The Real Deal New York

Posts Tagged ‘CBRE’

  • Vox Media CEO Jim Bankoff and 85 Broad Street in the Financial District

    Vox Media CEO Jim Bankoff and 85 Broad Street in the Financial District

    UPDATED, Nov. 13, 9:54 a.m.: Vox Media is closing in on a New York office in the Financial District, according to sources. The online publisher is in advanced discussions to sign a lease for more than 70,000 square feet at 85 Broad Street. [more]

  • Midtown South NYC

    Midtown South leasing activity (credit: CBRE)

    Despite a drop in leasing activity from last year, the Midtown South office market continued to be the tightest in the city during the third quarter. The availability rate of 7.9 percent pushed average asking rents up to nearly $71 per square foot, according to CBRE’s latest market report.

    Midtown South leasing activity totaled 1.5 million square feet in the third quarter, down 16 percent from the same period last year but 13 percent above the five-year average for the quarter. The latter is “indicative of the strong demand for office space that has defined the market since early 2010,” the report said. [more]

  • Proposed rendering of 661 Driggs Avenue in Williamsburg and a Shake Shack burger

    Proposed rendering of 661 Driggs Avenue in Williamsburg and a Shake Shack burger

    Shake Shack is eyeing a Williamsburg outpost at a two-story building just off Metropolitan Avenue, sources said. [more]

  • Takahiro Mitani

    Takahiro Mitani (credit: Kyodo)

    The city’s real estate market could see increased investment from Japanese institutional investors, with Japan’s Government Pension Investment Fund (GPIF) – the world’s largest pension fund – expected to increase global real estate investment.

    The GPIF is anticipated to allocate up to 5 percent of its roughly $1.2 trillion in assets into “alternative investments” that would include real estate, according to a report by commercial brokerage CBRE.

    That means the pension fund’s total investments in overseas real estate markets alone over the coming years could reach $1.8 billion – equal to total Japanese outbound real estate investment in 2014, CBRE said. [more]

  • Caggiano_Keith_web.jpg

    Keith Caggiano, Roshan Shah and 295 Madison Avenue in Midtown

    ADI Capital is tripling the size of its offices, signing a five year lease for the entire 36th floor of 295 Madison Avenue in Midtown.

    The hedge fund, led by Paritosh Gupta, will take 3,800 square feet at the building, owned by Abraham Talassazan’s Eretz Group. The space had an asking rent of $75 dollars per square foot. [more]

  • 514 Eleventh Avenue

    514 11th Avenue in Hell’s Kitchen (inset: Larry Silverstein)

    Silverstein Properties wants out of a large West Side development site where it had planned to build one of the tallest residential towers in the city, with the firm hiring CBRE to sell the property. [more]

  • 10 Jay Street

    Rendering of 10 Jay Street in Dumbo (credit: ODA New York)

    The developer behind the condo conversion of Dumbo’s 10 Jay Street has decided to scrap the plans in favor of keeping the warehouse as a commercial property, citing rising demand in the Brooklyn office market. [more]

  • (credit: CBRE)

    (credit: CBRE)

    Global investment in real estate reached its highest level since 2007 in the first half of the year thanks to a flurry of deals in the Americas and New York City, according to a new report by CBRE.

    New York City was by far the biggest market, attracting $40.1 billion in investment over the first two quarters. That’s 10 percent of the global total of $407 billion – a staggering share for a city, accounting for 1.8 percent of the world’s economic output. London ($19.4 billion) and Los Angeles ($19.3 billion), the next biggest markets, each recorded less than half of New York’s investment volume (see chart above).  [more]

  • Hightower

    From left: Hightower founders Donald DeSantis, Brandon Weber and Niall Smart

    Cloud-based leasing startup Hightower has been selected as a preferred technology provider by CBRE, a ringing endorsement for the startup from the world’s largest commercial real estate services firm.

