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Lease Beat

Lease Beat

Media Software Company To Open First NYC Office

292 Madison Avenue.

Media software platform ZEFR will open its first New York City office in Midtown East through a seven-year, 4,717-square-foot lease for a 15th floor office that includes a 3,600-square-foot wraparound terrace at Marciano Investment Group‘s 292 Madison AvenueCommercial Observer has learned.

The Venice, CA-based software providers that boast clients like YouTube, Saturday Night Live and Adidas will occupy a full floor in a pre-built space designed by architects from the Mufson Partnership with asking rents of $65 per square foot in the building on the corner of East 41st Street that already houses tech tenants like Raptor Trading, Exponential Interactive and Qliktech, said Harry F. Blair, an executive director at Cushman & Wakefield. Read More

Lease Beat

Law Firm Signs For Midtown East Space

33 East 33rd Street

The Jerry M. Feeney residential real estate law firm will expand into a space in the southern section of Midtown East through a five-year, 5,850-square-foot sublease at Elk Investors33 East 33rd Street, Adams & Co. and ABS Partners Real Estate announced today.

The firm will move from 303 Fifth Avenue to a space vacated by the Converge Direct marketing company with asking rents of $48 per square foot, said Alan Bonett of Adams & Co. Read More

Lease Beat

Space Sharing Company Signs Lease on Avenue of the Americas

883 Avenue of the Americas

The Yard, a company that provides open coworking and private workspaces throughout New York City, has signed a lease at 883 Avenue of the Americas for its fourth Manhattan location, according to a press release issued today by Savills Studley.

The 16-year lease includes 23,134 square feet of space at the 48-story mixed-use property between 31st and 32nd Streets. The Yard’s new location, which includes floor-to-ceiling windows and a private entrance on 32nd Street, is set to open in the beginning of 2015. Read More

Lease Beat

Weil Gotshal Renews Lease at GM Building

The GM Building

Weil Gotshal & Manges, one of New York’s toniest law firms, has renewed its lease in the 50-story General Motors Building at 767 Fifth Avenue.

First reported by Crain’s New York Business, Weil Gotshal will hold onto its space on the 23rd through 32nd floors and will also occupy the sixth floor in a new lease that spans from 2019 to 2034. This remains the firm’s worldwide headquarters and largest office. With an estimated 400,000 square feet of space occupied at the premiere address, which could command between $125 and $150 per square foot, it is likely the lease is among the most high-priced in recent memory. Read More

Lease Beat

French Tech Firm To Open First U.S. Office

535 Eighth Avenue

French digital human resources form company PeopleDoc is currently moving into its first U.S. office in the Garment District through a 5-year, 6,232-square-foot sublease in Olmstead Properties535 Eighth Avenue, ABS Partners Real Estate announced yesterday.

The firm will take space vacated by Adelhardt Construction Corp. in the construction company’s move downtown to 1 Pennsylvania Plaza, as the tech firm will occupy the entire 18th floor of the 21-story building between West 36th Street and West 37th Street with asking rents in the $40s per square foot, said Audrey Novoa of ABS Partners. Read More

Lease Beat

New Financial Services Firm Signs First Lease [Updated]

527 Madison Avenue.

New financial services technology firm GR Tech has signed a lease for its first office at Mitsui Fudosan America’s 527 Madison Avenue, Commercial Observer has learned.

GR Tech took 7,500 square feet, or the full 18th floor, in the building between 53rd and 54th Streets. The company moved in on Sept. 18 after signing a Labor Day deal. The office serves as the headquarters for GR Tech’s trading operation. Read More

Lease Beat

Nonprofit Signs Flatiron District Lease [Updated]

915 Broadway

Science and mathematics education nonprofit Math for America will move its headquarters 500 feet west to ABS Partners Real Estate‘s 915 Broadway on the corner of 21st Street in the Flatiron District through a 11-year, 21,536-square-foot lease, ABS Partners announced this morning.

The nonprofit that assists educators and institutions will relocate from 160 Fifth Avenue to a space on the 16th and 17th floors of ABS Partners’ 20-story building with asking rents of $80 per square foot, company officials said. Read More

Lease Beat

Microsoft to Open Flagship Store on Fifth Avenue

677 Fifth Avenue.

Microsoft, that other tech company that has largely remained out of the limelight since its competitor Apple released the iPhone 6, is opening its flagship store on Manhattan’s Fifth Avenue.

First reported by The Wall Street Journal, Microsoft will take over the space at 677 Fifth Avenue currently occupied by luxury retailer Fendi. The company will occupy the ground through fourth floors at the 5,000-square-foot lot, as well as space in the basement to be used for storage. This also includes fifty feet of frontage on Fifth Avenue. Read More

Lease Beat

CityMD to Open New UWS Location

2025 Broadway

Urgent care and walk-in medical services provider CityMD will open its 12th Manhattan location and third on the Upper West Side through a 4,568-square-foot lease at 2025 Broadway on the northwest corner of West 69th Street, RKF announced last week.

The expanding chain of 31 locations in the five boroughs, Long Island and Rockland County will open early next year in the ground floor of a 30-story, 215,000-square-foot Nevada Towers residential co-op, said RKF executive vice president Ariel Schuster. Read More

Lease Beat

Financial Firm Expands in Midtown Move

114 West 47th Street

Global fund manager IFM Investors will expand its footprint by moving to the Durst Organization’s 114 West 47th Street through a 16-year, 18,260-square-foot lease, the Durst Organization announced last week.

The financial firm that now operates from an 8,000-square-foot office at 99 Park Avenue will move to the top floor of the 26-story Durst building with asking rents of $75 per square foot, company officials said. Read More

Lease Beat

MTA Contractors Take Garment District Space

102 West 38th Street

Transit signal system installation company TC Electric has occupied the fourth floor of a group of investors’ Garment District building at 102 West 38th Street between Avenue of the Americas and Broadway through a five-year, 4,800-square-foot lease, Commercial Observer has learned.

The College Point, Queens-based company opened a ready-made office in the 9-story building with asking rents of $41 per square foot this summer, said Jeff Buslik of Adams & Co. Read More

Lease Beat

Pig Heaven to Reopen on Upper East Side

1420 Third Avenue

Beloved Chinese eatery Nancy Lee’s Pig Heaven will reopen this fall in a 2,000-square-foot retail space at the Brodsky Organization‘s 1420 Third Avenue between East 80th and East 81st Streets, the New York Post reported this morning.

The takeout and sitdown gem that formerly drew celebrity clientele such as former Mayor Rudy Giuliani, director Steven Spielberg and actor Tom Hanks at its now-shuttered location one block east will move into a space with asking rents around $200-per-square foot, the publication reported. Read More