Lease Beat

Investment Firm Moving Three Avenues West in Midtown East

330 Madison Avenue (Photo: CoStar).

American Century Investment Management is relocating next year to 330 Madison—just a quarter of a mile from its current Midtown East office.

The investment firm signed a lease for 41,210 square feet, or the whole ninth floor, of the 40-story tower between East 42nd and East 43rd Streets, according to CBRE, which represented the tenant. American Century is expected to begin its 15-year lease at the beginning of 2016. Read More

Lease Beat

Investment Advisory Firm Relocating to 640 Fifth Avenue

640 Fifth Avenue (Photo: CoStar).

HS Management Partners will be relocating its corporate headquarters to a larger space at 640 Fifth Avenue at the northwest corner of West 51st Street, Commercial Observer has learned.

The 100 percent employee-owned investment adviser has signed a 10-year deal for 10,523 square feet on the 18th floor in the 22-story Vornado Realty Trust building, according to Savills Studley, which advised HS Management Partners on the transaction. Asking rents ranged from $110 to $115 per square foot. Read More

Power 100

NYC’s Top 10 Biggest Landlords

Brookfield Place.

Any look at a power list should include a glance at the raw data. The city’s four biggest landlords control nearly 20 percent of the market, blowing away the rest of the building owners, according to data compiled by CoStar Group for Commercial Observer. The list includes existing office buildings, as well as those under construction and under renovation.

Brookfield Asset Management has the biggest market share of property in New York City (4.98 percent) with 27.5 million square feet, as ranked by rentable building area, followed closely behind by SL Green Realty Corp. (4.93 percent) with 27.2 million square feet. Vornado Realty Trust ranked third (4.46 percent) with 24.7 million square feet. Read More

Lease Beat

Investment Manager Inks Early Renewal at 640 Fifth Avenue

640 Fifth Avenue (Photo: CoStar).

New York-based investment advisory firm Owl Creek Asset Management has signed an early lease renewal for 17,588 square feet at Vornado Realty Trust‘s 22-story 640 Fifth Avenue, Commercial Observer has learned.

The deal, for the entire 20th and partial 21st floors, is for five years and five months, a source with knowledge of the deal said. The firm’s initial lease was for 10 years and was slated to expire at the end of this year. The asking rents in the tower, which is between West 51st and West 52nd Streets, range from $105 to $120 per square foot, the source said. Read More

Lease Beat

Vornado Signs Tech Firm in Revamp of Penn Plaza [Updated]

330 West 34th Street.

Yodle is headed north after signing a lease in a Vornado Realty Trust building in Midtown South, as the landlord tries to reinvigorate the area.

The online marketing company inked a deal for about 114,000 square feet on the top three floors of 330 West 34th Street between Eighth and Ninth Avenues, according to Yodle. That’s an expansion from the 85,000 square feet it was poised to take in the 18-story building last July. Read More

Sales Beat

Vornado Closes $142M Purchase of LIC Office Building

The Center Building at at 33-00 Northern Boulevard in Long Island City.

Vornado Realty Trust this afternoon closed its $142 million acquisition of the Center Building, an eight-story, 437,000-square-foot office building in Long Island City, Commercial Observer has learned.

The sellers of the building, at 33-00 Northern Boulevard, were Madison Marquette and Perella Weinberg, according to David Robinov, the managing director of sales at Ackman-Ziff Group, who represented the sellers along with Marc Warren, a managing director at the brokerage. The duo sourced the buyer as well. Read More

In Negotiations

The Four Seasons Restaurant Seriously Considers Move

280 Park Avenue.

Oh, the seasons have changed. Following a legal dispute that resulted in the fall removal of a Pablo Picasso canvas that hung on the wall in The Four Seasons Restaurant, the famed eatery is considering a move a bit south, sources with intimate knowledge of the situation told Commercial Observer.

The restaurant, at 99 East 52nd Street in Aby Rosen‘s Seagram Building between Park and Lexington Avenues, has a lease through July 2016, said Four Seasons co-owner Julian Niccolini, and while the eatery is in talks with Mr. Rosen’s firm to stay put, he acknowledged, “we’re considering every opportunity available to us.” Those include 280 Park Avenue and other locations within walking distance from the Seagram Building. Read More

Lease Beat

Deutsch Leaves Google Building, Signs Penn Plaza Lease

330 West 34th Street.

Advertising agency Deutsch has signed a new lease for 74,346 square feet on the 13th and 14th floors at 330 West 34th Street, between Eighth and Ninth Avenues at Penn Plaza, the New York Post reported.

The new lease marks the planned relocation of the New York branch of Donny Deutsch’s bicoastal agency from Google’s building at 111 Eighth Avenue between 15th and 16th Streets, the Post said. Deutsch’s current space is 134,830 square feet spanning the 14th and 15th floors of the building. Read More

Lease Beat

Yodle HQ Moving to 330 West 34th Street [Updated]

330 West 34th Street.

Online marketing company Yodle has signed a 10-year lease for nearly 85,000 square feet at 330 West 34th Street, between Eighth and Ninth Avenues, according to The Real Deal. Yodle reportedly will pay in the $60s per square foot for its new headquarters.

Yodle will move to its new space in the 688,881-square-foot building, owned by Vornado Realty Trust, from 50 West 23rd Street between Fifth Avenue and Avenue of the Americas, TRD reported.  Read More

Sales Beat

Vornado, Crown to Buy St. Regis Retail for $700M

St. Regis. (PropertyShark)

Vornado Realty Trust and Crown Acquisitions have agreed to acquire the retail condominium at the St. Regis hotel and the adjacent retail townhouse for $700 million.

The property, located on the southeast corner of 55th Street, features 100 feet of frontage. The space is leased to Kering’s Gucci division for the Bottega Veneta brand and to LVMH for a De Beers location, according to a press release announcing the deal. The 17,100-square-foot Kering lease expires in January 2016, while LVMH’s 7,600-square-foot deal expires in January 2019. Read More

Industry Events

Female Power Brokers Hail Changed Real Estate World


A trio of prominent female real estate professionals hailed changes in the real estate industry that have turned women power brokers into nothing out of the ordinary, something they said was not the case when they started in the business decades ago.

Sherri White of Vornado Realty Trust, Laurie Golub of HFZ Capital and Jane Gol of Continental Ventures Capital participated in a wide-ranging panel discussion last night at a benefit for the Friends of the Israeli Defense Forces on the top-floor terrace of the Olivia Building at 315 West 33rd Street, and, while they dished with moderator Peter Ripka of Ripco Real Estate on their thoughts about the city’s eye-popping development, the state of its housing market and its dramatic turnaround from the recession, the three women made striking comments about the status of women in the industry. Read More