Lease Beat

Lease Beat

French Pharma Company Moves Into Alexandria

Alexandria Center for Life Science (Photo: Alexandria Real Estate Equities, Inc.)

Cellectis, the Paris-based oncology therapy firm, has officially moved into the Alexandria Center for Life Science, adding to the pharmaceutical tenants coming to the city.

The French company settled into its 12,066-square-foot space, officially at 430 and 450 East 29th Street between First Avenue and the FDR Drive, earlier this month. With an official opening ceremony last night, it joins high-profile neighbors such as the NYU Langone Medical Center. Read More

Lease Beat

Five Tenants Sign Leases at 370 Lexington in Grand Central Area

370 Lexington Avenue.

Five tenants have signed leases at Sherwood Equities370 Lexington Avenue between East 40th and East 41st Streets, steps from Grand Central Terminal, according to a press release issued by the landlord.

These leases include Freixenet USA, a sparkling wine producer, expanding to 3,400 square feet on the fourth floor of the property. The Sonoma, Calif.-based company, which had signed a lease in 2013 for 2,128 square feet, committed to five years. Read More

Lease Beat

Birch Coffee Takes Space at 8 Spruce Street

8 Spruce Street.

Birch Coffee fans will get their java on in Lower Manhattan at 8 Spruce Street by the end of the year, Commercial Observer has learned.

For its seventh location, Manhattan-based Birch Coffee, which serves coffee, tea, food, beer and wine, signed a 10-year lease for the entire 904-square-foot retail space at the 76-story, 904-unit residential New York By Gehry Building between Nassau and William Streets, Birch Coffee’s broker said. The asking rent was $125 per square foot. Read More

Lease Beat

Drybar Continues Manhattan Takeover With New Lease at 270 Madison

270 Madison Avenue.

Drybar, the “blow dry bar” that began in Los Angeles and has since spread throughout Manhattan, is opening another salon, Commercial Observer has learned.

The company has signed a lease for 3,050 square feet at 270 Madison Avenue between East 39th and East 40th Streets, only blocks from Grand Central Terminal, according to a press release issued by ABS Partners Real Estate, which helped broker the deal. Asking rents in the 14-year lease were $125 per square foot. Drybar, which already has eight locations in Manhattan, is expected to open at the property this summer. Read More

Lease Beat

Investment Manager Inks Early Renewal at 640 Fifth Avenue

640 Fifth Avenue (Photo: CoStar).

New York-based investment advisory firm Owl Creek Asset Management has signed an early lease renewal for 17,588 square feet at Vornado Realty Trust‘s 22-story 640 Fifth Avenue, Commercial Observer has learned.

The deal, for the entire 20th and partial 21st floors, is for five years and five months, a source with knowledge of the deal said. The firm’s initial lease was for 10 years and was slated to expire at the end of this year. The asking rents in the tower, which is between West 51st and West 52nd Streets, range from $105 to $120 per square foot, the source said. Read More

Lease Beat

Kalikow’s 101 Park Avenue Draws Legal Eagles

101 Park Avenue.

Long-term tenants have continued to renew or expand their leases at 101 Park Avenue between East 40th and East 41st Streets.

Morgan Lewis & Bockius, a law firm specializing in business and commercial law, is expanding its foothold in the building by 100,000 square feet—giving it a total 300,000 square feet in the office tower, The New York Post reported. And Curtis, Mallet-Prevost, Colt & Mosle’s 92,000-square-foot lease has been renewed at the 46-story building. Read More

Lease Beat

Silverstein Properties’ Silver Suites To Take Space at 4 WTC


Silver Suites, the shared office space company operated by Silverstein Properties, will take 45,000 square feet at 4 World Trade Center, according to The Real Deal.

When signed, the lease for the 29th floor of the 72-story 4 WTC will add to Silver Suites’ presence at the Trade Center site; the company already has the 46th floor at 7 World Trade Center, which TRD noted is currently 100 percent leased. Read More

Lease Beat

116 Nassau Draws Trio of Tenants to Big Chunk of Building

116 Nassau Street.

Three companies have leased almost 26,500 square feet of office space at 116 Nassau Street, Commercial Observer has learned.

Commercial real estate investment firm Park Row South Nassau Street LLC inked a deal last week for 11,365 square feet on the eighth floor in the 12-story building—moving from 1 Beekman Street, according to Coldwell Banker Commercial Alliance, the landlord’s representative in the lease. The New York City Gay and Lesbian Anti Violence Project recently signed a lease for 9,000 square feet on the third floor at the property, relocating from Midtown, and TAP Electrical Contracting Service inked a deal for 6,134 square feet on the ninth floor. Read More

Lease Beat

Hedge Fund Doubles Down at Carnegie Hall Tower

Carnegie Hall Tower.

How do you get more than 10,000 square feet at Carnegie Hall Tower? Expansion!

Hedge fund Metacapital has more than doubled its office space in the tower to 10,500 square feet from 4,000 square feet in a lease renewal, Crain’s New York Business reported. At an asking rent of $105 per square foot, the deal gives the hedge fund the entire 38th floor of the 60-story office building at 152 West 57th Street between Avenue of the Americas and Seventh Avenue. Read More

Lease Beat

Corporate Prepaid Card Company Signs Lease in Midtown South

462 Seventh Avenue.

PEX Card, a corporate prepaid card company that helps regulate employee spending, has signed a five-year, 7,200-square-foot lease at the Kaufman Organization’s 462 Seventh Avenue between West 35th and West 36th Streets.

“The full-floor space at 462 Seventh Avenue allows PEX Card to expand its operations and provides it with the flexibility to accommodate future growth,” said Jared Sternberg of the Kaufman Organization in prepared remarks. “The central Garment District location is easily accessible via a number of public transportation hubs, which enables the company to strengthen client relationships while establishing new ones.” Read More

Lease Beat

Children’s Aid Society Signs 29K-SF Sublease With Condé Nast

711 Third Avenue (Photo: CoStar).

Nonprofit Children’s Aid Society has signed a 29,240-square-foot deal with sublandlord Condé Nast at office building 711 Third Avenue, Commercial Observer has learned.

“The Children’s Aid Society sought new headquarters space following the sale of its long-term home at the United Charities Building on Charity Row in Manhattan,” said JLL‘s Ellen Herman in prepared remarks. “The nonprofit was able to achieve exceptional value from the sale of the property and is relocating to newer space at 711 Third Avenue. The transaction puts the organization one block away from Grand Central Terminal and down the street from another of its locations.” Read More

Lease Beat

Branding Company Inks Deal for Its First NYC Office

42-44 Greene Street.

Philadelphia-based Sparks Marketing Group has signed a deal for office space in Soho for its first permanent New York City office, Savitt Partners announced.

The marketing firm, which has worked with Adidas, Samsung and Google, signed a seven-year lease for 5,400 square feet at 42-44 Greene Street between Grand and Broome Streets, according to Savitt, the tenant representative in the deal. The deal closed about two weeks ago, a Savitt spokeswoman said, and Sparks Marketing Group plans to move in around July 1. It will be taking the top floor of the five-story building.   Read More

Lease Beat

West Elm Creates ‘Makers Studio’ at Industry City, Expands by 11,600 SF

Industry City.

West Elm is expanding its footprint at Industry City in the Sunset Park neighborhood of Brooklyn by creating an 11,600-square-foot workspace for artists, designers and craftsmen known as the West Elm Makers Studio, according to a press release issued by the company.

The Makers Studio is on the sixth floor of Building 7 in Industry City, at 33-34th Street between Second and Third Avenues. Read More