Lease Beat

Financial Data Firm Consolidates at 90 Park [Updated]

90 Park Avenue

FactSet Research Systems, which provides analytics and content to the financial industry, has consolidated its space and renewed its lease at 90 Park Avenue between 39th and 40th Streets.

The financial data firm will now have 102,000 square feet spanning the entire 7th, 10th and 11th floors of the 1 million-square-foot tower, according to Crain’s, rather than be spread throughout the building. Read More


Borough President Calls for Landmarks Reform

Rizzoli Bookstore. (Credit: PropertyShark)

Manhattan Borough President Gale Brewer and city preservationists today called for reforms to the landmarking process following the Landmarks Preservation Commission’s refusal to consider landmark status for the Rizzoli Bookstore building at 31 West 57th Street.

“The landmarks process requires reform; we must avoid more Rizzoli-like ambushes on our history. We are here today to ask that the LPC immediately study those remaining buildings on West 57th Street to identify and landmark those that represent the best of their eras, and I will introduce legislation which will require the LPC to follow transparent and consistent time frames in responding to future designation requests,” Ms. Brewer said in a prepared statement. Read More

Tech Beat

Honest Buildings Launches iPad App

Screenshot of the new Honest Buildings app

Connection engine Honest Buildings has launched a free iPad app for real estate service pros who have submitted projects on the website so they can share their work in real-time on-the-go to prospective clients, Commercial Observer has learned.

“We kept getting examples of people’s work in the PDF two-page document that every vendor in the real estate industry has to showcase what they have,” said Riggs Kubiak, the company’s CEO. “We thought we could drastically improve that experience.” Read More

Lease Beat

New York & Co. Carves Out New 185,000SF Headquarters

330 West 34th Street

Women’s apparel retailer New York & Co. has inked a deal for its new headquarters space at Vornado Realty Trust’s 330 West 34th Street

The fashion company signed a new lease for roughly 180,000 square feet across four floors at the 18-floor building, relocating from the space it occupied for more than two decades at nearby 450 West 33rd Street.  

Read More

MO's Top 50

Jonathan Pollack Takes Top Spot On This Year’s 50 Most Important People in CREF

Jonathan Pollack

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. Read More

Lease Beat

Publicis Takes 114,000 SF at 1 Penn Plaza

1 Penn Plaza

Advertising firm Publicis, while in the process of merging with Omnicom to form what will reportedly become the largest media conglomerate in the world, has signed a temporary five-year lease for 113,947 square feet at 1 Penn Plaza.

Publicis, expected to take occupancy in April, will take over space occupied by media firm Direct Brands. Read More

On the Market

Vornado Asking $650 M. for 1 Park Ave.


Vornado Realty Trust is reportedly planning to sell 1 Park Avenue and is seeking roughly $650 million for the office tower.

The real estate investment trust, which has interests in more than 20 million square feet of Manhattan office space, has hired Douglas Harmon and Adam Spies of Eastdil Secured to market the 20-story, 925,000-square-foot Read More

Sales Beat

Vornado Resolves Extell Dispute, Will Build Luxury Condo at 220 Central Park South

220 Central Park South

Vornado Realty Trust has acquired the land and air rights necessary to proceed with its development at 220 Central Park South, the real estate investment trust announced yesterday.

The $194 million acquisition will allow Vornado to begin construction of its planned 920-foot tall luxury residential condominium and puts to rest an ongoing dispute between the REIT and Extell Development, the seller of the rights. Read More

Wired City

City Launches Wireless Corridor Challenge and WiredNYC

(Photo: Celeste Sloman)

Mayor Michael Bloomberg has announced two new tech initiatives to expand the city’s access to wireless and broadband connectivity, one of which encourages the deployment of leading broadband technologies across its commercial real estate buildings.

The Wireless Corridor Challenge will establish free public WiFi corridors in each of the five boroughs, while WiredNYC, described as LEED Read More


Vornado Rebounds with Positive Second Quarter


Vornado Realty Trust reported its second quarter results on Monday, with funds from operations up to $235.3 million, or $1.25 per diluted share, from $166.7 million, or $0.89 per diluted share, for the same period last year.

“It was a positive quarter,” Michael Knott, managing director at Green Street Advisors, told The Commercial Observer. “The first quarter was very noisy from an accounting standpoint.” Read More

Lease Beat

ValueOptions Takes 19,100 SF in Relocation to One Penn Plaza


ValueOptions has signed a 10-year, 19,100-square-foot lease for a portion of the 31st floor at Vornado Realty Trust’s One Penn Plaza, The Commercial Observer has learned.

The healthcare provider will relocate from its current space at the EmblemHealth building at 441 9th Avenue, sources said.

The 57-floor, nearly 2.6-million-square-foot One Penn, designed by Kahn & Jacobs and built Read More