120 Wall Street

The American Institute of Chemical Engineers is leaving behind Murray Hill for a skyscraper in the Financial District.

The nonprofit signed a long-term, 16,506-square-foot lease at the Silverstein Properties-owned 120 Wall Street after scouring Midtown South and Downtown for two years, said Leon Manoff of brokerage Colliers International in a release reported by the New York Observer. Asking rents were in the upper-$30s per square foot at the property, where the organization will occupy the full 23rd floor. [more]

From left: Peter Kozel, Robert Freedman and Joseph Harbert

Manhattan leasing activity in the first quarter of 2013 was on par with performance in the first and fourth quarters of 2012, but continued to hover below historical averages, said executives at Colliers International during a luncheon held to discuss the Manhattan office market. Net absorption — the difference between square footage that appeared on the market and square footage leased in the same period — was negative 777,831. [more]

Alex Jinishian and 925 Ninth Avenue

Given that New York City seems to suffer perpetually from a lack of good schools, the addition of one in a neighborhood can lure homebuyers and boost property values. But schools are also behind a variety of recent real estate deals across the city, with a total of eight scheduled to expand or open in 2013 and 2014, the New York Observer reported. Two are already up and running. [more]

From left: Von Der Ahe of Marcus & Millichap and Robert Freedman of Colliers International

A Lower East Side retirement home at 15-17 Bialystoker Place has sold for $28 million to an undisclosed party, The Real Deal has learned. The sale was confirmed by Peter Von Der Ahe of Marcus & Millichap, a broker involved with the transaction. He was not able to confirm the identity of the buyer or any plans for the building, a brick high-rise at Grand Street. The sale has not yet appeared in public records. [more]

From left: Michael Cohen, Robert Freedman and Joseph Harbert

The private equity sector made the greatest moves in 2012’s Manhattan office trading market, while institutional investors had a rather quiet year, said executives at Colliers International during a luncheon held to discuss the firm’s 2013 forecast. Private equity firms—which include foreign investments— made 47 percent of total office purchases, representing an estimated $4.4 billion of the total $9.4 billion Manhattan market, executives said. In comparison, foreign and institutional investors were each responsible for 16 percent of total sales in the year. [more]

Joseph Harbert

Office leasing in Manhattan hit the brakes in the third quarter compared with the prior quarter, but was about equal to the same period one year ago, executives at commercial firm Colliers International said at a third quarter media briefing held this afternoon in Midtown.

Tenants leased 6 million square feet of space in the three months ending this week, which was down about 19 percent from the second quarter, when 7.4 million square feet was leased. [more]

Mark Jaccom

Mark Jaccom, the former Tri-state co-chairman of Colliers International, has plans to double the size of his new firm, Cresa Partners, within the next year. Appointed Cresa’s president three months ago, Jaccom told GlobeSt.com that he has hired eight more people already and has three more ready to sign on, bringing Cresa’s NYC presence to 31. When he was hired the office had 20 people, and he hopes to take it to 40, including 25 brokers.

With his focus now solely on tenant representation, Jaccom said he believes more of them are willing to look Downtown. While other brokers have reported that the newer, cheaper office space is being used merely as a negotiation tool, Jaccom believes tenants are legitimately interested in the newer, high-tech office stock. [more]

Clockwise from top left: Tara Stacom, Darcy Stacom, Michael Laginestra and Rocco Laginestra

A long-established facet of real estate development, nepotism is becoming an increasingly large factor in the commercial brokerage industry, the Wall Street Journal reported, as big-name brokers pass business off to their children and relatives. They’re creating “dynasties” by offering experienced advice, contacts and even entry-level jobs to their descendants.

Take the Stacoms, for example. Darcy and Tara, vice chairmen at CBRE and Cushman & Wakefield, respectively, are the daughters of Matthew Stacom, who the Journal said was instrumental in the leasing of Chicago’s Sears Tower, now the Willis Tower. As previously reported, Darcy last week helped close two small Midtown office buildings. [more]

Robert Freedman

Commercial brokers are increasingly offering rebates on commissions to the biggest tenants amid growing pressure to land big clients, the Wall Street Journal reported. Commissions for large New York City deals — which generally run about one-third of the first year’s rent, the Journal said — can be “well over” $10 million. Now, with the commercial leasing climate slowing, executives in commercial real estate report quietly rebating up to 50 percent of commissions, according to the Journal. [more]

From left: Arthur Mirante of Avison, Joseph Harbert of Colliers International and Howard Lutnick of BGC Partners

In the midst of several Cushman & Wakefield defections to commercial brokerages setting up shop here in New York, the market is beginning to look more competitive, Crain’s reported. The trend is a product of firms pursuing deals in New York City, where the real estate market remains far more active than it is in much of the rest of the country. [more]