The Marshall Project, the nonpartisan news organization focused on covering the country’s criminal justice system, has doubled the size of its office to 8,000 square feet at the CitySpire Center in Midtown.
According to CBRE, the Marshall Project has signed a five-year lease for part of the seventh floor at Tishman Speyer’s 156 West 56th Street between Avenue of the Americas and Seventh Avenue. The organization is expected to move into its new space next month from 250 West 57th Street, only blocks away from the CitySpire Center, where it now occupies roughly 4,000 square feet.
Worldwide energy investment company the Coral Reef Fund has relocated its headquarters roughly five blocks west to Tishman Speyer‘s 45 Rockefeller Plaza, Commercial Observer has learned.
The company, which invests in oil, gas and other natural resources, moved last month from a smaller space at 757 Third Avenue by signing a 4,940-square-foot lease for a suite on the 23rd floor in the property that’s also known as the International Building and 630 Fifth Avenue, officials with Colliers International said. The space commanded an asking rent of $72 per square foot, they noted.
Food & Drink
Tishman Speyer and The Cogswell-Lee Development Group have together bought the landmark 19-story Art Deco office building known as the Madison-Belmont Building.
The New York Post first reported news of the $185 million sale of 183 Madison Avenue, near 34th Street today, from Argentinian investment company IRSA, noting that the purchase price translates to $674 per square foot.
Real Estate and Politics
The historic Rainbow Room will be reopening to the public for brunch on Sunday after a private opening party on Wednesday. Then on Monday night the Rainbow Room, on the 65th floor of 30 Rockefeller Plaza, will be open for dinner.
Owner and operator Tishman Speyer oversaw the renovations which included an updated dining room, two new lounge spaces, one of which will be open to the public, and a 950-foot wraparound terrace. The company declined to indicate the price tag through a spokeswoman. Gabellini Sheppard Architects, the architecture firm which reimagined Rockefeller Center‘s observation deck, Top of the Rock, designed the Rainbow Room’s public spaces.
The New York City Campaign Finance Board decried the influence of the real estate industry-backed entity Jobs for New York during the 2013 election in the review of last year’s campaign the agency released Tuesday.
While the board’s regular review of city elections pointed out several City Council races in which the financial clout of Jobs for New York failed to deliver its preferred candidates to victory, the report calls for greater transparency of the contributors whose largesse allowed the Super PAC-like entity that wasn’t connected to any candidate to raise $6.9 million and spend $4.9 million on last year’s City Council elections.
Longtime Real Estate Board of New York President Steven Spinola will retire at the end of 2015, the Financial Times reported today.
Mr. Spinola, 65, has led the trade group and influential real estate advocacy organization since 1986, and he called the reports of his departure “premature” in a message to the organization’s board of governors while acknowledging that the recent extension he signed through the end of next year will be his last.
H&R Real Estate Investment Trust has joined Tishman Speyer as a 50 percent joint venture partner in the development of a luxury residential project in Long Island City, Queens.
The development site, located adjacent to H&R-owned 2 Gotham Center, is zoned for 1.2 million square feet of mixed-use development. The plot can accommodate up to 1,600 rental units and approximately 30,000 square feet of retail space, according to a statement.
Tishman Speyer has acquired adjacent, undeveloped parcels of land in the Hudson Yards district on Manhattan’s far West Side, the developer announced today.
The full-block site, located on 10th Avenue between 34th and 35th Streets, and the ability to purchase additional development rights will allow the firm to develop a 2.85 million-square-foot tower.
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.
MO's Top 50
Haynes and Boone LLP has expanded by 38,193 square feet at 30 Rockefeller Plaza, taking the entire 24th floor at the Tishman Speyer property, Commercial Observer has learned.
The law firm now occupies the entire 24th, 25th and 26th floors for a total of 112,793 square feet and is now the third largest tenant in the building, according to a spokesperson who confirmed the deal. The tenant will pay rent starting in the high-$70s, according to data from CompStak.
Deutsche Bank’s CMBS guru and real estate financing head honcho, Jonathan Pollack, took the No. 1 spot on this year’s 50 Most Important People list due to several colossal deals and his team’s top ranking in the global and U.S. securitized debt markets.
While the German global banking and financial services company reported an unexpected overall loss of 965 million euros, or $1.3 billion, for the fourth quarter of 2013, its real estate debt operations have continued to show clear gains.
Kevin Hoo’s prior experience with UBS AG and later Tishman Speyer allowed him to slip seamlessly into a role as a vice president at Savanna in 2011, where as an asset manager he handles everything from financing acquisitions to choosing building finishes, leasing them up and handling day-to-day operations. “We run a fairly lean team here,” he said. “My role has been to play the jack of all trades.” At Tishman Speyer, Mr. Hoo’s acquisition, development, design and construction roles saw him focusing on properties as iconic as Rockefeller Center and the MetLife Building, but as he tells it, Savanna’s recent repositioning of 245 and 249 West 17th Street, now home to Twitter’s New York City headquarters, is the most exciting endeavor he has been a part of. Read More
TV Guide has subleased the entire 18,284-square-foot 14th floor at 50 Rockefeller Plaza from Bank of America, Commercial Observer has learned.
The tenant has signed a seven-year deal and will pay rent in the mid-$40s per square foot, according to data from CompStak.
2013 Owners Magazine
Vantage Properties, a leading owner-operator of apartment properties throughout the city, has added Peter Stevens and David Cosentino to its team. Mr. Stevens will join as vice president, New York acquisitions and Mr. Cosentino will serve as a director of marketing and communications.
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More