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Lease Beat

Lease Beat

Law Firm Renews, Cuts Space in East Midtown

919 Third Avenue.

In keeping with the trend of law firms trimming their office spaces, national law firm Schulte Roth & Zabel is renewing its Midtown East lease while cutting back the size of the headquarters.

The 45-year-old firm has signed a 15-year lease renewal for 283,894 square feet at SL Green Realty‘s 919 Third Avenue, representing a 45 percent reduction in space for the financial industry-focused firm, as Crain’s New York Business first reported.  Read More

Lease Beat

MUFG Union Bank Takes 200K SF at McGraw-Hill Building

1221 Avenue of the Americas.

MUFG Union Bank has signed a lease for 209,700 square feet on the bottom three floors of the McGraw-Hill Building in one of the year’s largest new leases, The New York Post reported.

The Mitsubishi UFJ Financial Group subsidiary is consolidating several Manhattan offices at the Rockefeller Group’s building, at 1221 Avenue of the Americas between West 48th and West 49th Streets. MUFG Union Bank also has office space at 1251 Avenue of the Americas. Read More

Lease Beat

Online Menswear Clothing Company Lands in Midtown [Update]

Rendering of 455 Madison Avenue, at left. (Neoscape)

A high-end men’s online clothing and personal styling company is opening its first New York storefront showroom, and the Chicago-based company has chosen East Midtown for the new digs.

Trunk Club, which has showrooms in other cities, has leased 26,190 square feet over six floors, comprising the entire north building of the Villard Houses at 457 Madison Avenue between 50th and 51st Streets. The mansion’s courtyard leads to the entrance to The New York Palace hotel, and the south building is home to a restaurant and hotel amenities.  Read More

Lease Beat

Ad Tech Company Inks Big West Village Relocation

95 Morton Street

Digital ad valuation company Integral Ad Science has more than quadrupled its New York City office footprint through a 10-year, 25,000-square-foot lease for the entire eighth floor at the Brickman real estate private equity firm’s 95 Morton Street in the West Village.

The company that provides an assessment platform for digital marketing buyers and sellers relocated from a 6,000-square-foot space near Union Square late last month to the space one block east of the Hudson River between Greenwich Street and Washington Street with asking rents of $75 per square foot, according to Brickman officials. The company’s expanded staff played a large role in the move, said Integral Ad Science CEO Scott Knoll. Read More

Lease Beat

Asset Mangement Firm Expands, Relocates Within 444 Madison

444 Madison Avenue.

Houston, Texas-based Salient Partners is expanding and relocating its New York office within the same building where it already has space, Commercial Observer has learned.

The asset management firm last week signed a 10-year direct lease for 4,512 square feet of prebuilt space on the 22nd floor of the former Newsweek Building at 444 Madison Avenue, according to a spokesman for Avison Young. The company, which has over $22 billion under management, has been a subtenant in the 42-story building, which is between East 49th and East 50th Streets, occupying about half the amount of space. The asking rent in the building was $82 per foot. Read More

Lease Beat

End Point, Pixel Projects Partner in Park Avenue South Lease

304 Park Avenue South.

End Point Corp. and Pixel Projects have together signed a five-year, 2,755-square-foot lease at 304 Park Avenue South for executive offices, Commercial Observer has learned.

The asking rent in the 12-story SL Green Realty building on the corner of 23rd Street was $65 per square foot, according to a spokeswoman for ABS Partners. End Point, the leading provider of Google’s Liquid Galaxy open source project, and Pixel Projects, which provides AV installations, are slated to move in to their new digs on the second floor tomorrow. The lease was signed on Sept. 30. Read More

Lease Beat

Lend Lease Takes 12K SF in Midtown for Specific Project

3 East 54th Street.

Lend Lease, a provider of construction services, has signed a five-year lease for 12,000 square feet of additional space in Midtown, Commercial Observer has learned.

