Lease Beat

Lease Beat

The Pegasus Group to Move to 115 Broadway

115 Broadway.

The Pegasus Group, a company that owns and develops multi-tenant properties, primarily in neglected or underdeveloped urban areas, has finalized a 10-year lease for 2,767 square feet at 115 Broadway between Cedar and Thames Streets, according to The New York Times.

Pegasus will use the 17th floor space at 115 Broadway, previously occupied by W&W Steel Erectors, as executive offices. The firm plans to take occupancy in March. Read More

Lease Beat

AKOO Clothing Signs 12-Year Lease at 231 West 39th Street

231 West 39th Street.

AKOO Clothing signed a 12-year lease 231 West 39th Street for 9,355 square feet previously occupied by Genevieve Anderson, according to the New York Post which first reported the story.

AKOO (which stands for A King of Oneself) is a menswear brand founded by Grammy-winning artist T.I. The firm will be joined in by its owner RP55 Group, a manufacturing and distribution company, in the space. Read More

Lease Beat

Charles Schwab Moving to 1133 Avenue of the Americas

1133 Avenue of the Americas

Charles Schwab & Co. Inc. will move to the 22,915 square foot 37th floor of 1133 Avenue of the Americas, following a build-out expected to be complete by the third quarter of 2015, as was first reported by

The financial services company, who has been subletting at another Durst Organization property—114 West 47th Street—signed an 11-year lease in January. The asking rent was in the mid-$80s per square foot. Read More

Lease Beat

Bloomberg LP Inks Deal for 150K SF in Midtown

919 Third Avenue.

Bloomberg LP has signed a lease for 150,000 square feet at 919 Third Avenue between East 55th and East 56th Streets, close to its Lexington Avenue headquarters.

The company, founded by former New York City Mayor Michael Bloomberg in 1981, is paying rents in the mid-$50s per square foot, according to Crain’s New York Business, which reported the deal. Bloomberg LP declined to comment.  Read More

Lease Beat

Savitt Partners Signs New Lease With Damo Textiles and Friends

530 Seventh Avenue.

Savitt Partners 530 Seventh Avenue has two new tenants, thanks to an old one.

Damo Textile signed a new lease for 4,900 square feet on the 14th floor. The off-price junior and missy apparel wholesaler has occupied 1,700 square feet on the building’s ninth floor since 2012. Damo will move up the five floors to a new space, which it will share with Celebrity Pink, a related apparel company. And it’s keeping its original space too, subletting it to another sister company (which Savitt declined to name). The asking price was $58 per square foot.  Read More

Lease Beat

85 Broad Street’s First Major Lessee Signs On

85 Broad Street.

WeWork, a company that offers monthly access to office space and services to small businesses and anyone comfortable with shared working quarters, signed a lease for 240,000 square feet at 85 Broad Street between South William and Pearl Streets, the former headquarters of Goldman Sachs. It’s the first significant lease in the 30-story building owned by MetLife and Beacon Capital Partners, and the first sizable deal of 2015 in the Financial District, the New York Post reported.

Private offices (as opposed to a desk in a shared space) are already being advertised on WeWork’s website, starting at $750 per month. Read More

Lease Beat

Asset Manager Expands to 26K SF at 1350 Avenue of the Americas

1350 Avenue of the Americas.

A global alternative asset manager focused on event-driven investment opportunities has signed an early renewal and expansion at 1350 Avenue of the Americas, a source with intimate knowledge of the deal told Commercial Observer.

P. Schoenfeld Asset Management occupies 20,000 square feet on the 20th and 21st floors at SL Green Realty Corp.‘s building between West 54th and West 55th Streets, and signed a 10-year lease to grow its space to 25,854 square feet amassing those two floors in their entirety, the source said. Read More

Lease Beat

Bank Leumi Signs 58,548-SF Lease at 350 Madison

350 Madison Avenue

Bank Leumi USA, the largest subsidiary of Israeli bank The Leumi Group, signed a long-term lease earlier this month for 58,548 square feet at 350 Madison Avenue as The New York Post reported. Asking rents in the building range from $60-per-square-foot  in the base to $85-per-square-foot  in the penthouse.

Occupying the entirety of floors three, four and six, the Israel-based financial services firm will be the building’s largest tenant. Read More

Lease Beat

Four Leases are Inked at 370 Lex

370 Lexington Avenue.

A new tenant, an expansion, and two renewals started the new year at 370 Lexington Avenue, a Sherwood Equities building.

The four leasing transactions account for 7,300 square feet within the 310,000-square-foot property, mostly filling a hole on the sixth floor left by Infographics, a design firm that held 5,800 square feet since 1992, and closed shop in December 2014. Read More

Lease Beat

BlackRock Expands on East 52nd Street

Park Avenue Plaza.

BlackRock, the New York-based asset management firm, is expanding at the Fisher Brothers and Soho China’s Park Avenue Plaza at 55 East 52nd Street.

The firm will be expanding into 31,000 square feet on the 27th floor of the 45-story tower according to The Real Deal, which first reported the deal. TRD noted that the the firm will pay rents slightly below $100 per square foot as part of the eight-year lease.  Read More

Lease Beat

Global Marketing Tech Firm Relocating to Flatiron District

114 Fifth Avenue.

Acxiom Corporation has signed a lease for the entire 19,326-square-foot seventh floor at L&L Holdings114 Fifth Avenue, Commercial Observer has learned.

The global marketing technology and services company will be moving from 240 West 37th Street in an eight-year deal, according to Andrew Stein of Vicus Partners, who represented the tenant in the relocation. The asking rent was $85 per square foot, he said. Read More

Lease Beat

Baked by Melissa’s Pick-Up Window Returning to Soho

Tie-Dye Baked by Melissa cupcake (Baked by Melissa website).

Less than a year after the closing of a Baked by Melissa pass-through window on Spring Street, the mini-cupcake specialists are returning with a window on the same street, a source with intimate knowledge of the deal told Commercial Observer.

Baked by Melissa, which launched its bite-size cupcake business in the city with the window at 80 Spring Street in March 2009, closed on July 21, 2014 before a construction project at Broadway and Spring Street commenced, as Grub Street previously reported. Now, Baked by Melissa will be setting up a new window at JTRE‘s 63 Spring Street at the corner of Spring and Lafayette Streets.  Read More

Lease Beat

Herald Square Building 100 Percent Leased to Childrenswear Companies


Five childrenswear companies have committed to a total of 5,296 square feet at 34 West 33rd Street, according to a press release issued by Adams & Co., the firm that represented the building in these transactions.

“We’re 100 percent committed to leasing only to childrenswear to create the go-to location for the childrenswear market in New York,” said David Levy, the principal of Adams & Co. “Right now, there are 45 childrenswear companies in the building and the building is 100 percent leased.” Read More

Lease Beat

Elevator Maintenance Company Heads to LIC

The Factory at 30-30 47th Avenue in Long Island City.

Elevator construction company TEI Group is moving from West 34th Street to The Factory, a creative office loft building at 30-30 47th Avenue in Long Island City, according to a press release issued by Newmark Grubb Knight Frank.

With its new lease, TEI Group will have 22,725 square feet on part of the sixth floor for its corporate headquarters. Built in 1926, The Factory is a 1-million-square foot creative office loft property that was once home to a Macy’s furniture warehouse. The company will likely move into the space this June. Read More