Source: Cassidy Turley
For the first time since the economic downturn, the U.S. retail real estate sector is showing substantial signs of improvement, according to a report released today by Cassidy Turley. In the first quarter of this year, 3.1 million square feet of U.S. retail space was absorbed. [more]
From left: 25 Independence Blvd in New Jersey, William O’Keefe, senior vice president at Normandy and Raymond Trevisan, a principal at Normandy
Normandy Real Estate Partners, a Morristown, N.J.-based private equity firm, said that Cassidy Turley will take over leasing for 1.1 million square feet of its New Jersey commercial real estate portfolio as part of a broad strategic alliance between the two firms. As part of the deal, Raymond Trevisan, a principal at Normandy, will join Cassidy Turley as managing principal and head of its New Jersey operations. William O’Keefe, senior vice president at Normandy, will join Cassidy Turley in that same capacity. [more]
Another three Grubb & Ellis employees have jumped ship, this time opting to join Cassidy Turley. The national commercial brokerage announced three new additions to its New York -based research, marketing and consulting team: Richard Persichetti, Danielle Regan and Arielle Herzfeld. They started March 12. [more]
From left: Esther Zar, managing director at Murray Hill properties, 250 West 57th Street, and Anthony Malkin of Malkin Holdings
A small office tenant in a Midtown building is expressing the confusion and anger that many of his peers feel with the concept known in the industry as the loss factor, which he perceives is eating up nearly half of the space for which he is paying rent. [more]
From left: David Lebenstein, senior managing director at Cassidy Turley, and John Pavone, vice president at UGL
In the first two months of 2012, 2.9 million square feet of commercial leasing activity was recorded in Manhattan, trailing the year-over-year numbers by 31 percent, according to numbers from CBRE Group’s Manhattan Marketview Snapshots, released today.
February saw 190,000 square feet of negative absorption, although February’s 1.47 million square feet of total activity was a slight increase from January’s 1.44 million square feet. Asking rents in Manhattan rose negligibly, by $0.16 per square foot, to $54.40, the report says. [more]
Though historically averse to social media and online marketing, the commercial real estate sector is increasingly giving these tools a shot, CoStar News reported.
“Clearly social media is still a divisive issue in commercial real estate — the difference in sentiment between enthusiastic adopters and major detractors parallels the sentiments in other industries driven by client relations, such as non-profits and law firms,” said Angela Brown, external communications manager for CoStar Group. [more]
Asking rents in the Manhattan office leasing market continued to rise in January while vacancy rates tightened, even as total activity appeared to slow from last year’s overall brisk pace, data from commercial services firm Cassidy Turley shows.
“It certainly seems slower than normal, but some major deals were done,” Robert Sammons, vice president for research at Cassidy Turley, said. [more]
Clockwise from top left: Cassidy Turley New York Tri-State’s Peter Hennessy, 330 Madison Avenue and Frank Doyle of JLLFinancial firm Guggenheim Partners has agreed to lease 186,000 square feet at 330 Madison Avenue for a rent in the $70s per square foot, the New York Observer reported. Guggenheim will move into the space when the lease for its approximately 140,000 square feet at 135 East 57th Street expires in 2013.
Vornado Realty Trust is the landlord at the 850,000-square-foot Madison Avenue tower, between 42nd and 43rd streets, and is spending more than $100 million to upgrade the building and secure a LEED Silver certification. [more]
From the December issue: As 2011 draws to a close, real estate executives and brokers say it’s now clear that office tenants made faster leasing decisions this year than last. The coming off the fence was driven, professionals say, by the realization that the economy was not likely to experience any major changes — for better or worse — anytime soon.
Peter Braus, managing principal at commercial firm Lee & Associates, which last month announced an affiliation with Midtown-based Sierra Realty, said the mood in 2011 was a recognition that the economy was not going to turn around right away.
“[This year] has been more of a realization that the recessionary economy is here to stay — at least for the foreseeable future,” he said. [more]
The New York City Economic Development Corporation enlisted the services of commercial real estate brokerages Greiner-Maltz and Cassidy Turley Tuesday to lease the remaining 350,000 square feet of available space at the Brooklyn Army Terminal, EDC told The Real Deal today.
With a total of 3.1 million leasable square feet, the property is already 90 percent leased, with 70 businesses employing 2,400 people. Over the past two months, five new businesses have set up shop at the terminal, EDC said, signing on for a total of 85,000 square feet.
“In recent years, we have seen the Brooklyn Army Terminal become a premiere destination for companies in the city’s critical industrial sector looking for affordable workspace,” said EDC President Seth Pinsky in a statement. [more]
