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Lease Beat

Lease Beat

XSport Fitness Signs Lease as Mall at Bay Plaza Officially Opens

H&M at the Mall at Bay Plaza.

Just last week XSport Fitness finalized its 37,000-square-foot lease at the Mall at Bay Plaza in the Bronx, which officially opens at 10 a.m. today. The location on the third and fourth levels of the mall marks the fitness company’s first New York City gym, Commercial Observer learned.

“They are one of the top clubs,” said Sam Shalem, chief executive officer and chairman at Prestige Properties, the developer of the mall, which is at the intersection of I-95 and Hutchinson River Parkway near the Westchester border. “They own about 40 clubs around the country.” XSport Fitness, which is a 24-7 gym with pool, spa and basketball court, will open in the latter part of 2015. Read More

Lease Beat

German Tourist Agency Renews in Midtown East

122 East 42nd Street

The German National Tourist Office signed a seven-year, 5,000-square-foot renewal for the 20th floor at the Stahl Organization‘s art deco Chanin Building at 122 East 42nd StreetCommercial Observer has learned.

The building with asking rents ranging from the mid $50s per square foot to the upper $60s per square foot will remain the home of the tourism board that markets Germany to prospective tourists in its fourth renewal at the landmarked 1929 office building. Read More

Lease Beat

Global Financial Services Firm Relocating to Seagram Building

375 Park Avenue.

Atlas Merchant Capital, founded by the former chief executive of Barclays, has signed a lease for 17,519 square feet on the entire 21st floor at RFR Realty‘s Seagram Building. The company is relocating from the 25th floor at 135 East 57th Street.

Located between 52nd and 53rd Streets, 375 Park Avenue is also home to Invemed Associates, which signed a 7,000-square-foot renewal, Fintech Advisory, which signed a 10,000-square-foot renewal and expansion, and Arden Asset Management, which renewed its 17,500-square-foot space spanning the entire 32nd floor. Read More

Lease Beat

New Leases Total Roughly 70K Square Feet at Falchi Building

Falchi Building rendering.

The NYC Taxi & Limousine Commission and City of New York Office of Trials and Hearings will take a total of 72,577 square feet at the 620,000-square-foot Falchi Building located at 31-00 47th Avenue in Long Island City.

The Taxi Commission will occupy roughly 42,400 square feet, while OATH will have roughly 30,000 square feet, according to a spokeswoman for Jamestown, the building’s owner, who declined to comment on asking rent or when the tenants will move in. Both spaces on the third floor of the five-story building were previously vacant. Read More

Lease Beat

Jewelry Designer Inks Fifth Avenue Lease

330 Fifth Avenue

Engagement and wedding ring designer Verragio will move into a fifth floor executive office and showroom space at 330 Fifth Avenue through a 10-year, 13,586-square-foot lease, the Wall Street Journal reported yesterday.

The deal for space at the 14-story structure owned by Shulsky Properties with asking rents starting at $48 per square foot will move the high-end jeweler from its current location at 132 West 36th Street to a building with tenants like Kayser-Roth CorporationNiCE, Brightroll and St. Giles Schools of Language, said Adams & Co. broker Alan Bonett. Read More

Lease Beat

Law Firm Inks Times Square Relocation, Expansion

11 Times Square

High-profile family law firm Cohen Rabin Stine Schumann will expand and relocate its Times Square headquarters to a 10,881-square-foot space at 11 Times Square in October, Commercial Observer has learned.

The structure completed in January 2011 with asking rents in the $70s per square foot will host the full-service matrimonial, family law and litigation firm on a lease that runs through June 2025, said partners Harriet N. Cohen and Bonnie Rabin. Read More

Lease Beat

R/GA Moving to Brookfield’s 450 West 33rd Street

Rendering of 450 West 33rd Street.

Digital advertising firm R/GA has signed a 173,000-square-foot lease at Brookfield Office Properties450 West 33rd Street, the Wall Street Journal reported.

RGA will occupy the entire 12th floor and part of the 11th floor of the building, also known as Five Manhattan West. The asking rents are now between $78 and $80 a square foot, Jeremiah Larkin, executive vice president and director of leasing for Brookfield, told the Journal. Read More

Lease Beat

Bed Bath & Beyond, WeWork Sign First Harlem Leases

5 West 125th Street.

Bed Bath & Beyond and WeWork have each signed for 30,000 square feet at 5 West 125th Street in Harlem, a project under development between Fifth and Lenox Avenues. Both leases mark the tenants’ first locations in Harlem, Jared Epstein of Aurora Capital Associates told Commercial Observer via email. The tenants will occupy their respective spaces by the third quarter of 2015.

