Larry Silverstein, Brookfield Property Partners and the Related Companies are betting that new office towers will attract a sizable influx of tenants. More than 14 million square feet of office space is in the pipeline in Manhattan, all of which is slated to be built within five years, according to CoStar Group data cited by the Wall Street Journal. [more]
Posts Tagged ‘Costar Group’
CoStar Group has dropped its anti-piracy lawsuit against a number of anonymous CompStak users.
The suit alleged the CompStak users posted CoStar’s proprietary commercial real estate data to the rival website in violation of CoStar’s terms of service. The judge’s denial of CompStak’s motion to block a request to reveal the identities of four users named in the suit amounted to a victory, CoStar told the Washington Business Journal
“We basically got what we wanted,” CoStar spokesman Mark Klionsky told the publication. “We reached out to the John Does, we had what I would consider successful discussions with them, and they’ve agreed not to put our intellectual property into third-party systems.” [more]
In the commercial real estate information war, industry giant CoStar Group today struck a blow against relative newcomer CompStak, which will now have to disclose the identities of four of its users who allegedly misused CoStar data. [more]
A subscription-driven data cruncher for the commercial real estate industry has swallowed up an online apartment search company for $585 million. [more]
Los Angeles-based commercial brokerage DTZ plans to double the number of brokers it employs in the New York City area, offering signing bonuses as an incentive.
The bonuses will amount to roughly 75 percent of the average commissions that the rival firms’ targeted top brokers earned over a three-year period. David Gialanella, who was tapped in July to lead the New York Tri-State region for DTZ, told the Wall Street Journal that his goal is to double – or even triple – the current staff of 65 in New York and 20 in New Jersey over the next year or year and a half. [more]
Spanish-language media giant Univision has expanded its presence at the Fisher Brothers’ 605 Third Avenue office tower to just under 195,000 square feet, a spokesperson for the landlord told The Real Deal. [more]
Ariel Property Advisors has come far in two years, growing from a staff of 10 to 40 and handling $250 million in business last year.
The investment-property sales firm, which specializes in commercial and rental-apartment buildings in the city’s outer boroughs, is on pace to double its sales volume this year, founder Shimon Shkury said. It has three Manhattan deals in the works, ranging from $30 million to $50 million apiece. Below 96th Street, competition is stiff among Ariel’s adversaries, which include Cushman & Wakefield, Eastern Consolidated, CBRE and Massey Knakal, where Shkury served as a senior broker before branching out on his own. [more]
Though real estate investment trusts’ returns are diminishing, they’re not losing any popularity among investors because so many other investment vehicles are actually in negative yield territory, according to the New York Times.
The latest figures from the National Association of Realtors and CoStar show residential and commercial property prices have gained 7.9 percent and 6.5 percent, respectively, in the last year. As a result, the Vanguard REIT Index returned 2.8 percent in the second quarter and real estate mutual funds returned 3.5 percent. [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]
Normandy Real Estate Partners has gone into contract to purchase a 275,000-square-foot, 16-story office building at 1370 Broadway and 37th Street for $125 million, according to the New York Post. Sources said the building was snapped up by the company just before Thanksgiving.
As The Real Deal previously reported, the seller, Sitt Asset Management, had been soliciting bids for the building in October. CoStar Group data shows the property has about 22 percent of its space available to lease. Large tenants there include apparel retailer Esprit and executive office firm Jay Suites. … [more]
Well-leased commercial buildings in major markets may not be as profitable as
many commercial real estate investors believe they are, the Wall Street Journal
reported. According to an analysis by Costar Group, many leases in top
markets such as New York City, San Francisco and other areas are set
to expire next year. And because of the weak economy, tenants might be
demanding significantly lower rents than they otherwise would. In
Manhattan, Costar found that despite recent gains,
current office rents are still nearly 28 percent below their peak prices in
2008. The Real Deal recently found that office leasing in Manhattan was tightening … [more]
Now that the debt ceiling has been raised and budget cuts have been agreed upon, the real estate industry’s focus shifts to how the new legislation will affect the commercial market. And according to Chris Macke, a senior real estate strategist at the CoStar Group, in an article for Forbes, that all depends on whether the economy has slumped because of a reduction in demand, or because federal spending has corporations concerned over forthcoming tax hikes.
If it’s the former, then the commercial real estate market could be in for a rude awakening. With the federal government spending $2.7 trillion less over the next decade, or $270 billion less per year, many private sector companies who do big business with the government will find their revenues slashed. In that case, corporate America certainly would not increase hiring and demand for commercial real estate would be stifled. … [more]
Howard Michaels‘ Carlton Group has reached the number one spot among New York City office investment sales brokerages for the first time thanks to demand for recapitalizations, the New York Post reported.
Carlton ranked number six nationally for the first half of the year based on $1.1 billion in total volume of debt and equity financings. Eastdil Secured came in at number one with over $4 billion.
