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Lease Beat

Lease Beat

Two New Leases Signed at 280 Park Avenue

280 Park Avenue.

The property at 280 Park Avenue, a Class-A building located between East 48th and East 49th Streets, has secured two new leases for a total of 36,417 square feet, according to the New York Post. 

“Leasing activity has accelerated as the building’s $150 million comprehensive redevelopment nears completion,” said SL Green‘s Steven Durels in a press release. Read More

Lease Beat

Restoration Hardware Heads to Meatpacking District in Apparent Relocation

9-19 Ninth Avenue.

Restoration Hardware will be taking over the old Pastis building at 9-19 Ninth Avenue, The Wall Street Journal reported. And Commercial Observer has learned that the deal represents an apparent relocation for the high-end home furnishings company from its Flatiron District digs.

Restoration Hardware has signed a 15-year lease for the building, and will be paying $250 million over the course of the term, the Journal reported. The lease is for 70,000 square feet. The existing building is 30,000 square feet (15,000 on the ground floor and 15,000 on the second floor). The owners, Aurora Capital Associates and William Gottlieb Real Estate, will be adding a 15,000-square-foot lower level and 25,000 square feet spread over the third, fourth and fifth floors, a source with knowledge of the deal told Commercial Observer. Plans call for a wraparound terrace on the third floor and a large outdoor space on the fifth floor.  Read More

Lease Beat

Lafayette College Secures Space in Midtown

99 Park Avenue.

Lafayette College, an undergraduate liberal arts college in Easton, Pa., is opening office space in Manhattan for its investment committee, Commercial Observer has learned.

The college secured space at 99 Park Avenue, located between East 39th and East 40th Streets. It will occupy 3,216 square feet of space on the 18th floor of the 26-story building. Read More

Lease Beat

Logistics Company Consolidates on West 36th Street

34 West 36th Street.

Dynamex, a same-day transportation and logistics services company last week signed a triple-net 10-year lease for six floors at 34 West 36th Street, Commercial Observer has learned.

The tenant, which is a subsidiary of TransForce, will combine its two New York City offices—one on Morton Street and another on 39th Street—at the West 36th Street building.  Read More

Lease Beat

Accounting Firm to Relocate to Madison Avenue

485 Madison Avenue

Certified public accounting and advisory firm Janover LLC will relocate and expand its Manhattan footprint in January 2015 through a 10-year, 14,101-square-foot lease at Jack Resnick & Sons485 Madison AvenueCommercial Observer has learned.

The company with over 100 employees and an additional office in Garden City, Long Island will move its Manhattan office three blocks west from 805 Third Avenue into a full-floor space on the ninth story of the building between East 51st and East 52nd Streets, said Harry Krausman, a principal at Cassidy Turley. Read More

Lease Beat

Success Academy Sublets Harlem Office

310 Lenox Avenue

The YAI Network, a nonprofit service provider helping individuals with intellectual and developmental disabilities, has opened an 8,449-square-foot location for one of the nonprofit’s pre-employment and community service programs in a second-floor office space the nonprofit subleased from Success Academy Charter Schools at the NBA Player Association‘s building at 310 Lenox Avenue in Central Harlem, ABS Partners Real Estate announced last week.

The 57-year-old organization with eight affiliates in the New York metropolitan area, Puerto Rico and the U.S. Virgin Islands has occupied the space between West 1125th and West 126th Streets where it helps adults learn job-related skills, said Sandy Speiser, YAI Network’s director of program development. Read More

Lease Beat

Starwood To Open Garment District ‘Innovation Lab’

417 Fifth Avenue

Hospitality giant Starwood Hotels & Resorts Worldwide will open a 46,000-square-foot office and research and development center the company has dubbed ‘Starlab’ through a 13-year-lease at 417 Fifth Avenue between East 37th and East 38th Streets in the Garment District, the company announced last week.

The company will move 200 staffers next month from short-term offices in the city, its headquarters in Stamford, CT and an 8,900-square-foot space downtown into space on the building’s ninth and 10th floors where the company will work on new innovations like keyless room entry for customers patronizing its fleet of 1,200 properties in 100 countries. Read More

Lease Beat

Shanghai-Based Bank Renews Lease at 55 Broadway

55 Broadway.

The Bank of Communications, a Shanghai-based institution and one of China’s largest banks, has re-signed its lease for its penthouse space at 55 Broadway in Lower Manhattan.