    CBRE recognizes that “end-to-end leasing management software is going to be key to be competitive in the marketplace,” Brandon Weber, CEO and co-founder of Hightower, said in an interview Wednesday with The Real Deal. “Corporate is going to support it, pay for it, and roll it out.” [more]

  • 57 Willoughby Street

    57 Willoughby Street in Brooklyn Heights (inset: Helen Keller and Darcy Stacom)

    Helen Keller Services for the Blind is looking to sell a 96,000-square-foot Downtown Brooklyn office building that offers nearly 200,000 square feet, The Real Deal has learned. There is no official asking price, but sources said the property could fetch $80 million, or $400 per buildable square foot. [more]

  • Brett White

    Brett White

    Brett White, the freshly-minted CEO of Cushman & Wakefield, has his work cut out for him.

    Analysts predict that Cushman, after a $2 billion merger with DTZ, is gearing up for an IPO, given a white-hot commercial property market driving share prices of competitors CBRE and JLL to record highs. But to get the company there, White will have to reduce debt, improve margins and boost revenues. [more]

  • 911

    UPDATED, Sept. 15, 2:55 p.m.: Fourteen years ago today, the terrorist attacks of Sept. 11 marked one of the deadliest and most traumatic days in U.S. history. A human tragedy above all, they also hit Lower Manhattan’s economy, ushering in an exodus of office tenants that took a decade to reverse.

    In recent years, Lower Manhattan’s office market has regained its momentum amid rising rents and the opening of high-profile skyscrapers like One World Trade Center. But a look at the numbers shows the neighborhood still has a ways to go in its recovery. [more]

  • From left: Robert Sulentic, CEO of CBRE, and Colin Dyer, CEO of JLL

    From left: Robert Sulentic, CEO of CBRE, and Colin Dyer, CEO of JLL

    First REITs stumbled, now the major commercial brokerages seem to be following.

    The stocks of CBRE and JLL and other major commercial firms are down significantly this month, with the giants losing 8 percent and 8.7 percent of their values, respectively. In addition, Marcus & Millichap stock was down 10 percent, with HFF down a whopping 17 percent. [more]

  • 125 Park Avenue in Midtown (inset: Pandora CEO Brian McAndrews

    125 Park Avenue in Midtown (inset: Pandora CEO Brian McAndrews)

    Online music provider Pandora Media is expanding its lease at SL Green’s 125 Park Avenue by 51,000 square feet, taking its total at the Midtown office building to almost 104,000 square feet. [more]

  • From left: Sheikh Khalifa bin Zayed Al Nahyan, ruler of Abu Dhabi, 5 Madison Avenue and Qatari emir Sheikh Tamim bin Hamad Al Thani

    Middle Eastern investors are projected to spend an average of $15 billion annually on the international property market over the next few years, according to a new report. [more]

  • 787 Eleventh Avenue on the Far West Side (inset: Bill Ackman)

    787 11th Avenue on the Far West Side (inset: Bill Ackman)

    UPDATED, 11:28 a.m., July 15: Adam Flatto’s Georgetown Company and a Bill Ackman-controlled investment fund closed on a commercial building at 787 11th Avenue on the Far West Side that they partnered to buy for roughly $250 million. [more]

  • Alexandria

    The Alexandria Center for Life Science in Kips Bay (inset: CBRE’s John Isaacs)

    Nestle Skin Health inked a 16-year lease for 30,400 square feet at the Alexandria Center for Life Science in Kips Bay. [more]

  • The 10 most expensive office markets in the world by occupancy cost (credit: CBRE Research)

    While maintaining its position as the most expensive office market in the Americas, Midtown Manhattan ranks as the 10th most expensive such market in the world, according to CBRE’s latest survey. [more]

  • Joseph Sitt and 129 Fifth Avenue in the Flatiron District

    Joseph Sitt and 129 Fifth Avenue in the Flatiron District

    In a move seemingly antithetical to its mission, link-shortening company Bitly is expanding to a new space at Thor Equities’ 139 Fifth Avenue in the Flatiron District.

    Bitly signed on for 11,000 square feet on the top two floors of the building. CBRE’s David Kleinhandler and Michael Politi represented them, while a Cushman & Wakefield team of John Fitzsimmons, Ethan Silverstein and Mark Mandell represented Thor Equities. [more]

  • JasonPizerDarcyStacom

    From left: Jason Pizer, 1 Hudson Square and Darcy Stacom

    Trinity Real Estate is rethinking its plans to ground lease four valuable Hudson Square buildings in a deal that was poised to net the church up to $1.5 billion. [more]