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

Panelists

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

Lease Beat

Napier Park Leaves Citigroup HQ for 280 Park Avenue

280 Park Avenue.

Napier Park Global Capital, an independent alternative asset management firm, has signed a new lease at 280 Park Avenue.

Napier took  a 10-year lease for 25,000 square feet in the 43-story Class A building located between 48th and 49th Streets, according to Newmark Grubb Knight Frank, which represented the tenant in the deal. Read More

Lease Beat

Rocket Fuel Takes 90K SF at 100 West 33rd Street

100 West 33rd Street (Credit: Arthur G. Cohen)

Rocket Fuel has signed a 10-year lease for 90,000 square feet at Vornado Realty Trust’s 100 West 33rd Street. The advertising technology company expects to relocate from its current office at 129 West 29th Street next month.

“Rocket Fuel definitely wanted to stay in the Midtown/Chelsea area as this is where most of its customers and partners are located,” Scott Brown, a managing director at Newmark Grubb Knight Frank, who represented the tenant, told Commercial Observer in an emailed statement. “The decision to take a full floor at 100 West 33rd Street was driven by efficiency and company projections to expand in the short-term.” Read More

Power Broker

Staying Power: Bruce Mosler of Cushman & Wakefield

Bruce Mosler. (Lea Rubin)

The list of chief executives who have stayed involved with a company for a significant period of time after leaving the CEO role is a short one. According to consulting firm RHR International, just 50 percent of departing CEOs stay involved with a company as a member of the board, and even then only for an average period of eight months.

Cushman & Wakefield’s Bruce Mosler has defied those statistics. The real estate firm’s chairman of global brokerage is still at C&W four years after stepping down as chief executive. Read More

Lease Beat

Research Firm Expands at 330 Madison Avenue

330 Madison Avenue (photo courtesy of CoStar)

Research firm Zelman & Associates has nearly doubled its space at Vornado Realty Trust‘s 330 Madison Avenue, according to The Wall Street Journal.

The firm has signed a 9,822-square-foot lease on the building’s 34th floor, trading up from its current 5,232-square-foot space on the 20th floor, the Journal reported. Asking rent for the space, which will be built out by Vornado, was $80 per square foot. Read More