Mr. Epstein represented Aurora and the Adjmi family in the transactions. Bed Bath & Beyond and WeWork negotiated directly with the landlords, according to the New York Post, which first reported the deal. Asking rent for both spaces was $50 per square foot, Mr. Epstein said. Read More

Lease Beat

Deutsch Leaves Google Building, Signs Penn Plaza Lease

330 West 34th Street.

Advertising agency Deutsch has signed a new lease for 74,346 square feet on the 13th and 14th floors at 330 West 34th Street, between Eighth and Ninth Avenues at Penn Plaza, the New York Post reported.

The new lease marks the planned relocation of the New York branch of Donny Deutsch’s bicoastal agency from Google’s building at 111 Eighth Avenue between 15th and 16th Streets, the Post said. Deutsch’s current space is 134,830 square feet spanning the 14th and 15th floors of the building. Read More

Lease Beat

Expanding Urgent Care Chain Opens First Manhattan Location [Updated]

291 3rd Avenue

Urgent care center company ProHEALTH will soon move into its first Manhattan location on the ground floor of Manhattan Skyline Management Corp.’s building at 291 Third Avenue in Gramercy Park through a 10-year, 3,800-square-foot lease, Commercial Observer has learned.

The firm operates 20 centers in the outer boroughs and Long Island, but officials with the firm chose the commercial condo underneath a residential building to be close to prospective patients, said Josh Roth, vice president for retail leasing at Manhattan Skyline. Read More

Lease Beat

Tech Firm Takes Top Floor Space in Flatiron District

27 West 24th Street

Digital research and angel investment firm Chaincode Labs will establish its Flatiron District headquarters through a five-year, 4,054-square-foot lease on the top floor of the Kaufman Organization‘s 11-story building at 27 West 24th Street, Commercial Observer has learned.

Asking rents at the property where Kaufman implemented extension renovation efforts in 2012 run $62 per square foot, and the tech firm’s lease means that tech and creative companies have now leased out the entire building, said Kaufman broker Ian Norris. Read More

Lease Beat

Private Equity Firm Renews at 299 Park Avenue

299 Park Avenue.

Private equity firm Freeman Spogli & Co. has renewed its lease for another seven years at Fisher Brothers299 Park Avenue, the building owner announced today.

Freeman Spogli occupies 8,645 square feet on the 20th floor of the 42-story building at 299 Park Avenue, which occupies the full block front between 48th and 49th Streets. The tower encompasses 1.2 million square feet of office space and is over 99 percent leased, according to Fisher Brothers. Read More

Lease Beat

Broker Bets Merveilleux Will Become the New Cronut

Aux Merveilleux's merveilleux.

French pastry specialty shop Aux Merveilleux is bringing merveilleux, meringue treats covered with whipped cream, to the West Village, Commercial Observer has learned. It will be the high-end French boulangerie’s first location in the United States.

The bakery signed a 12-year lease for 450 square feet at 37-41 Eighth Avenue at Jane Street, said Bertand de Soultrait, the principal of Bertwood Realty, who represented the tenant and the landlord, RIG Realty, in the deal. The rent is about $400 per square foot. Read More

Lease Beat

Dos Toros Taqueria Heading to Park Avenue South

295 Park Avenue South

Upon completion of construction, Dos Toros Taqueria will open its sixth location in the Flatiron District, Commercial Observer has learned.

The taco and burrito counter-serve joint signed a lease for 1,175 square feet on the ground floor at 295 Park Avenue South between 22nd and 23rd Streets less than two months ago, according to Adam Langer of Zelnik & Company, who represented the eatery in the deal. Tossed salad, sandwich and soup restaurant previously occupied the space. Read More

Lease Beat

Media Tech Company Expands in Soho Building

434 Broadway.

In a 10-year deal signed last month, Technicolor is expanding its Soho space by 7,230 square feet, Commercial Observer has learned.

Combined, Technicolor, a worldwide technology leader in the media and entertainment sector, will occupy 21,716 contiguous square feet on the seventh through ninth floors at Savanna‘s 434 Broadway, on the northeast corner of Howard Street and Broadway. The property is a nine-story, mixed-use office and retail building consisting of 63,600 square feet, including 4,800 square feet of ground-floor retail and 58,000 square feet of office space.  Read More