Sedgwick Grabs 43,000 SF at 2 WFC

 Sedgwick Grabs 43,000 SF at 2 WFC
Courtesy of Invest Academy.

Sedgwick LLC has inked a deal at 2 World Financial Center.

The renowned law firm is set to move into a 43,000-square-foot office on the 28th floor of Brookfield Properties‘ building in the middle of October with intentions of creating an “office of the future.”

“This move will better enable our talented attorneys to continue to focus on client service, which will be enhanced by our ability to implement new technologies to create an ‘office of the future,'” said New York office managing partner Lawrence Klein in a prepared statement.

“We are particularly excited that, with this move, we will be able to maximize the benefits afforded by the firm’s new, secure off-site data center, thereby reinforcing our ability to work jointly with attorneys in our other offices and communicate with our clients, while at the same time providing greater efficiency in the office layout by reducing our need for on-site computer equipment and records storage,” he added.

The firm, which was founded approximately eighty years ago, opened its first New York office in 1985 and has provided representation and advice for corporate and insurance clients. The firm specializes in employment and labor matters, mass tort litigation, and products liability litigation.

“Our move to Two World Financial Center demonstrates our long-term commitment to serving the needs of our clients in the New York region and allows us to participate in the revitalization of Lower Manhattan,” the firm chair Michael Tanenbaum announced in a release.

David Goldstein and Greg Taubin of Studley and Kevin Brennan of Jones Lang LaSalle represented Sedgwick.

Swimwear Designer Inks at 1441 Broadway

 Swimwear Designer Inks at 1441 Broadway
Courtesy of LH Charney

Mainstream Swimsuits Inc. has inked a deal at 1441 Broadway in the Garment District.

The swimwear designer will be taking 10,100 square feet on the 8th floor of the building. The company is most known for their Miraclesuit which makes wearers appear slimmer.

The suit was at the center of a lawsuit against Victoria’s Secret a decade ago when Mainstream Swimsuits and its sister company, A&H Sportswear, sued the lingerie and womenswear retailer for trademark infringement on the name “miracle.” The court case concluded and awarded A&H Sportswear and Mainstream Swimsuits more than $1,200,000 in damages and a portion of future royalties.

Mainstream Swimsuits has operated out of another office in the district but will be relocating in the coming months in effort of their broker, Richard Selig of Coldwell Banker. Richard Doolittle, a senior executive managing director of Murray Hill Properties, represented the owners, L.H. Charney & Associates, as the building’s first exclusive leasing agent.

The asking rent for the building hovers in the mid $40s with this deal asking $45 per square foot.

The 38-story, 550,000-square-foot building was designed and constructed by Buchman & Kahn in the late 1920s. The building has several names including the Bricken Textile Building and the W.T. Grant Building and has maintained high-profile tenants such as Office Depot, Tommy Hilfiger, Buffalo Jeans, Jones of New York, and the headquarters of Liz Clairborne, Inc.

Charles Cammack Associates Renews at 2 Rector Street

 Charles Cammack Associates Renews at 2 Rector Street
Courtesy of Stellar Management

Charles W. Cammack Associates has renewed its lease in the Financial District.

The employee benefits and online information management, retirement plan, and financial planning advisory firm will maintain their 19,500 square foot space that spans the entire 23rd floor of 2 Rector Street.

Gabe Marans and Greg Toubin of Studley helped secure the renewal for the tenant. A leasing team from Jones Lang LaSalle consisting of Mitchell Konsker, Scott Cahaly and Brian Reiver represented the landlord, Stellar Management.

The deal comes amidst recent efforts to bolster the occupancy rate in the building. After New York City’s Department of Transportation left in 2009 when their lease expired, Stellar Management struggled to maintain its debt obligations and payments.

Stellar Management sought to organize its balance sheets and restructured their mortgage and strengthened their financial stability through an affiliate of Savanna, one of the largest property owners in the Financial District.

The aggressive restoration campaign increased occupancy from mid 70s to low 80s, but Stellar Management remained unable to cover its debt payments, according to The Wall Street Journal. Savanna is said to be throwing in more money in effort to recapitalize the building, a source briefed on the status on the building told The Journal.

Savanna’s presence has increased in the Financial District in recent years after acquiring 100 Wall Street and 80 Broad Street. The buildings, once struggling, underwent capital investment and prebuilt programs are at the forefront of their modernization and marketing efforts.

Update: CBRE’s Email Systems Crash Nationwide

Email systems at the world’s largest real estate company, CBRE, crashed late Monday night, leaving the company’s thousands of U.S. employees without access to their company email accounts this week.