Come December, the firm will occupy the majority of the third floor at 3 East 54th Street. The 200,000-square-foot building, which is between Madison and Fifth Avenues, was selected for its proximity to one of Lend Lease’s nearby projects, said Marc Horowitz of Cohen Brothers Realty, who represented the building’s ownership in-house. He declined to elaborate.  Read More

Lease Beat

Wells Fargo Subleases For New ATMs in Times Square Station [Updated]

Wells Fargo ATM

Wells Fargo bank will open its second ATM area in the Metropolitan Transportation Authority‘s Times Square-42nd Street Station through a 485-square-foot sublease until August 2017 for a retail storefront beneath Eighth Avenue near West 44th Street that will net the agency an annual rent of $24,400, MTA officials said.

The bank with over 12,000 ATM locations nationwide and an existing one elsewhere in the bustling station in a corridor near West 42nd Street and Broadway, according to the firm’s website, subleased the space from One Stop Music, a music, DVD, video games, luggage, posters and electronics store that moved to a 600-square-foot space across the hall, said store owner Adam Chowdury. Read More

Lease Beat

Kingsbridge National Ice Center Secures 99-Year Lease

Kingsbridge Armory

A highly anticipated 99-year lease has been signed for the Bronx’ Kingsbridge National Ice Center, according to a press release issued by KNIC LLC today.

Documents have been finalized with the New York City Economic Development Corporation to secure the ice center’s future, adding new momentum into the transformation of Kingsbridge Armory. Though the plan for the ice center was approved by the City Council last December, two lawsuits had slowed the process from moving forward. Read More

Lease Beat

Live Music Agency Renews in Garment District

561 Seventh Avenue

Live event music production company Element Music signed a long-term lease to remain in its 3,944-square-foot space on the entire eighth floor of the Handler Real Estate Organization‘s 561 Seventh Avenue between West 40th and West 41st Streets in the Garment District, Commercial Observer has learned.

The company that books bands such as a group featuring company founder Marianne Bennett to play exclusive parties hosted by celebs like Catherine Zeta-Jones and Michael Douglas will start its new lease in late 2015 in the building where asking rents run for $51 per square foot after Handler completes a renovation of the floor to make a “more open, fluid, and efficient layout,” Handler officials said. Read More

Lease Beat

Online Supermarket To Open Second Retail Location

318 West 39th Street

Hybrid grocery store and one-hour delivery service MaxDelivery will open its second retail location in the second quarter of 2015 through a 9,800-square-foot lease on the ground floor of the Gural family’s 12-story building at 318 West 39th Street between Eighth and Ninth Avenues in the Garment District, Commercial Observer has learned.

The company that already services Lower Manhattan from a location at 51 White Street in Tribeca will expand its combined physical store and online ordering operation into a space formerly occupied by a dress store where the asking rents run for $75 per square foot, said Scott Edlitz, a senior managing director at Colliers International. Read More

Lease Beat

Security Company Nabs 77K-SF Lease in Meatpacking

A rendering of  430 West 15th Street. (Atlas Capital Group's website)

Palo Alto, Calif.-based Palantir Technologies has signed a 15-year sublease for 77,293 square feet at 430 West 15th StreetThe New York Post reported. The computer security company deal includes two five-year options. Asking rents ranged from $90 to $110 per square foot.

Earlier this year, Atlas Capital and Rockpoint net-leased the 99,558-square-foot, eight-story garage between Ninth and 10th Avenues. Read More

Lease Beat

City Agency, Office Space Provider Ink Forest Hills Leases

Forest Hills Tower

The New York City Board of Elections and office suite provider Regus signed respective leases totaling almost 50,000 square feet at Muss Development’s Forest Hills Tower at 118-35 Queens Boulevard in Forest Hills, Queens, The Wall Street Journal reported yesterday.

The city agency will move into a 36,103-square-foot space on three different floors of the 17-story building by the fourth quarter of 2015 and the real and virtual office space finders will occupy 13,317 square feet on the fourth floor of the 1981 structure with asking rents in the high $30s, Jason Muss, a Muss principal, told Commercial Observer. Read More