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Lease Beat

Lease Beat

Li & Fung Subsidiary Expands at 1359 Broadway

1359 Broadway

A division of Hong Kong-based retail supply-chain manager Li & Fung will grow its footprint at Empire State Realty Trust‘s 1359 Broadway through a seven-year, 12,900-square-foot expansion deal, Commercial Observer has learned.

LF Distribution Holdings, an entity wholly-owned by the largest tenant in ESRT’s portfolio, grabbed new space on a portion of the building’s ninth floor to expand to 104,000 square feet at the property, a source close to the negotiations told CO. The building between West 36th and 37th Streets commanded an asking rent of $58 per square foot, representatives for ESRT said. Read More

Lease Beat

IQPC/Penton Media Renews & Expands Lease at 535 Fifth Avenue

535 Fifth Avenue

IQPC/Penton Media, a company that hosts conferences, summits and events worldwide for industry leaders, has renewed its lease at the Moinian Group’s 535 Fifth Avenue for an additional ten years while expanding its square footage in the building, Commercial Observer has learned.

According to a press release issued by the Moinian Group, the company has secured 28,340 square feet on the entire 8th floor of the property, as well as portions of the 9th and 10th floors. Read More

Lease Beat

Coral Reef Fund Migrates to Rock Center

45 Rockefeller Plaza

Worldwide energy investment company the Coral Reef Fund has relocated its headquarters roughly five blocks west to Tishman Speyer‘s 45 Rockefeller PlazaCommercial Observer has learned.

The company, which invests in oil, gas and other natural resources, moved last month from a smaller space at 757 Third Avenue by signing a 4,940-square-foot lease for a suite on the 23rd floor in the property that’s also known as the International Building and 630 Fifth Avenue, officials with Colliers International said. The space commanded an asking rent of $72 per square foot, they noted. Read More

Lease Beat

Flexible Workspace Provider Signs Lease at One Pierrepont Plaza

One Pierrepont Plaza.

Regus, a provider of flexible workspaces, has signed a 12-year lease for roughly 38,000 square feet at One Pierrepont Plaza in Downtown Brooklyn, according to a press release issued by Forest City Ratner.

According to Forest City Ratner, this will be Regus’ first business center in the borough. It will occupy the entire 12th floor of the building, built in 1988. The property features 19 stories and 651,000 square feet of office space. Read More

Lease Beat

Buzzfeed Signs Lease for New Space on Park Avenue South

225 Park Avenue South

News and culture website Buzzfeed has committed to 194,000 square feet of space at 225 Park Avenue South between East 18th and East 19th Streets.

First reported by the New York Post, Buzzfeed will move into offices on the 11th to 16th floors of the Midtown South property, built in 1909. Crain’s New York Business noted that the Port Authority of New York & New Jersey, relocating to 4 World Trade Center, previously occupied the space. Read More

Lease Beat

Valley National Inks 15-Year Deal in Diamond District

71 West 47th Street

Valley National Bank, a regional bank based in Wayne, N.J., has signed a 15-year lease for 7,713 square feet at 71 West 47th Street, Commercial Observer has learned.

“Valley Bank has a long, successful history on 47th Street and we are very excited to welcome them to 71 West 47th Street,” said Adam Abramson, the vice president and principal of Abramson Brothers who own the building and acts as the landlord, in prepared remarks. “We believe they will thrive at this location, with the high traffic that passes the building from both the Diamond District and Rockefeller Center.” Read More

Lease Beat

Hedge Funds to Move to New Boston Properties Building

250 West 55th Street

Two hedge funds will relocate in the first quarter of 2015 to the 30th floor of Boston Properties‘ newly-minted building at 250 West 55th Street through respective seven-year leases, Commercial Observer has learned.

Twin Capital Management will move to a 5,630-square-foot space at the building between Broadway and Eighth Avenue from its current office at 140 East 45th Street near Grand Central, while Glazer Capital will switch to a new 5,230-square-foot footprint at the new 39-story Skidmore Owings & Merrill from its spread at 623 Fifth Avenue, sources close to the negotiations told CO. Read More

Lease Beat

Outsourcing Firm Grabs Park Avenue South Lease

381 Park Avenue South

Williams Lea, a company that provides business outsourcing and marketing to corporations, has signed a five year lease at 381 Park Avenue South, Commercial Observer has learned.