According to a source, the problem arose at a data and technology facility the Fortune 500 company operates in Dallas, which is the central hub for its domestic email system. Servers that were set to be replaced began malfunctioning this person said, bringing the email system down.

Continue reading “Update: CBRE’s Email Systems Crash Nationwide”

What Shining New Tower Might Citi Help Build?

Citigroup owns some of the most iconic office buildings in the city. Not only is there its headquarters at 601 Lexington, with its jagged roof and gravity-defying base, but also Queens’s tallest tower and a waterfront monolith in Tribeca. As Citi prepares to leave that last home and go in search of some 2.6 million square feet, the Journal reveals that “Citigroup managers had discussions with several landlords about developing a new tower for the company.” While the bankers just as well might stay put at 388 Greenwich, this got us thinking about exactly what on-the-horizon towers Citi could wind up in.
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Rose Associates Out, CW Financial Subsidiary In, at Stuyvestant Town

Rose Associates has been ousted as the property managers of the controversial Stuyvesant Town and Peter Cooper Village complex, according to reports.

CW Capital Asset Management, a subsidiary of CW Financial which took over the complex in 2010, has tapped CompassRock Real Estate, also a subsidiary of CW Financial, as its new property manger, effective September 1, 2012. Continue reading “Rose Associates Out, CW Financial Subsidiary In, at Stuyvestant Town”

Harlem River Management Corp. Has 99 Macombs, and the USPS is One (Tenant)

A Harlem retail property that counts the Hamilton Grange Annex of the US Postal Service as a tenant sold for $5.5 million to the Harlem River Management Corp.

post office 300x262 Harlem River Management Corp. Has 99 Macombs, and the USPS is One (Tenant)The seller, Colonial Park Management LLC, sold the property as part of a 1031 Exchange, an Internal Revenue Services code that offers the seller tax benefits. Continue reading “Harlem River Management Corp. Has 99 Macombs, and the USPS is One (Tenant)”

George Comfort & Sons Eyes 75 Rockefeller

George Comfort & Sons is in talks to buy 75 Rockefeller Plaza, several sources with direct knowledge of the deal told The Commercial Observer.

The price nor the structure of the transaction was immediately available. The billionaire Mohamed Al Fayed, a former owner of the Britain-based department store company House of Frasier, owns the 600,000-square-foot tower and when he put the property on the market at the beginning of the year had wanted to arrange the sale as a leasehold interest.

Continue reading “George Comfort & Sons Eyes 75 Rockefeller”

Construction Worker Injured at 3 World Trade Center

A construction worker fell 15 feet to the ground at 3 World Trade Center as he was installing a steel beam, the Fire Department of New York and the Port Authority of New York and New Jersey confirmed today.

4wtc Construction Worker Injured at 3 World Trade Center
The scene of the crane accident at 4 WTC earlier this year (photo by Daniel Edward Rosen)

The construction worker, described as a male in his 30s, was working on the installation of a beam at 1:27 p.m. when he slipped and fell 15 feet to the ground, authorities said. He suffered injuries to his head and arms and had to be taken to Bellevue Hospital Center, where he is listed in serious condition. Both of the man’s arms are believed be broken, an FDNY spokesperson said. He is an employee of Falcon Steel, sources said.  “At the time of the fall, he was following all OSHA prescribed safety procedures,” said John Gallagher, a spokesman for Tishman Construction, which is serving as the construction manager for 3 World Trade Center.

Continue reading “Construction Worker Injured at 3 World Trade Center”

Brean Murray Subleases 15K S/F From Fortress

The investment company Brean Murray, Carret & Co. is subleasing space at 1345 Avenue of the Americas from the large private equity firm Fortress Investment Group.

Brean Murray will take nearly 15,000 square feet being offered by Fortress on the 50-story building’s 29th floor. Asking rents for the space were in the $70s per square foot and the term of the deal stretches for about four and a half years.

Continue reading “Brean Murray Subleases 15K S/F From Fortress”

The Commercial Observer’s Owners Magazine Questionnaire

monopoly man The Commercial Observers Owners Magazine QuestionnaireIf you own commercial real estate in Manhattan and you haven’t filled out our Owners Questionnaire, now’s your last chance. Weighing in at more than 100 pages–more than twice the size of last year’s issue–this September’s annual Owner’s Magazine includes responses from more than 40 of the city’s leading commercial real estate owners, not to mention a package of features stories on the topics you care about most. But we still have room for more, and we desperately want to hear from you. For more information, or to receive a questionnaire to be filled out, please email Commercial Observer Editor-in-Chief Jotham Sederstrom at jsederstrom@observer.com by tomorrow.

