Large UAE Bank Moving NYC Office Within FiDi



Dubai-based financial institution Mashreqbank signed a 10-year lease for 8,727 square feet at 17 State Street, according to landlord RFR Realty.

The tenant will take half of the 22nd floor in the 42-story building at the intersection of State and Pearl Streets across from The Battery. The asking rent in the deal was $68 per square foot. The bank is moving from its current address at 50 Broadway near Exchange Place. It has 5,919 square feet there on the 15th floor, according to CoStar Group.

RFR’s AJ Camhi and Ryan Silverman handled the deal alongside a JLL team of John Wheeler and Clayton KlineCushman & Wakefield’s Dan Organ brokered the transaction for Mashreqbank, which has 12 offices overseas in Europe, Asia and Africa. A spokesman for C&W declined to respond to a request for comment.

The deal was part of a few new transactions signed at the 570,696-square-foot office tower.

London-based M Three Consulting signed a 4,812-square-foot deal at the building, and it is moving from 14 Wall Street between Broadway and Nassau Street. Also, law firm Torgan, Cooper & Aaron inked a 6,443-square-foot renewal. Rob Lowe and Evan Algier of C&W handled the deal for the law firm. And financial planner Granger Management Holdings renewed its 3,263-square-foot space.

“We continue to attract and retain prestigious global companies who have chosen 17 State Street as their home,” Camhi said in a prepared statement. “Each of the executives and employees at these firms will benefit from its close proximity to transportation… as well as the stunning views of New York Harbor, the Statue of Liberty and [The Battery].”


Tottenham Hotspur owner’s firm takes 46K sf at SL Green’s 100 Church

Bahamas-based Tavistock Group signed 15-year lease

Bahamas-based Tavistock Group signed 15-year lease

An investment firm founded by the owner of the English soccer club Tottenham Hotspur signed a 46,492-square-foot office lease at SL Green Realty’s 100 Church Street in the Financial District, according to public company records and the real estate investment trust’s quarterly earnings press release.

The lease has a term of 15.6 years, according to the release.

Property records show the entity that signed the lease, 100 Church Street Tenant LLC, is registered to the Florida address of a senior executive at Bahamas-based investment firm Tavistock Group. Tavistock did not immediately respond to a request for comment.

Founded by British-born billionaire Joe Lewis in 1975, Tavistock owns restaurants, life sciences companies and real estate properties, among other holdings. The 80-year-old Lewis is the owner of English soccer club Tottenham Hotspur.

SL Green took over control of the 1 million-square-foot office tower from the Sapir Organization in 2009.

Trading Company Merus Global Investments Relocating HQ From FiDi to Midtown South



International trading company Merus Global Investments is moving its headquarters from the Financial District to 8,300 square feet at 3 Park Avenuebetween East 33rd and East 34th Streets, Commercial Observer has learned.

The company, founded in December 2015 and with a branch office in Austin, Texas, will occupy a portion of the 29th floor in the 41-story office tower when it moves from 88 Pine Street between Water and Front Streets in the third quarter. The lease is for 11 years with an asking rent of $75 per square foot, according to information provided by the landlord, Cohen Brothers Realty Corporation.

As CO reported last November, the 1975-built, 936,312-square-foot building is undergoing a $30 million makeover including new lobby and façade designs. The building is home to retail tenants New York Sports ClubStarbucks Coffee and Le Pain Quotidien on the street level, and office tenants such as mega-publisher Houghton Mifflin Harcourt and eatery Dean & DeLuca, which took space in the building last year, as CO previously reported, and will move in later this quarter.

George Keller and Evan Algier of Cushman & Wakefield represented the tenant and Marc Horowitz represented landlord in-house. C&W spokesmen didn’t respond with a comment and Horowitz was unreachable.

Artificial Intelligence Company, Investment Advisers Sign 26K SF in Leases at 1 WTC



Two more tenants are taking advantage of 1 World Trade Center’s prebuilt office space.

Life settlement fund manager Corry Capital Advisors has leased 7,945 square feet for five years on part of the 76th floor, as the The New York Post was the first to report. The investment advisory firm has already decamped Macklowe Properties’ 510 Madison Avenue for its new digs in the 104-story office tower owned by Durst Organization and the Port Authority of New York & New Jersey, according to its website. CCA was represented in-house when it inked the deal.

“We are delighted to join a diverse and strong community at 1 World Trade Center,” said William Corry, the founder and general manager of Corry Capital, in a press release from the landlord. “While we conducted business in the Plaza District for many years, as soon as we set our sights on relocation, [1 WTC] was the only clear option. The building overshadows any other in Midtown, and Lower Manhattan is experiencing phenomenal growth in the private equity sector.”

And Asapp, which specializes in building software using artificial intelligence and machine learning, will soon move from a temporary space on the 83rd floor to 18,366 square feet on the 80th floor. Alexander Schwartz of Hudson Real Estate Partners represented the company in the four-year lease. Schwartz didn’t immediately return a request for comment.

