Topic:

Lease Beat

Lease Beat

Nonprofit Expands in Midtown East Relocation

685 Third Avenue

The Foundation for the Global Compact, a nonprofit United Nations partner organization, will more than double its office footprint by moving less than a block west from its current digs in the first quarter of 2015. The nonprofit signed a 15-year, 27,235-square-foot lease on the entire 12th floor at TIAA-CREF’s 685 Third Avenue, Savills Studley announced Wednesday.

The organization, which raises awareness about the UN Global Compact and works to create partnerships with businesses and governments will depart a 9,800-square-foot space nearby and consolidate from space it currently uses at the UN headquarters. Asking rents were $60 per square foot, Savills Studley officials said. Read More

Lease Beat

CrossFit Affiliate to Relocate and Expand in Crown Heights

1010 Dean Street

Crown Heights, Brooklyn CrossFit gym affiliate CrowHill CrossFit will relocate and expand to a new 11,600-square-foot location in an entire one-floor industrial property at 1010 Dean Street in the first quarter of 2015, CPEX announced earlier this week.

The gym that is the local edition of the popular chain will move roughly four blocks north of its current location through a 10-year lease in a property where asking rents ran for $30 per square foot, according to Crain’s New York Business, which first reported the deal. Read More

Lease Beat

Cafés Owner Expands Business With Commissary Space

144-146 East 44th Street.

Blue Radish Group, the parent company of Bread Market Café, Café Beyond, Digby’s Café and City Chow Café, has expanded its business with a new commissary space for its catering and delivery business, Commercial Observer has learned.

The company took 6,800 square feet on the lower level of 144-146 East 44th Street between Third and Lexington Avenues in a 10-year deal, a spokeswoman for the tenant’s broker said. Blue Raddish has assumed occupancy of the space in the 45,000-square-foot, seven-story building. Read More

Lease Beat

Insurance Information Institute Relocates in FiDi

110 William Street.

Insurance Information Institute signed a new 7,900-square-foot lease at 110 William Street, a building owned by Savanna and KBS Strategic Opportunity REIT, Commercial Observer has learned.

The tenant, whose mission for 50 years has been to improve the public’s understanding of insurance, signed a 10-year deal in the 32-story building, Savanna announced. The asking rent was in the mid-$40s, according to a spokesman for Savanna. Insurance Information Institute will be relocating to floor 18 from 24 in December. Read More

Lease Beat

Tech Provider, Epiq, Relocates in Midtown Sublease From Avon

777 Third Avenue.

Epiq Systems is relocating employees from its offices at 90 Park Avenue to furnished digs at 777 Third Avenue, as Crain’s New York Business first reported.

The legal industry technology provider is subleasing two full floors, 10 and 11, totaling 50,000 square feet, from Avon cosmetics company. The William Kaufman Organization and The Travelers Companies co-own the 38-story roughly 600,000-square-foot building which is between 48th and 49th Streets. The asking rent wasn’t immediately available. Avon replaced a major advertising firm as the anchor tenant in 2010. Read More

Lease Beat

Art Dealer and Energy Company Book Seagram Spaces

375 Park Avenue

London-based petroleum trading company Yakima Oil Trading and independent art dealer Tobias Meyer have opened Seagram Building offices through respective five-year leases on the 25th floor totaling 3,841 square feet at RFR Realty’s landmarked building at 375 Park Avenue, Commercial Observer has learned.

The energy finance firm has inaugurated its first New York City offices in a 2,437-square-foot space and Mr. Meyer, who stepped down from his role as chief art auctioneer after 20 years at Sotheby’s last year, opened a 1,404-square-foot office for his new private art business, company officials said. Read More

Lease Beat

Fashion Designer Renews in Garment District

263 West 38th Street.

You can say it’s staying a part of the fabric of the neighborhood. Women’s clothing designer Susana Monaco will keep her eponymous company at Handler Real Estate Organization‘s 263 West 38th Street in the Garment District through a long-term, 6,000-square-foot renewal for the building’s entire 17th floor, Commercial Observer has learned.

The knit-specialist and dress designer who has outfitted celebs like Cynthia Nixon, Denise Richards and Kristen Stewart has operated a showroom and office space at the property with asking rents of $41 per square foot since 1999, Handler officials said. 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 Management 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. Salient Partners, 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