Continue reading “The Commercial Observer’s Owners Magazine Questionnaire”

Loan Forthcoming for Carlton House Condo Conversion

The Mortgage Observer has learned that a $200 million refinancing of the Carlton House condominium conversion is in the works. Bank of America is in talks with partners Angelo, Gordon & Co. and Extell Development to provide the financing, though the loan hasn’t closed and terms weren’t available.

Continue reading “Loan Forthcoming for Carlton House Condo Conversion”

McGraw Hill Contemplating Another Large Sublease

McGraw Hill may put space on the market at 1221 Avenue of the Americas, several sources familiar with the company claim, although the firm itself and leasing executives who work with it on its space needs denied the rumor, albeit on background and on the condition their identities be withheld.

Several brokers and executives who have knowledge of the company however insist it is contemplating releasing as much as 200,000 to 300,000 square feet at the approximately 2.7 million-square-foot office tower, a block of space that it occupies at top of the 52-story skyscraper.

Continue reading “McGraw Hill Contemplating Another Large Sublease”

Frank Hirth Renews and Expands at 88 Pine Street

Bean counters Frank Hirth LLC has re-upped its lease at 88 Pine Street for another 10 years, doubling its space in the process.

88 pine street e1346184378244 Frank Hirth Renews and Expands at 88 Pine StreetThe international accounting firm will grow from a 6,125-square-foot space to a 13,910-square-foot footprint. Frank Hirth first moved into the building in 2009. The firm works with a host of firms both in the United Kingdom and the United States. Continue reading “Frank Hirth Renews and Expands at 88 Pine Street”

Interpublic Group Close to 220K S/F Deal at 909 Third Avenue

A number of Interpublic Group agencies are moving from 919 Third Avenue into 220,000-square-feet at nearby 909 Third Avenue, sources have revealed to The Commercial Observer.

Largest among the group is Weber Shandwick, a major public relations firm that is a subsidiary of IPG and has long been based out of 919 Third Avenue.

Continue reading “Interpublic Group Close to 220K S/F Deal at 909 Third Avenue”

10 Maiden Lane Snapped up for $7.1 Million by Chinese Syndicate

A Financial District building has been purchased for $7.1 million by a syndication of local Chinese buyers, who will turn the mixed-used property into a new hotel development, it was announced today.

10 12 maiden lane 10 Maiden Lane Snapped up for $7.1 Million by Chinese Syndicate
10-12 Maiden Lane (photo courtesy of Property Shark)

The new owners of 10-12 Maiden Lane will develop the 13,709-square-foot property into a 49,000-square-foot limited-service hotel “as soon as possible,” said Chris Okada, president and CEO of Okada Properties, which represented the buyers in the deal. Continue reading “10 Maiden Lane Snapped up for $7.1 Million by Chinese Syndicate”

Pinkberry’s Frozen Yogurt Hits Dumbo

 Pinkberrys Frozen Yogurt Hits Dumbo
Courtesy of NYTimes

The purveyor of low-calorie frozen yogurt, Pinkberry, is set to open its second Brooklyn location in Dumbo.

Pinkberry will serve its light and tarty yogurt at a 1,000-square-foot space in the 55 Washington Street building at 117 Front Street. The area, nestled between the Brooklyn and Manhattan Bridge, is a few minutes away from the Brooklyn Bridge Park, the 85-acre park along Brooklyn’s East River shore.

In-house broker and managing partner Caroline Pardo of Two Trees Management represented the landlord. Pinkberry was represented by Schuckman Realty, a brokerage firm based out of Woodbury, N.Y., that specializes in retail leases and was responsible for closing Pinkberry’s first lease in Park Slope earlier this summer. The expansion is part of Pinkberry’s expansion effort that started in 2007 with three openings in Chelsea, Koreatown and  the Upper East Side.

Two Trees Management has been instrumental in the revitalization of Dumbo, owning several residential and commercial buildings and modernizing their facades. Scaffolding was taken down last year at the Pinkberry location, showcasing large windows and a streamlined storefront.

“[Dumbo’s] creative atmosphere makes Pinkberry an ideal fit and we look forward to its contribution to our thriving community,” Mrs. Pardo said in an announcement.

“The building has seen a large influx of commercial tenants—Etsy, wireless generation, Breakfast LLC, Datalot, Tough Mudder, Aden & Anais, AM Only, Domino Recording, Forty Acres and A Mule just to name a few,” Mrs. Pardo noted about 55 Washington Street. “Nos, a boutique clothing store, is currently in the space and will be moving to 81 Front Street early this fall.”

With the recent lease signing of Pinkberry, the building has reached full occupancy.