Lease Beat

Talbots Signs Lease at 2 Park Avenue

2 Park Avenue (courtesy of PropertyShark)

Retailer Talbots has signed a 12-year, 49,574-square-foot lease for office space on the second floor of 2 Park Avenue, The Commercial Observer has learned.

The tenant will pay rent in the low $50s per square foot, according to data from CompStak. A previous lease for Penn Mutual on the building’s third floor saw the tenant pay rent in the high $40s per square foot. Read More

Lease Beat

Pixafy Relocates to 810 Seventh Avenue

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Pixafy has signed a 10-year lease for the entire 17,320-square-foot 37th floor at SL Green’s 810 Seventh Avenue, The Commercial Observer has learned. The company will pay rent starting in the mid-$60s per square foot, according to data from CompStak.

Pixafy relocated from 475 Park Avenue South earlier this month after a seven-month, 40-building search for new office space. It is the company’s third relocation since its founding in 2010. Read More

Lease Beat

Major, Lindsey & Africa Takes Nearly 22,000 SF at 521 Fifth Avenue

521 Fifth Avenue

Legal industry recruiter Major, Lindsey & Africa has signed a 10-year lease at SL Green Realty Corp’s 521 Fifth Avenue.

The transaction, coupled with Chinatrust Commercial Bank, Ltd.’s lease at the building, which was also just announced, raises occupancy at the 463,000-square-foot, 39-story boutique office building, located two blocks from Grand Central Terminal, to 98 percent, according to a statement from SL Green.

“Leasing activity at the building accelerated at the end of 2012,” said Steven Durels, director of leasing at SL Green, adding that “comprehensive redevelopment and value-oriented rents have attracted several new tenants to the building.” Read More

Cushman & Wakefield Marketing 100,000 SF Being Vacated by Pearson at 1330 Avenue of the Americas

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Cushman & Wakefield has been appointed by RXR Realty as the exclusive leasing agent for roughly 100,000 square feet being vacated by Pearson at 1330 Avenue of the Americas, where ownership recently completed a capital improvement program and a rare signage opportunity awaits a prospective anchor tenant.

Floors 7 through 10, 14, 16 and 17 will come online in the 40-story trophy building in January 2014, after Pearson vacates the space, freeing up four sides of illuminated signage atop the building (the signage is currently branded “FT” for Pearson-owned Financial Times) for the new tenancy to broadcast its image into the Manhattan skyline.

“We want it to be the right image for the right company, and one that takes a meaningful presence in the building,” said William Elder, leasing director with RXR Realty.  “This is a very rare opportunity that allows for top of building signage just outside of Times Square. Read More