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Lease Beat

Lease Beat

Wells Fargo Subleases For New ATMs in Times Square Station [Updated]

Wells Fargo ATM

Wells Fargo bank will open its second ATM area in the Metropolitan Transportation Authority‘s Times Square-42nd Street Station through a 485-square-foot sublease until August 2017 for a retail storefront beneath Eighth Avenue near West 44th Street that will net the agency an annual rent of $24,400, MTA officials said.

The bank with over 12,000 ATM locations nationwide and an existing one elsewhere in the bustling station in a corridor near West 42nd Street and Broadway, according to the firm’s website, subleased the space from One Stop Music, a music, DVD, video games, luggage, posters and electronics store that moved to a 600-square-foot space across the hall, said store owner Adam Chowdury. Read More

Lease Beat

Kingsbridge National Ice Center Secures 99-Year Lease

Kingsbridge Armory

A highly anticipated 99-year lease has been signed for the Bronx’ Kingsbridge National Ice Center, according to a press release issued by KNIC LLC today.

Documents have been finalized with the New York City Economic Development Corporation to secure the ice center’s future, adding new momentum into the transformation of Kingsbridge Armory. Though the plan for the ice center was approved by the City Council last December, two lawsuits had slowed the process from moving forward. Read More

Lease Beat

Live Music Agency Renews in Garment District

561 Seventh Avenue

Live event music production company Element Music signed a long-term lease to remain in its 3,944-square-foot space on the entire eighth floor of the Handler Real Estate Organization‘s 561 Seventh Avenue between West 40th and West 41st Streets in the Garment District, Commercial Observer has learned.

The company that books bands such as a group featuring company founder Marianne Bennett to play exclusive parties hosted by celebs like Catherine Zeta-Jones and Michael Douglas will start its new lease in late 2015 in the building where asking rents run for $51 per square foot after Handler completes a renovation of the floor to make a “more open, fluid, and efficient layout,” Handler officials said. Read More

Lease Beat

Online Supermarket To Open Second Retail Location

318 West 39th Street

Hybrid grocery store and one-hour delivery service MaxDelivery will open its second retail location in the second quarter of 2015 through a 9,800-square-foot lease on the ground floor of the Gural family’s 12-story building at 318 West 39th Street between Eighth and Ninth Avenues in the Garment District, Commercial Observer has learned.

The company that already services Lower Manhattan from a location at 51 White Street in Tribeca will expand its combined physical store and online ordering operation into a space formerly occupied by a dress store where the asking rents run for $75 per square foot, said Scott Edlitz, a senior managing director at Colliers International. Read More

Lease Beat

Security Company Nabs 77K-SF Lease in Meatpacking

A rendering of  430 West 15th Street. (Atlas Capital Group's website)

Palo Alto, Calif.-based Palantir Technologies has signed a 15-year sublease for 77,293 square feet at 430 West 15th StreetThe New York Post reported. The computer security company deal includes two five-year options. Asking rents ranged from $90 to $110 per square foot.

Earlier this year, Atlas Capital and Rockpoint net-leased the 99,558-square-foot, eight-story garage between Ninth and 10th Avenues. Read More

Lease Beat

City Agency, Office Space Provider Ink Forest Hills Leases

Forest Hills Tower

The New York City Board of Elections and office suite provider Regus signed respective leases totaling almost 50,000 square feet at Muss Development’s Forest Hills Tower at 118-35 Queens Boulevard in Forest Hills, Queens, The Wall Street Journal reported yesterday.

The city agency will move into a 36,103-square-foot space on three different floors of the 17-story building by the fourth quarter of 2015 and the real and virtual office space finders will occupy 13,317 square feet on the fourth floor of the 1981 structure with asking rents in the high $30s, Jason Muss, a Muss principal, told Commercial Observer. Read More

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