First reported by Crain’s New York Business, the Bank of Communications has secured a four-year lease that will allow the company to remain in its current 22,000-square-foot space. The bank now occupies the full 31st and 32nd floors. Read More

Lease Beat

Digital Ad Agency Expands in Dumbo

45 Main Street

Digital marketing firm Huge will expand from 55,000 square feet to 80,000 square feet through a five-year lease with a five-year renewal option at Two Trees Management‘s 45 Main Street in the Dumbo section of Brooklyn, The New York Post reported Tuesday.

The firm with 850 employees worldwide and over 500 in Brooklyn first occupied a 2,500-square-foot space on the site that’s one block from the East River waterfront off of Water Street, but it’s now building out for the large-scale expansion in space where asking rents range from the low-$40s to the low-$50s per square foot, said Dan Conlon, director of leasing for Two Trees. Read More

Lease Beat

Tech Firm Relocates to Former NYT Building

229 West 43rd Street.

PubMatic is relocating to the former New York Times Building at 229 West 43rd Street between Seventh and Eighth Avenues.

The technology platform, which powers the programmatic advertising strategy of leading publishers and premium brands, signed a seven-year, 18,911-square-foot office lease on the seventh floor in the 16-story 480,000-square-foot tower, now known as 229W43, according to an announcement from Transwestern. PubMatic outgrew its nearby space at 220 West 42nd Street. Read More

Lease Beat

Milestone Auto Parts Moves from LI to Williamsburg

616 Scholes Street in Brooklyn.

Milestone Auto Parts has relocated from Hicksville, Long Island, to 13,000 square feet in a one-story Williamsburg building.

The auto body parts supplier signed a five-year lease at 616 Scholes Street between Scott and Onderdonk Avenues and is paying $13.50 per square foot, or approximately $175,500 in annual rent, The New York Times reported.  The asking rent was $14 per square foot, according to a spokeswoman for Kalmon Dolgin Affiliates, and the lease was signed Sept. 1. Read More

Lease Beat

Midtown’s Tower 52 Secures Five Separate Leases

150 East 52nd Street.

Tower 52, a Midtown office building at 150 East 52nd Street, has secured five leases that total more than 23,000 square feet.

Situs Group, a current tenant, is renewing and expanding its space on the fourth floor. The company initially had 4,615 square feet but now will enjoy 9,987 square feet of space. CBRE’s Joseph Fabrizi and Arkady Smolyansky represented the tenant in this deal. Read More

Lease Beat

CBS Signs for Space at Worldwide Plaza

Worldwide Plaza

CBS TV will consolidate several current locations for the famous network’s East Coast distribution offices during the first quarter of 2015 through a 12-year, 32,598-square-foot lease for the entire 30th floor at 1 Worldwide Plaza in Midtown, Commercial Observer has learned.

The network joins a growing list of media tenants at the 1.8-million-square-foot building in the mixed-use complex owned by a partnership between George Comfort & SonsRCG Longview, DRA Advisors and New York REIT, said Peter S. Duncan, the chief executive officer of George Comfort & Sons and the head of the investment group. Read More

Lease Beat

Having Recovered From Superstorm Sandy, 199 Water Street Now 100 Percent Leased

199 Water Street.

The property at 199 Water Street, a 35-story, 1.1-million-square-foot building that was battered by Superstorm Sandy in 2012, is now 100 percent leased after two separate, long-term leases were signed.

BCG Partners, a global financial services company, has signed a 15-year lease that will start on Jan. 1, 2015. It will occupy 79,900 square feet of space on the entire 18th and 19th floors. Before signing a direct lease, BCG Partners had previously subleased space in the building. The company was represented by Newmark Grubb Knight Frank’s Hal Stein and Michael Ippolito in negotiations. Read More

Lease Beat

General Assembly Expands at 915 Broadway

915 Broadway.

Tech, business and design educator General Assembly has expanded at 915 Broadway, with the addition of 13,386 square feet on the entire second floor.

General Assembly has occupied the full fourth floor in the building since early 2012 and then added the third floor in March 2013. The most recent addition of new space is the result of a recent Series-C funding of $35 million, ABS Partners Real Estate said in an announcement about the expansion, and brings General Assembly’s total square footage to 40,158 square feet. Since 2012, ABS Partners Real Estate and a group of investors have owned the building. Read More