Downtown landlords took advantage of the area’s growing popularity by re-pricing about 1.5 million square feet of the 12.2 million square feet available in the first quarter of 2014. According to newly released data from CBRE Group, the vast majority of this space — about 1.43 million square feet — was priced higher. [more]
Posts Tagged ‘peter turchin’
The amount of sublease space in the Manhattan office market fell in the second quarter of 2013 while the number of sublease deals increased, according to CBRE Group data reviewed by the Wall Street Journal. The shrinking availability of sublease space could lead to a rise in rents.
The amount of sublease space available in the second quarter was 18 percent, a year-over-year decrease of 5.3 percent and a long way from the mid-2009 high of 31 percent, the CBRE data show. Leasing sublease space often results in a significant cost savings for the tenant, as sublease rents and capital costs are typically lower than direct leases. [more]
Just five large tenants — none of them Internet start-up firms — accounted for nearly a fifth of all relocation leases signed so far this year in the city’s tightest market, Midtown South, a new report from commercial firm CBRE Group shows.
The tenants, retailer JCPenney, New York University, advertising firm Havas, research-focused New York Genome Center and Weight Watchers International, each took more than 100,000 square feet for a total of about 17.9 percent of the 3.9 million square feet leased in Midtown South so far this year, the data shows. [more]
Airy, open-plan office spaces, once seen as difficult to rent, are commanding some of the highest office rents in Manhattan since the recession, the New York Times reported, some more than $100 a square foot. These spaces, with dramatic city views, can be found in Midtown towers like 499 Park Avenue and 250 West 55th Street, the Times said, as well as downtown at 1 and 3 World Trade Center, now under construction.
Also desirable for their floor plans are buildings like 51 Astor Place, 28-40 West 23rd Street and 30 Rockefeller Center, where investment company Lazard is redesigning its 430,000 square feet on the top floors.
“Constantly now, we see firms wanting to build dramatic space,” said Peter Turchin, an executive vice president at CBRE. … [more]
From left: SL Green CEO Marc Holliday, 280 Park Avenue (building photo source: PropertyShark), and Vornado Chairman Steven Roth
Vornado Realty Trust and SL Green Realty are planning a $60 million to $100 million transformation of the office towers at 280 Park Avenue that the partnership acquired for almost $500 million in April, according to the New York Post.
The group has commissioned architects KPF to oversee facade modifications to the structure, comprised of a 31-story tower and a 48-story tower that are connected by a 17-story middle building near 49th Street, and a complete renovation of the tower’s base and plaza and lobby. … [more]
Clockwise from top left: Gary Greenspan, executive vice president at Cushman & Wakefield; CB Richard Ellis Chairman Stephen Siegel; 7 WTC; Peter Turchin, executive vice president at CB Richard Ellis and Michael Burgio, executive vice president of Cushman & Wakefield Seven World Trade Center is now fully leased, according to Silverstein Properties, which signed MSCI to a 20-year lease for the final 125,000 available square feet on floors 47 through 49. MSCI, which provides investment decision support tools, is moving its world headquarters to the 52-story tower from One Chase Plaza, and will consolidate its New York City operations in the space by the middle of next year.
Gary Greenspan and Michael Burgio, executive vice presidents at Cushman & Wakefield, represented MSCI, while an internal Silverstein Properties team together with CB Richard Ellis Chairman Stephen Siegel and executive vice president Peter Turchin, also of CBRE, negotiated the lease. – Adam Fusfeld
Another law firm has signed on to join Proskauer Rose at 11 Times Square, becoming the second tenant at the brand new, 40-story tower by SJP Properties and Prudential Real Estate Investors. According to Bloomberg News, Zukerman Gore Brandeis & Crossman will take 17,144 square feet at the $1.2 billion skyscraper, where Proskauer signed a 406,400-square-foot anchor tenant lease a year ago. The firm will pay “very close” to the asking rent of $72 per square foot for its 15th-floor space, said CB Richard Ellis’ Peter Turchin, who represents the landlords. … [more]
From the December issue: If the last 12 months have served as a humbling recalibration of the entire U.S. economy, then there is perhaps no urban office district more representative of America’s fall from opulence than the commercial stretch along Park Avenue in Midtown. For decades, it was the province of the financial titans, including JPMorgan, Lehman Brothers and UBS, whose paychecks and egos were matched, in part, by Park Avenue’s astronomical asking rents in its premier buildings. But now, much like its former white-gloved denizens, Park Avenue is an empty shell of its former self. The Park Avenue submarket — which runs from Grand Central to 59th Street — has fallen harder and faster than any other Manhattan submarket over the past 12 months. According to Cushman & Wakefield, from October 2008 to October 2009, average asking rents dropped 34.7 percent, from $108.57 per square foot to $70.85 per square foot. By comparison, overall asking rents in Manhattan fell 22 percent during the same period…. [more]
Just weeks after its leasing assignment was ended at the 2.8-million-square-foot Empire State Building, full service commercial real estate firm CB Richard Ellis told The Real Deal it has clawed back some of that space by inking a deal to represent 101 Sixth Avenue on the border of Soho and Hudson Square. CBRE picked up the leasing assignment for the 430,000-square-foot building at the corner of Sixth Avenue and Watts Street Oct. 7, said Peter Turchin, executive vice president at CBRE. The 23-story office building is owned by a partnership between the Andalex Group and Edward J. Minskoff Equities, and was built in 1991. The entire building is leased by the influential Service Employees International Union local 32 BJ, whose 20-year lease expires Dec. 31, 2011…. [more]
Midtown leasing velocity beat its five-year average for the first time
in 18 months while the availability rate of office space improved slightly for only the
second time since late 2007, according to a Manhattan monthly leasing
report from commercial services firm CB Richard Ellis released today. There was 1.58 million square feet leased in Midtown in July, up from
1 million in June, the report said, besting its 60-month average of
1.32 million square feet. The increase in leasing was attributed in part to the continued decline in rents. “The fact that pricing is getting to be more and more palatable just
means that it takes the edge off… the amount of time that it might
take for landlords and tenants to come to an agreement,” Pamela Murphy,
senior vice president for research at CBRE’s tri-state region, said
during a conference call covering the report this afternoon…. [more]
Leasing activity in Manhattan this year will likely be the weakest in
decades, top leasing brokers at CB Richard Ellis said at a
quarterly-market briefing this morning. “Our expectation is this is going to be the worst year since we have
been keeping records on this” in the 1980s, said Paul Myers, CBRE
executive vice president, and tenant-side broker, at the breakfast,
held at the firm’s Midtown office. Peter Turchin, an executive vice
president with the firm, also spoke. There has only been 5.9 million square feet leased in Manhattan through
July 1, and he expects leasing for the year to be worse than the most
recent low of 14 million square feet in 1991. … [more]
The amount of office space leased in Midtown crept up in May, but
remained less than half what it was in the same month last year,
according to a report released today from full-service commercial
brokerage CB Richard Ellis. There was 620,000 square feet leased
in Midtown last month, up from 490,000 square feet a month earlier,
but far below the 1.16 million square feet leased in May 2008, the
monthly CBRE report says. Meanwhile, the average asking rent in
the submarket fell to $62.16 per square foot in May from $63.57 the
month earlier, a 28 percent drop from last May’s average of $86.52,
CBRE said. The availability rate, measuring the amount of space that
will be available for a tenant build out within 12 months, rose to 15.2
percent, from 14.8 percent in April…. [more]