Since taking over as leasing director at Paramount Group, one of the city’s largest office space landlords, in January, Ted Koltis has facilitated some smaller leases and helped leverage the iPad to the firm’s advantage. But the New York Observer said the transactions that could define his tenure are set to transpire over the coming months. Paramount bought out the remaining 49 percent of 1633 Broadway, previously held by Morgan Stanley and Merrill Lynch, to gain full control of the 2.4 million-square-foot building at a $2 billion valuation. Now, their work in the building has just begun. It’s getting a renovated lobby, and needs a tenant to take 250,000 square feet of vacant space near the building’s base, which Koltis called the firm’s biggest “availability.” [more]
Posts Tagged ‘712 fifth avenue’
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Asking rents are on the rise at some of the city’s most sought-after office buildings, in a move by landlords that tests the waters of the nascent rebound in leasing activity, up 84 percent in the first quarter from one year ago, according to Cushman & Wakefield. One month ago, SL Green Realty, the largest landlord in the city, increased rents by 5 to 7 percent on its most high-end offerings, including the tower floors at 100 Park Avenue. At the Seagram Building and the Lever House on Park Avenue, asking rents are up about 5 percent. Other buildings that have seen upticks include 712 Fifth Avenue, 540 Madison Avenue and the upper floors of 1 Grand Central Plaza. The trend is confined to the very top-tier of the market, however. Office vacancies are still on the rise in Manhattan, and rents in the overall office market are declining further still, down to $55.38 per square foot — the lowest level in three years — in the first quarter, according to Cushman & Wakefield. [Crain’s]
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A growing private equity firm moved to its third location in four years to
take nearly 10,000 square feet of sublease space in a Paramount Group
Plaza District office tower at 712 Fifth Avenue. Manhattan-based private equity firm CapitalSpring moved from 488 Madison Avenue to take 9,734 square feet on the 23rd floor of the 52-story building at the corner of 56th Street and Fifth Avenue, according to a statement from tenant broker UGL Equis. CapitalSpring picked up the remaining six and a half years from
sublandlord JL Thornton & Company for the entire floor, in a
building where leases at the height of the market were in the upper
$100s per square foot, UGL Equis broker and managing director Dirk
Hrobsky said.
Gordon Ogden and Benjamin Mohr of Byrnam Wood represented JL Thornton. [more]