Carlton’s New York figures are due to three local recaps valued at $1.1 billion — at 1 Park Avenue, 1180 Sixth Avenue and 450 West 33rd Street, according to the Post.
“Typically, recaps haven’t been recognized as investment sales, but they’re the exact same art,” Michaels said. With $850 billion in commercial mortgages due to mature by the end of the year, according to CoStar Group, Michaels anticipates even more demand for recaps, “due to the widening out of spreads in the CMBS market, which is lowering loan levels, and the sluggish economy.” … [more]
Top row, from left: Mitchell Konsker, Paul Glickman, Mitti Liebersohn and Alex Chudnoff. Bottom row, from left: 99 Park Avenue, 1290 Sixth Avenue, 681 Fifth Avenue and 1411 Broadway
Following the exit by five major leasing brokers from Cushman & Wakefield to Jones Lang LaSalle last month, there has been a behind-the-scenes battle over who is the landlord leasing representative for millions of square feet of Manhattan office space that had been handled by Cushman.
In that contest, JLL has picked up at least three buildings owned by Midtown-based Eastgate Realty with more than 1.7 million square feet.
The buildings are the 550,000-square-foot 99 Park Avenue, the 530,000-square-foot 120 Park Avenue and 665,000-square-foot 875 Third Avenue, data from CoStar Group shows. … [more]
Massey Knakal Realty Services has tapped Anglo Irish Bank executive Garrett Thelander, who helped open the New York office of the troubled lender and grow its staff to 35, to lead its new mortgage division, it was expected to be announced today.
Thelander, 55, is once again charged with starting a new office, this time as a managing director for Massey Knakal, to hire brokers and develop the new arm, Paul Massey, company CEO, told The Real Deal.
The hiring of the bank executive comes two weeks after Massey Knakal launched a retail brokerage division, bringing in long-time retail agent Benjamin Fox for that job. At the same time, the firm has had significant defections, including a top producer for the firm, Shimon Shkury, who left with his team to open the new firm Ariel Property Advisors. … [more]
New York City now has the lowest level of overall distressed CMBS loans in the nation after surpassing Seattle for the first-place spot, according to a new report from CoStar Group, which examined data from Investcap Advisors and QuantumRisk. As of the end of July, both New York and Seattle had a probability of default ratios of less than 2 percent. New York was also among the least stressed office markets in the nation, with a ratio also below 2 percent for that segment of the real estate market. Meanwhile, Las Vegas, Phoenix, Orlando, Atlanta and Detroit got no such good news. As the top five markets with the highest overall probabilities of default — their ratios came in between 11 and 15 percent — the cities are also facing potential loss severities on CMBS loans of between 10 and 14 percent. TRD
Real estate data company CoStar is expanding its New York City office presence, according to Crain’s, more than doubling its space with a 12,000-square-foot office at 1177 Sixth Avenue between 45th and 46th streets. Although the company had been on the hunt for raw space it could build out, CoStar eventually settled on the space, which sits among the building’s upper-level floors. Although the rent is unclear, asking rents for similar space in that building range from $75 to $85 per square foot. CoStar will be leaving its current New York City office at 420 Lexington Avenue, where it had leased 5,000 square feet. [Crain’s]
Commercial services firm CB Richard Ellis represented the tenants in
seven of the 10 largest office leasing deals that closed in the first
half of 2010,
up from three of the top leasing deals in same period last year, a
CoStar Group ranking of the top 50 leasing deals published today in
Crain’s shows. CBRE dominated the upper tier of leases with the top four tenants:
Proskauer Rose, Polo Ralph Lauren, Showtime and Beijing Vantone Real
Estate. … [more]
The National Football League is nearing a deal to relocate its
Manhattan headquarters in a cost-cutting move that would shrink its
office space by about 15 percent, according to the Wall Street Journal.
The NFL is currently located in 205,000 square feet at 280 Park Avenue,
which is owned by Broadway Partners, but the lease expires in 2012 and
it is now planning to sign on for 175,000 square feet at the Rudin
family-owned 345 Park Avenue, two blocks north. The organization will
hardly be the first big tenant to downsize and take advantage of
bargain prices amid the commercial real estate slump. Office rents on
Park Avenue between 47th and 65th streets are down to $65.97 per square
foot from their $102.62 per square foot peak, according to CoStar, and
while leasing activity has picked up, that’s mostly because of tenants
like the NFL consolidating while it’s still inexpensive to do so. The
NFL, which has been cutting costs across the board since late 2008, has
around 75 fewer staffers in its New York office since the downturn
began and has tapped Ted Moudis Associates to design the new office
The international law firm Milbank, Tweed, Hadley & McCloy headquartered at 1 Chase Manhattan Plaza in the Financial District … [more]