed the top two spots among Internet service providers in the Eastern region of the United States. Additionally, Verizon scored a 722 out of a possible 1,000 on its customer satisfaction index score, while Optimum scored 688.

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Wired City

Microwave Broadband: An Alternative to Fiber

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Installing fiber broadband in buildings increases download and upload speeds.

Many buildings in the city currently have copper wires, which cannot provide the requisite bandwidth that tech companies need. Ideally, every building should be wired with fiber. However, installing fiber cables is a complicated and expensive process. ConnectNYC.com estimates that it costs, on average, $50,000.00 to update a single building. Read More

Wired City

Debunking Broadband’s Biggest Myths With Roslyn Layton

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Roslyn Layton, a PhD fellow studying broadband at the Center for Communication, Media and Information Studies at Aalborg University and working for Strand Consult, debunks the most common myths about American broadband. After the jump, excerpts from Wired City’s interview with Ms. Layton last week.
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Wired City

32 New York City Parks Get Wired

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In a joint release last Tuesday, Cablevision and Time Warner Cable announced that 32 New York City parks will receive Wifi service. Cablevision and Time Warner Cable will maintain the service through 2020.

Rahul Merchant, New York City’s chief information and innovation officer, explained that the initiative was “negotiated as part of franchise agreements with Time Warner Cable and Cablevision Systems,” and that it “expands Wifi service to millions of New Yorkers and visitors in some of our city’s most beautiful and historic sites.” Read More

Lease Beat

RXR Realty Signs 99-Year Lease at 75 Rockefeller Plaza

Scott Rechler’s RXR Realty has signed a 99-year triple-net lease at British department store tycoon Mohamed Al Faye’s 75 Rockefeller Plaza in Midtown Manhattan, where it plans to undertake a major capital improvement to reposition the building.

The 33-story building will be fully vacated by Time Warner Cable in 2014, leaving behind roughly 630,000 square feet of rentable area, and the renovations will include a new lobby and a restoration of its landmarked, classic limestone façade, executives at RXR said. Read More