According to a press release issued by ATCO Properties and Management, Williams Lea will take 14,000 square feet of space on the entire fifth floor of the property, which sits on the corner of 27th Street. Read More

Lease Beat

Social Service Group to Move Across the Street

363 Seventh Avenue

An Israeli women’s social service provider organization will move its New York City office across Seventh Avenue next month, Commercial Observer has learned.

The Emunah of America organization, which operates a network of 250 educational, housing and senior services programs in Israel, will relocate from 7 Penn Plaza to Empire Management‘s 363 Seventh Avenue through a seven-year, 3,400-square-foot lease at the property one block south of Penn Station, officials with the Kaufman Organization said. The second-floor space at the 22-story structure commanded an asking rent in the high $40s per square foot, they noted. Read More

Lease Beat

Cure Urgent Care Prescribes New Location at the Monterey [Updated]

Cure Urgent Care

Cure Urgent Care will open the growing chain’s third location next spring at the Monterey apartment building on the Upper East Side, Commercial Observer has learned.

The company, which also offers walk-in clinic care at locations on Long Island and the Upper West Side, signed a 15-year, 2,900-square-foot lease to occupy a ground floor space in the 521-unit rental property that Rubin Schron owns at 175 East 96th Street. The building that’s between Lexington and Third Avenues commanded asking rents of $145 to $150 per square foot, officials at Cure said. Read More

Lease Beat

City to Sign $1M Per Year MetroTech Deal With Forest City

1 MetroTech Center

The city Human Resources Administration will maintain its current office presence on the sixth floor of Forest City Ratner Company‘s 1 MetroTech Center in Downtown Brooklyn through a new 10-year lease, under a proposed 27,000-square-foot agreement city officials will review next week.

The agency, which moved to the building from 10 MetroTech Center to make way for Forest City’s demolition and future residential project on that site, would pay the landlord $936,900 per year in rent from the lease’s commencement until Oct. 13, 2018 and then escalate the payments to $1,044,900 per year until Oct. 13, 2024, according to a public notice announcing the Dec. 22 hearing. Read More

Lease Beat

City to Renew Bronx Day Care Lease at $15.89 Per SF

629 Courtlandt Avenue

The city will sign a 5-year, 27,629-square-foot renewal for the Philip H. Michaels Child Care Center in the Melrose section of the Bronx at $438,981 per year, according to a proposed lease that’s up for final review by city officials next month.

The Michaels day care facility at 629 Courtlandt Avenue, which operates as a contract partner in the Administration for Children’s Services‘ EarlyLearn program, has served the area from the site since 1972, a spokesman for ACS said. The lease calculates to $15.89 per square foot and includes a 5,083-square-foot at-grade play area. Read More

Lease Beat

Women’s Apparel Retailer To Open First Brooklyn Store

Social Apparel

Dress and fashion retailer Social Apparel will open its first Brooklyn location next spring in the Fulton Mall area of Downtown Brooklyn, Winick Realty Group announced last week.

The company, which currently operates stores for teens and young adults in Herald Square, the Garment District and four malls in the tri-state area, signed a lease at Solil Management‘s 455 Fulton Street for 2,224 square feet on the ground floor and 800 square feet of second-level space. The space commanded an asking rent of $190 per square foot, based on the ground-floor rate, Winick representatives said. Read More

Lease Beat

Corporate Suites Signs Lease for Space at 2 Park Avenue

2 Park Avenue.

Corporate Suites, a company providing alternative work spaces, will open its eighth Manhattan location, having signed a lease for a 25,000 square foot space at 2 Park Avenue according to a press release issued by the company.

The press release noted that Corporate Suites’ new space on the 20th floor of the tower will include 74 furnished offices, a windowed reception area, a number of lounges and a co-working space. A spokesman from Corporate Suites told Commercial Observer that the entire space will be gutted in order to create these amenities. The company plans to open its new alternative office in early 2015. Read More