Asking rents were $75 on the 76th floor and $80 on the 80th floor, according to Durst.

The landlord was represented in both deals by Tara Stacom and her team at Cushman & Wakefield and in-house by Karen Kuznick of Durst. C&W did not immediately return a request for comment.

“Our prebuilt program at 1 World Trade Center has attracted prestigious companies in a variety of industries,” said Jonathan Durst, the president of Durst Organization, in prepared remarks. “And we are extremely pleased to have Corry Capital and Asapp join our tenant roster.”

The prebuilt program at 1 WTC spans 381,668 square feet across nine floors. It offers suites ranging in size from 2,100 to 27,320 square feet. Durst has successfully leased more than half of the prebuilts to 27 tenants over course of the four-year-old program, with 16 spaces remaining.


Financial firm takes 125K sf at Brookfield Place

Brookfield Place at 200 Vesey (Credit: Brookfield Place via Facebook)

Brookfield Place at 200 Vesey (Credit: Brookfield Place via Facebook)

Brookfield Place, formerly known as World Financial Center, went back to its roots and signed financial brokerage Tullett Prebon to a 125,000-square-foot lease.

The company will move into the fifth and part of the sixth floor at 200 Vesey Street in 2018, Crain’s reported. It is moving from Jack Resnick & Sons’ 199 Water Street.

JLL’s Scott Panzer and Shannon Rzeznikiewicz represented Tullett, while the landlord was represented in-house. Asking rents at the complex are in the $50s per square foot.

Earlier this month, the Royal Bank of Canada renewed a 400,000-square-foot lease at Brookfield Place.

The complex has signed several large media tenants in recent years, shifting its tenant makeup away from financial firms.

Brookfield is currently shopping a 49 percent stake in the property.  [Crain’s] — Konrad Putzier

Royal Bank of Canada renews 400K sf at Brookfield Place

Brookfield Place

Brookfield Place

Royal Bank of Canada renewed its 400,000-square-foot lease at 200 Vesey Street in Lower Manhattan at Brookfield Place through at least 2032.

The bank, Canada’s largest lender by assets, had a lease expiration coming in 2022, but decided to renew early for at least 15 years, Bloomberg reported.

RBC will continue to be the second-largest occupier at Brookfield Property Partners’  2.1 million-square-foot tower, which is part of its 8.4 million-square-foot Brookfield Place complex.

American Express owns the 1.3 million square feet it occupies in the building.

Brookfield refinanced 200 Vesey in December with a $290 million loan from Wells Fargo.

RBC executives said they had considered moving to other properties in Lower Manhattan as well as towers at Hudson Yards and other Brookfield buildings before deciding to renew.

One factor in staying, the bank’s head of corporate real estate for the U.S. said, was to remain close to its offices in the Goldman Sachs Group tower in Jersey City, which is just one stop away on the PATH train across the Hudson River.

The rent in the deal was not disclosed.

“You’re always concerned when tenants start to look at the market, but Lower Manhattan provides a real basis for demand from tenants,” Brookfield vice president David Cheikin said. “What it offers is a great amenity base for employees, and a great commuting base for their employees. We continually hear from tenants it reaffirms their ability to attract and retain talent.”

A team at Cushman & Wakefield led by Bruce Mosler represented RBC, while an in-house team negotiated for Brookfield.

Brookfield is shopping a 49-percent stake in the complex that could value it at $5 billion. [Bloomberg] – Rich Bockmann

Stock transfer firm Continental takes 36K sf at 1 State Street

1 State Street Plaza in the Financial District

1 State Street Plaza in the Financial District

Stock transfer agent Continental Stock Transfer & Trust Company signed a lease for 36,000 square feet at the Wolfson family’s 1 State Street in the Financial District.

The 53-year-old company will be moving east to the 35-story, 975,000-square-foot building from the Moinian Group’s  17 Battery Place, located on the western side of the Downtown market. CoStar shows the company occupies 35,000 square feet on a lease expiring in July.
A spokesperson at CBRE, which represented 1 State Street landlord in the negotiations, confirmed the deal.

Financial terms of the lease weren’t available, but space on the eastern side of the submarket generally offers a discount compared to the west. Asking rents for direct deals in the downtown east subdistrict averaged $58.94 per square foot compared to $67.73 per square foot on the western side, according to Newmark Grubb Knight Frank’s fourth-quarter office leasing report.

Major tenants in the building include the city’s Department of Buildings and insurer Ambac Financial Group.

Newmark’s Paul Davidson represented Continental, while Bruce Surry and Rob Wizenberg at CBRE negotiated on behalf of the landlord.

FinTech Firm, Investment Bank Take Full Floors at 19 West 24th Street



Two tenants have each inked entire floors at Kaufman Organization’s 19 West 24th Street, which together account for more than 10,000 square feet of space.

Commercial Observer has learned that TransferWise, a financial services platform, has signed a five-year, 5,418-square-foot lease for the entire ninth floor at the property between Broadway and Avenue of the Americas.

