The Real Deal New York

Posts Tagged ‘matthew van buren’

  • From left: Former CBRE Group broker Jon Zuckerman, now an executive managing director at Newmark Knight Frank, CBRE brokers Mary Ann Tighe and Stephen Siegel, former CBRE tri-state President Mitchell Rudin, current president of U.S. operations for Brookfield Properties, and
    Keith Caggiano, vice president at CBRE

    The word on the street has always been that it’s a dog-eat-dog world in the city’s largest commercial brokerage firms, but brokers rarely reveal how the cutthroat maneuvering plays out.

    But now, in a bombshell lawsuit filed this month, former CBRE Group broker Jon Zuckerman provides an inside account claiming he was forced to resign and give up his lucrative MetLife account while CBRE allegedly sought to consolidate control over his clients.

    The suit only names the commercial property firm CBRE (under the name CB Richard Ellis Real Estate Services) and Zuckerman’s former partner, broker Keith Caggiano, and does not name MetLife or other CBRE executives. … [more]

  • Fourth quarter won’t deliver, execs say

    November 03, 2011 10:27AM

    From the November issue: The Manhattan office leasing market began the year on a tear, leading executives as recently as four months ago to predict that volume could top 30 million square feet in relocation and expansion deals. Now, however, professionals — who have seen demand wane in the second half of the year — expect activity will fall far short of that.

    Indeed, the fourth quarter — often a bright seasonal spot as firms try to wrap up leases before the end of the year — won’t deliver, sources say.

    Leasing for 2011 is expected to reach only 25 million or 26 million square feet, barely ahead of last year’s 24 million square feet, figures from commercial firm CBRE show. The last three months of the year are not expected to help. “We are anticipating it being a slightly softer quarter than we have seen in the last three or four quarters,” Matthew Van Buren, president of CBRE’s Tri-State region, said last month at a media briefing. … [more]

  • The president and CEO of CB Richard Ellis’ New York tri-state region, Mitchell Rudin, is taking a high-level job at global developer and landlord Brookfield Office Properties, which owns the World Financial Center in Lower Manhattan, according to the two companies.

    Brookfield hired Rudin to be president and CEO of U.S. commercial operations, replacing Dennis Friedrich, who was promoted to president and global chief investment officer for Brookfield. Friedrich replaced Brookfield’s CEO Ric Clark as company president, in the changes announced this morning. Clark remains as CEO.

    Rudin was president and CEO at CBRE for seven years, and has been with the international brokerage firm for 21 years. He will start in his new position at the end of June.

  • alternate text
    From top: CBRE’s John Maher and Paul Myers (chart source: CB Richard Ellis). Click image to see a larger version of the chart.

    The market for office space in several dozen of Midtown’s top
    buildings tightened over the last quarter while it got softer in the rest
    of the market, commercial brokers from CB Richard Ellis said.

    Paul Myers, a CBRE executive vice president, said tenants should
    keep in mind the difference between buildings in the market as they
    hunt for space.

    “If you are a tenant… when you are looking at a top floor in a top
    building and you think it is a 12 percent [availability rate] and a
    tenant’s market, you are actually not correct,” Myers said. … [more]

  • Manhattan office asking rents fell by their largest amount in four months in March even as leasing volume increased, according to data from commercial services firm CB Richard Ellis.

    Average asking rents fell by 51 cents per foot in March to $48.27 per square foot, the steepest decline since rents fell by 73 cents in November 2009 to $49.17 per foot, CBRE data shows.

    Over the previous three months, the average asking rent in the market fell by an average of only 14 cents per foot. The flattening in the decline in rents was seen as an indicator of stability in pricing.

    Matthew Van Buren, executive vice president at CBRE, said the fluctuations in asking rent may just be individual large deals swaying the market. … [more]


  • From left: Stephen Siegel and Matthew Van Buren, both of CBRE

    A day after a Cushman & Wakefield broker said at a quarterly market briefing that the vacancy rate Downtown could rise by two-thirds, a top broker at competitor CB Richard Ellis gave a more optimistic view of the area during its own briefing today.

    Stephen Siegel, chairman of global brokerage at commercial services firm CBRE, said many of the financial giants may not give back all the space once expected. He, along with executive managing director Matthew Van Buren, spoke this morning at the CBRE fourth-quarter market briefing at the firm’s Midtown office.

    “I also believe with the exception of 85 Broad [Street], Goldman Sachs will probably retain a lot more space than they were anticipated to, maybe 1 New York Plaza, etc.,” he said. “I think Merrill [Lynch] will stay. If not with all their space then with a significant amount of their space. That is my opinion.”

    Although he would not identify Goldman Sachs by name, he suggested in another instance that the firm had removed from the market 260,000 square feet previously offered for sublet at 1 Liberty Plaza, and once again utilized that space. … [more]