The Real Deal New York

Posts Tagged ‘deloitte’

  • Though the U.S. commercial real estate market is relatively strong despite an uneven economy, a mass of debt due to mature between now and 2015 gives reason for pause, according to a commercial real estate report issued today by Deloitte.

    Activity has increased by just about every measure, according to the report, because of the abundance of distressed properties for sale, the growing availability of capital to finance stable assets and the growing share of funds placed in real estate investment trusts.

    At the same time, it remains to be seen how commercial investors react to new government regulation, such as the Dodd-Frank Act and the Volker Rule. Moreover, refinancing is still risk because of the huge quantity of real estate loans scheduled to mature by 2015, largely held by banks already facing liquidity challenges. – Adam Fusfeld[more]

    Comments
  • NBC Universal has signed a 10-year lease for 1.4 million square feet of space at Rockefeller Center in the wake of its acquisition by Comcast, according to the Post. The space, which NBC parent company General Electric bought for $440 million in 1996 after the Rockefeller Center bankruptcy bailout, consists of full-floor office condominiums in 30 Rockefeller Center (where the lease includes 75,602 square feet), the studio building at 49 West 49th Street (where NBC leased 475,110 square feet) and 1250 Sixth Avenue (where NBC leased 187,065 square feet). As part of the deal, brokered by Scott Panzer of Jones Lang LaSalle, NBC will have first dibs on the condos if GE ever decides to sell them. … [more]

    Comments
  • Large office tenants scramble for space

    February 21, 2011 09:47AM

    New York City doesn’t have enough big chunks of office space to go around for all of the major tenants who are looking. According to Crain’s, there are 24 tenants currently on the hunt for at least 250,000 square feet in New York City and only 29 available blocks that fit the bill. But Cushman & Wakefield data shows that only 12 of those spaces are in the coveted Midtown area, and brokers say the crunch is shifting the office leasing market in landlords’ favor. At 120 Park Avenue, Wells Fargo was recently bumped despite a letter of intent to lease 280,000 square feet because Bloomberg LP swooped in to snag that space — plus an additional 120,000 square feet. … [more]

    Comments
  • Deloitte takes 12 floors at 30 Rock

    January 27, 2011 09:09AM

    Accounting giant Deloitte has signed an 18-year lease for 12 floors with a total of around 430,000 square feet at 30 Rockefeller Center, according to the Observer. The deal — the largest of 2011 so far and only slightly smaller than the largest office lease of 2010 — brings a likely end to more than a year of intense speculation about the firm’s real estate search, which was headed by Cushman & Wakefield’s John Cefaly and Dale Schlather and included high-profile buildings like 11 Times Square, 4 World Trade Center and 4 World Financial Center. … [more]

    Comments
  • In addition to getting a request from Deloitte for a $20 million subsidy package today, the city’s Industrial Development Agency is slated to present a reworked subsidy package for Reuters, which was given up to $26 million in incentives from the Giuliani administration, the Observer reported. Reuters received the $26 million incentive package — intended to promote job growth — in 1998, but according to the city about $20 million remains unused. In 2008, Reuters merged with Thomson and now, with a larger workforce and more office buildings, Thomson Reuters wants to extend the subsidy to all its buildings, at least in part to help get a break on renovation costs, according to the Observer.

    The city and Reuters reworked the proposed deal, with the city adding new restrictions tied to job growth to access some of the subsidy. The city also proposed to extend the length of the deal by another four years. Opponents, such as Public Advocate Bill de Blasio, criticized the city for an alleged lack of transparency and mistreatment of workers, and called for the Bloomberg administration to delay the approvals. Bill O’Meara, president of the Newspaper Guild of New York, also voiced opposition to the deal, saying that the city should not be giving taxpayers’ money to a foreign-owned company. Julie Wood, a spokesperson for the city’s Economic Development Corporation, countered their claims by highlighting the growth incentives in the reworked deal. [NYO]

    [more]

    Comments
  • John Cushman

    The international law firm Milbank, Tweed, Hadley & McCloy headquartered at 1 Chase Manhattan Plaza in the Financial District … [more]

    Comments
  • John Cushman

    The international law firm Milbank, Tweed, Hadley & McCloy headquartered at 1 Chase Manhattan Plaza in the Financial District … [more]

    Comments
  • With declining commercial real estate values, 2010 may prove to be the ultimate year for distressed asset investment nationwide, according to a recent report from financial advisory firm Deloitte. The report, which makes predictions for the market for the next year and a half, says that hotel and multi-family residential markets may be among the first kinds of commercial real estate to bottom out and recover, particularly if employment figures begin to improve in 2010. New York, in particular, might see a quicker turnaround in the office market, according to the report, in part because of recent hiring upticks in the investment banking sector. TRD

    Comments
  • Hachette Filipacchi, the publisher that recently lost out to beauty giant Avon in talks to take over several open floors at the William Kaufman Organization’s 777 Third Avenue, is reportedly closing in on a deal at the 48-story Time-Life Building at 1271 Avenue of the Americas in Rockefeller Center. The contract would be for 132,000 square feet of space previously occupied by Lehman Brothers, which had subleased the three floors from Time Inc. Hachette would be downsizing significantly from its current 263,010 square feet at 1633 Broadway, which is owned by Paramount. Deloitte is also expected to vacate 1633 Broadway soon, in a move that could leave the door open for television network A&E. Currently located at 235 East 45th Street, A&E is in the market for 350,000 square feet of space and is rumored to have looked at the Empire State Building and Worldwide Plaza in addition to Paramount’s building. [Post]

    Comments
  • Things are looking up for the New York City hotel industry, which is
    celebrating a rebound in occupancy from earlier this year. Manhattan
    was the only market in the country, besides New Orleans, to report a
    double-digit occupancy, up 10.5 percent this year to 88.1 percent,
    according to data from Smith Travel Research for the week ending Dec.
    12. While hotel occupancy in Manhattan has risen dramatically from levels
    as low as 55 percent, the average daily rate continues to be lower than
    record levels achieved in 2007. Nevertheless, the increase in occupancy represents a significant
    improvement to a market where more than 30 new hotels have opened
    during the year. Many of these new limited-service and boutique hotels,
    including Hotel Indigo, Ace Hotel and Crosby Street Hotel, have registered occupancy at nearly 90 percent. From a national perspective, travelers are going to have it good next year. … [more]

    Comments
  • With the Depository Trust and Clearing Corporation’s October decision to relocate 1,600 employees from an office at 55 Water Street in Manhattan’s Financial District to New Jersey, commercial real estate experts are suggesting that other large tenants may also follow suit. Accounting group Deloitte has suggested that it may relocate as many as 1,400 jobs from its two Manhattan office locations at Two World Financial Center and 1633 Broadway, over to New Jersey or Connecticut. As office space becomes increasingly expensive, New York City landlords are struggling to hold onto office tenants, the New York Observer reported. “Depository is perhaps the first of several we may see begin to explore” offices outside Manhattan, Pat Murphy, a vice chairman at CB Richard Ellis, said.

    Comments
MENU

Subscribe to our email newsletters

New York Real Estate News
South Florida Real Estate News