MO's Top 50
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.
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.
On the Market
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.
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
Vorando Realty Trust has agreed to sell 866 United Nations Plaza for $200 million, the real estate investment trust announced earlier today. The Commercial Observer has learned the buyers of the 360,000-square-foot building are Meadow Partners and United Realty Partners.
2013 Owners Magazine
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.
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
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 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.”
Symantec Corporation has signed a 24,100-square-foot lease for part of the 54th floor at Vornado Realty Trust’s One Penn Plaza, The Commercial Observer has learned.
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
As the economy continues to build steam, a new Brooklyn finds itself craving a new retail culture—and developers and financers are keeping close watch. While New York’s most populous borough has seen a large number of residential buildings take shape in the past year, financing for retail construction projects and acquisitions are just now beginning to catch up.
When asked, the developers behind several of the latest big retail projects told The Mortgage Observer that many of those properties would have a more chic look and feel and a more versatile use than traditional shopping outlets and malls. One common point of comparison has been Jamestown’s Chelsea Market, the high-end urban food court and shopping center with galleries and production studios mixed in.
Morgan Stanley has inked the year’s largest sublease with an 11-year deal for 148,421 square feet of space at Vornado Realty Trust’s 1290 Avenue of the Americas.
The space is across the entire 12th and 13th floors, part of AXA Equitable’s 443,599 square feet in the 44-story, 2-million-square-foot tower, according to The Real Deal, which Read More
It’s been mostly quiet on the Walmart front since plans for a Brooklyn behemoth collapsed last fall, but prominent New York brokers insist that the world’s largest retailer is in active negotiations for a spot in the five boroughs.
IT-solutions firm Presidio Networked Solutions has signed a long-term, 14,106-square-foot lease at One Penn Plaza following its acquisition of BlueWater Communications LLC.
The two firms will move from the separate spaces they occupied on the 19th and 16th floors, respectively, consolidating onto the 28th floor.
“They wanted to put both companies together in an efficient office environment that would be conducive to business,” John Pavone of DTZ, who represented the tenant with Nick Bates, told The Commercial Observer.