Promontory Financial Group has renewed its lease near Grand Central Terminal at 280 Park Avenue.
The strategy, risk management and regulatory compliance consulting firm will move from its 19,495-square-foot space on the 40th floor of the building to the 11th floor where it will span the entire 49,541-square-foot floor plate. Read More
Blue Mountain Capital has extended its lease and will expand at 280 Park Avenue.
The firm had previously occupied a 22,250-square-foot office on the fifth floor of the building where it has been located since 2007. It will relocate to the 12th floor of the building where employees will spread out across the entirety of a 49,541-square-foot floor plate. Read More
HP Girlswear/BB Active signed a lease for a total 61,916 square feet of office space spread over two floors at Vornado Realty Trust‘s 100 West 33rd Street, the Herald Square building that houses the Manhattan Mall.
Arnold Gamberg, a senior executive manager at Murray Hill Properties, represented the tenant. Vornado was represented in-house by Craig Panzirer, a vice president and director of the firm’s Penn Plaza portfolio, and Jared Solomon, a leasing agent. Read More
An unprecedented sevenfold increase in retail property sales fueled the Manhattan commercial real estate sales market’s epic comeback in the fourth quarter – its strongest performance since 2007, according to preliminary data from Eastern Consolidated.
The hallmark quarter, with nearly $13 billion in sales volume – the strongest since record-breaking performances in 2007 (peaking at $19 billion in Q2 of 2007) – was triggered by fears of impending capital gains taxes, which had owners scrambling to unload properties before year’s end.
“This was definitely fiscal-driven growth,” said Barbara Byrne Denham, Eastern Consolidated’s chief economist. “Sellers wanted to cash out and buyers knew it, so they were eager to come to the table as well.” Read More
Months of negotiations between SPJ Properties and Microsoft have finally paid off, with the tech giant signing a 230,000-square-foot lease at its new Midtown headquarters at 11 Times Square – and solidifying one of the top leasing deals of the year.
The company eyed the new space for months, as rumors swirled it would be vacating Vornado’s 1290 Avenue of the Americas, and last month transaction is the third biggest non-renewal leasing transaction of 2012. Read More
Penn Plaza, the area surrounding Penn Station, has historically been a hub for firms that rely on transportation, namely the Long Island Rail Road and New Jersey Transit. Recent development, however, has taken the district in a new direction.
“We are seeing a wave of social media, advertising, marketing and high fashion tenants taking advantage of the still favorable value differential in the Penn Station submarket,” said Kevin Hoo, the vice president of Savanna. “Google’s presence at 111 Eighth Avenue and the tightening in that market has also begun to drive creative tenants northward into this submarket.
“We think that the transformation of Manhattan’s West Side has already begun and that these new tenants continue to provide increasing momentum in that direction,” Mr. Hoo added. Read More
From Washington Heights to Lower Manhattan, nearly every neighborhood includes at least a little office space.
And while it can be difficult to discern on the ground, most neighborhoods and ZIP codes have a single, predominant landlord who rules the roost.
To determine who controls each of the borough’s nearly 50 ZIP codes, we combed the portfolios of Manhattan’s 20 largest owners and drafted a turf map of sorts. In cases where none of the 20 largest landlords owned office property, such as in the Lower East Side and parts of the West Village, no victor is listed.
Gathered from each company’s official website and media liaisons, as well as the United States Postal Service, the data after the jump includes ZIP codes for single buildings as well, numbered in inset maps. Read More
George Comfort & Sons is in talks to buy 75 Rockefeller Plaza, several sources with direct knowledge of the deal told The Commercial Observer.
The price nor the structure of the transaction was immediately available. The billionaire Mohamed Al Fayed, a former owner of the Britain-based department store company House of Frasier, owns the 600,000-square-foot tower and when he put the property on the market at the beginning of the year had wanted to arrange the sale as a leasehold interest. Read More
A number of Interpublic Group agencies are moving from 919 Third Avenue into 220,000-square-feet at nearby 909 Third Avenue, sources have revealed to The Commercial Observer.
Largest among the group is Weber Shandwick, a major public relations firm that is a subsidiary of IPG and has long been based out of 919 Third Avenue. Read More
Retailer J.Crew is expanding its Manhattan corporate offices at 770 Broadway sources say.
Three floors are available at the 1.1 million-square-foot office tower and J.Crew will take one of them in the deal, a roughly 80,000-square-foot space.
Last summer, the company renewed its roughly 300,000 square feet in the building, which is owned by the real estate investment trust Vornado. Read More
Citibank is cutting loose more space in Midtown.
After deciding to give up 230,000 square feet at 666 Fifth Avenue, the bank is offering two floors for sublease at 909 Third Avenue totaling over 60,000 square feet.
Citibank is making the 1.3 million-square-foot building’s entire 18th and 19th floors available. Read More
Abbott Capital Management, a private equity firm, has inked a 10-year lease to take new office space at 1290 Avenue of the Americas, it was announced Tuesday.
The firm will be taking a 34,709-square-foot space on the ninth floor at 1290 Avenue of the Americas, which is managed by Vornado.
John Thompson, senior director of JRT Realty, represented Abbott Capital Management in the lease deal. Franklin Speyer, Amy Fox, Michael Nahmias and Bruce Mosler, all of Cushman & Wakefield represented Vornado in the deal. Read More
Daffy’s, the affordable clothing store Newmark Grubb Knight Frank’s Jeffrey Roseman said Aurora could find value in Daffy’s real estate. Read More
A trio of city-owned buildings, totaling 750,000 square feet of space, have lured in big developers keen on purchasing the properties from them, and their proposals with the city Economic Development Corporation to do so are due today, The Real Deal reports.
346 Broadway, 49-51 Chambers Street, and 22 Reade Street are up Read More
Vornado has closed on its acquisition of a 50 percent stake in two Upper West Side residential buildings 50 and 70 West 93rd Street in a deal that valued the properties at a little over $100 million.
Vornado is buying the interest from AREA Property Partners, a Manhattan based real estate investment company with interests in several residential and commercial investments both in the city and globally. Read More