The company, which allows users to transfer money abroad “without hidden fees,” will take the entire ninth floor of the 63,015-square-foot office building between Fifth Avenue and Avenue of the Americas. It plans to move into the building in the summer from coworking space at WeWork’s digs at 175 Varick Street.  

Asking rents in the building were in the $70s per square foot, according to a Kaufman spokeswoman. Colliers International’s Michael Thomas, who represented the tenant, declined to comment on the deal.

The building “continues to attract a diverse mix of high-quality tenants as the building offers updated loft-style office spaces located in one of the most sought after office destinations,” Kaufman’s Grant Greenspan, who represented the landlord with colleagues Michael Heaner and Elliot Warren, said in a statement.

In the second deal, Pursuit Advisory, an investment bank that provides services to media, technology, digital and private equity firms, has also taken a five-year, 5,418-square-foot lease for the entire eighth floor. Pursuit Advisory is also moving in during the summer from a temporary space in Lower Manhattan.

Pursuit Advisory “wanted a cool, hip area,” Arash Sadighi of TheSquareFoot, who represented the bank, told CO. “They felt that 24th Street off Madison Square Park gave them what they wanted.”

With these two leases, the 12-story building is now 85 percent occupied with only two floors remaining. Other tenants include Blue Ocean Brokerage, men’s custom clothing line Knot Standard, health technology company AiCure and a family-owned distributor of wines and spirits, Wilson Daniels Wholesale.

Citigroup closes on $1.8B buy of Tribeca HQ from SL Green

Bank had sold 388-390 Greenwich Street in 2007

From left: Citigroup CEO Michael Corbat, 388Greenwich Street and Marc Holliday

From left: Citigroup CEO Michael Corbat, 388Greenwich Street and Marc Holliday

UPDATED, June 13, 6:35 p.m.: Citigroup closed on the repurchase of its Tribeca headquarters at 388-390 Greenwich Street from SL Green Realty for $1.76 billion, according to public records filed with the city Monday.

The banking giant sold the two buildings to SL Green and Ivanhoe Cambridge for $1.6 billion in 2007. At the time, it secured an option to repurchase the buildings, which it now made use of. The Real Deal reported Citigroup’s plans to buy back the tower in January.

Citigroup’s headquarters consists of the nine-story, 760,000-square-foot building 390 Greenwich Street and the adjacent 39-story, 1.59-million-square-foot tower 388 Greenwich Street. Both are currently leased out to the bank.

Citi had named the buildings as its global headquarters in January and is currently renovating them. “As the establishment of our global headquarters in Lower Manhattan shows, we are committed to the city remaining our home for years to come,” a spokesperson for the bank told TRD.

SL Green had bought out Ivanhoe Cambridge in 2014 for $783 million, meaning it will receive all proceeds from the sale. In April, the company announced that it will use the money “to repay approximately $345 million of its corporate credit facility and retire the $1.45 billion mortgage” from Wells Fargo on the building.

When SL Green first announced the pending deal in January, it put the price at $2 billion. It wasn’t immediately clear why the final sales price is more than $200 million lower. A spokesperson for SL Green could not immediately be reached.

The sale marks New York’s largest commercial real estate deal of 2016 to-date. The runner up is 1285 Sixth Avenue, which RXR Realty, David Werner Real Estate and China Life bought for $1.65 billion in May. Also in May, Saudi-based Olayan Group bought the Sony Building at 550 Madison Avenue from Clipper Equity and the Chetrit Group for $1.4 billion. Both deals were first reported by TRD.

High-frequency trading firm takes 69K sf at 4 WTC

Hudson River Trading leaving current FiDi office at 32 Old Slip

4 World Trade Center in the Financial District (credit: Silverstein Properties)

4 World Trade Center in the Financial District (credit: Silverstein Properties)

High-frequency trading firm Hudson River Trading is taking 69,000 square feet of office space at Silverstein Properties 4 World Trade Center in the Financial District.

The company will occupy the 57th and 58th floors at the 72-story, 2.3 million-square-foot office tower starting next year.

Hudson River Trading’s space comes with a 5,000-square-foot outdoor terrace located on a setback on 4 WTC’s 57th floor and invisible from the street, according to the New York Post. The terms of the deal and asking rents at the building were not disclosed.

The firm, which uses automated trading algorithms to carry out its high-frequency trading operations, will be leaving its current office at 32 Old Slip, also in the Financial District.

Hudson River Trading will join the likes of software company MediaMath, which has 106,000 square feet at 4 World Trade Center, and sports cable network SNY, which occupies 83,000 square feet there.

The Port Authority of New York and New Jersey anchors the property, which houses the agency’s 650,000-square-foot headquarters.

Swiss insurance giant Zurich’s U.S. subsidiary is reportedly in negotiations to take around 70,000 square feet at 4 World Trade Center, as Crain’s reported earlier this month. [NYP] – Rey Mashayekhi