100 Church Street and 330 West 34th Street, which had the largest government leases in 2012
Leasing by nonprofits and the city’s agencies and departments soared 64 percent last year to 4.2 million square feet, according to a report by Cassidy Turley, cited by the New York Observer. [more]
From left: Steven Durels and 100 Church Street
Once the butt of jokes, 100 Church Street is now completely stabilized under the stewardship of SL Green Realty, according to the New York Post. SL Green just landed an early, 20-year renewal from the city’s Law Department for 372,520 square feet at the 1 million-square-foot-plus building, between Park Place and Barclays Street. In addition to bringing the tower to 82-percent-occupied, SL Green also refinanced the building with a 10-year, $230 million fixed-rate loan. [more]
From the November issue: The Manhattan office leasing market began the year on a tear, leading executives as recently as four months ago to predict that volume could top 30 million square feet in relocation and expansion deals. Now, however, professionals — who have seen demand wane in the second half of the year — expect activity will fall far short of that.
Indeed, the fourth quarter — often a bright seasonal spot as firms try to wrap up leases before the end of the year — won’t deliver, sources say.
Leasing for 2011 is expected to reach only 25 million or 26 million square feet, barely ahead of last year’s 24 million square feet, figures from commercial firm CBRE show. The last three months of the year are not expected to help. “We are anticipating it being a slightly softer quarter than we have seen in the last three or four quarters,” Matthew Van Buren, president of CBRE’s Tri-State region, said last month at a media briefing. … [more]
Canadian commercial property firm Avison Young continued its American expansion kick with its first hire in Manhattan, tapping a mid-level CB Richard Ellis leasing broker, Gregory Kraut, to start the difficult task of building a New York City office.
Kraut, who had been at CBRE for six years focusing on representing tenants, was most recently a first vice president working closely with David Hollander, a company senior vice president. Thirty-five-year-old Kraut was hired this month and will be a principal at the new firm.
The Real Deal reported in June that Avison Young, a private, independent firm headed by CEO Mark Rose was looking to open an office in Manhattan. Young brokers have been in high demand recently. Last week Eric Anton and Ronald Solarz, both in their 40s, left Eastern Consolidated for real estate investment firm Brookfield Financial, and earlier this month Oklahoma-based net lease brokerage Stan Johnson opened an office in Manhattan with former Massey Knakal agent Jason Maier. … [more]
Landlord SL Green has signed on tenants for 150,000 square feet of space in Manhattan, the New York Post reported, first at the former Revlon building at 625 Madison Avenue and then at 100 Church Street.
Polo Ralph Lauren is expanding its corporate headquarters by 91,417 square feet at the Madison Avenue location at 59th Street, the Post said, pushing out Centerline Capital Group, which needed slightly less space than it had at the site and will be moving to Church Street.
Centerline is taking 57,945 square feet at the Church Street location, and will move by the end of 2011.
SL Green Executive Vice President Steven Durels said the asking rent at the now fully-leased 625 Madison Avenue was $68 a square foot…. [more]
It’s still unclear whether rumors about 100 Church Street’s big deal with Sirius XM Radio are true, but in the meantime, the Anne Frank Center USA has definitely signed on to lease space in what was once known as New York City’s emptiest office building. According to the Wall Street Journal, the non-profit organization has taken 2,500 square feet of ground-floor space at the building, and will open in time for the 10-year anniversary of the Sept. 11 terrorist attacks this year. The Anne Frank Center, which describes itself as “a community center
that promotes tolerance and human rights,” is currently located on
Crosby Street but is looking forward to bringing that message closer to
Ground Zero, said co-chair Deborah Chapin. The space is also around the
corner from the site of the controversial proposed Islamic community
center known as Park51…. [more]
Sirius XM Radio is setting its sights on SL Green’s 100 Church Street, potentially making it the latest in a string of Midtown media companies decamping to Lower Manhattan (see also: Conde Nast, the Daily News, National Enquirer parent company American Media). According to the Observer, Sirius is looking to take more than 250,000 square feet of office space at the building, or 180,000 square feet of contiguous space, though it’s not a done deal just yet. A major new tenant like Sirius would be a boon for SL Green, which purchased 100 Church Street, once derided as the emptiest building in Manhattan, from the Sapir Organization last January. … [more]
A non-profit healthcare provider has moved in at 100 Church Street,
becoming the first large new tenant in years to sign a lease at the
Lower Manhattan office building, according to the New York Post.
Commercial real estate firm SL Green took control of the building from
Alex Sapir six months ago,
after the company defaulted on its loan last August. The new tenant,
Healthfirst, will take 172,000 square feet of space at the building,
which has been approximately 50 percent vacant for five years. While
it’s unclear how much Healthfirst will pay, the asking price on the
space was $40 per square foot. [Post, 1st item]
… [more]
The Sapir Organization is facing litigation from commercial real estate brokerage Rosenhaus Real Estate, which claims the developer failed to pay commissions at its 260-261 Madison Avenue office complex in Midtown and its former offi… [more]
The Sapir Organization is facing litigation from commercial real estate brokerage Rosenhaus Real Estate, which claims the developer failed to pay commissions at its 260-261 Madison Avenue office complex in Midtown and its former offi… [more]
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