Deutsche Bank will move from Wall Street to Columbus Circle

DB.PNG

Welcome to what may become the future Deutsche Bank Center.

The German bank has decided to move its regional headquarters from Lower Manhattan to 1.2 million square feet at One Columbus Circle, The Post has learned.

“After a full evaluation of our real estate strategy, Deutsche Bank has decided to relocate its regional headquarters in New York from its current location at 60 Wall Street to a new location at One Columbus Circle,” a spokesman for the bank said in a statement.

A term sheet has been signed, sources said — not a lease, which could be the reason Deutsche Bank declined to provide other details like whether it would get naming rights to the Time Warner Center.

This reporter broke news of the move on Twitter.

Time Warner is planning to move from its namesake building to the new 30 Hudson Yards in 2021.

Related Cos. had developed Time Warner Center and sold the media company its office space — but bought it back when Time Warner agreed to move to Related’s new project at Hudson Yards.

The asking rent at the Time Warner Center was $135 per square foot.

“Related transformed Columbus Circle into a thriving mixed-use neighborhood and world-class destination. We are very pleased to work with our long-term partner as they re-imagine their north American headquarters,” said Jeff T. Blau, chief executive of Related Cos.

The first term of Deutsche’s lease at 60 Wall St. ends in June 2022. The bank had several renewal options and the building had new owners that laid out the red carpet for a lease renewal.

But the bank “wanted a fresh start,” one source said.

It loves the thriving Upper West Side neighborhood around the Time Warner Center — with its European feel as well as the stunning Central Park, river and city views, sources said.

The One Columbus economics will also work, sources said. Deutsche Bank will relocate roughly 500,000 square feet of occupancy to a new building in Jacksonville, Fla., where it already has a large presence.

Peter Riguardi, chairman and president of the JLL’s tri-state region, who represented Deutsche Bank, declined to comment. He had been pitching the Time Warner Center on behalf of Related Cos. but recused himself on this transaction.

“This is a decision they made because of their business and financial health,” said a disappointed Jessica Lappin, president of the Alliance for Downtown, who said she believed the bank’s employees wanted to remain in the area. “They are retrenching and reorganizing, and (that’s) why I can see being the anchor tenant at 2 World Trade was a bridge too far for them.”

The 2 World Trade Center tower would have been developed by Larry Silverstein, but it has taken several years to flesh out details, build and turn over for a move in.

“While today’s news is disappointing, we are very happy with Downtown’s growing momentum and optimistic about the World Trade Center’s continued success,” said a Silverstein spokesman. The area will welcome 4,000 GroupM and 2,000 Spotify employees to 3 WTC and 4 WTC, respectively, over the rest of the year.

Originally developed in 1987 for what was then called JPMorgan & Co., 60 Wall Street would have been the least expensive choice, sources said. But the 1.6 million-square-foot building would have required an entire redevelopment of its trading floors and now 30-year-old infrastructure.

https://nypost.com/2018/05/04/deutsche-bank-will-move-from-wall-street-to-columbus-circle/

By Lois Weiss

Investment Banking Firm Heads to SL Green’s 521 Fifth Avenue

Investment brokerage Laidlaw & Company is moving one block within Midtown.

The 170-year-old investment banking and securities firm inked a 10-year deal for 20,987 square feet on the entire 12th floor at 521 Fifth Avenue, between East 43rd and 44th Streets. Asking rent for the space wasn’t immediately available.

Laidlaw will relocate from 546 Fifth Avenue, which is only a block and a half away between West 45th and 46th Streets, in the second quarter of 2018.

“Fifth Avenue continues to be a premier business address and buildings like 521 Fifth Avenue, which are centrally-located, convenient to mass transit and have the benefit of institutional ownership will continue to outperform the market,” said SL Green Executive Vice President Steven Durels in prepared remarks.

Jonathan Plotkin and Tim Pond of Colliers International handled the deal for Laidlaw & Company. SL Green was represented by Cushman & Wakefield’s Tara StacomBarry ZellerJustin Royce and Pierce Hance. Spokespeople for both brokerages didn’t immediately respond to requests for comment.

Other tenants in the 39-story office building include ChinaTrust Commercial BankMcGraw Communications and Financial Guaranty Insurance Company. The property’s ground floor retail is occupied mostly by Equinox and Urban Outfitters.

Wealth Management Firm for Blackstone Co-Founder Moves Within Midtown

399 PARK AVENUE. PHOTO: COSTAR GROUP

399 PARK AVENUE. PHOTO: COSTAR GROUP

Peterson Management, which manages the family assets of Peter Peterson,Blackstone Group co-founder and former Lehman Brothers chief executive officer, is heading to the former Citigroup headquarters on Park Avenue.

The firm will relocate from 26,000 square feet at Paramount Group’s 712 Fifth Avenue to 40,000 square feet of offices at Boston Properties’ 399 Park Avenue, The Real Deal reported. The outfit led by Peterson’s son, Michael Peterson, will set up shop in a penthouse-like space that includes outdoor terraces and a glass box constructed on top of the building’s setback. Rents in the 15-year lease start at $130 a square foot and rise to $150 a square foot towards the end of the term, according to TRD.

Seth Hecht of Cushman & Wakefield and Joseph Conwell of Philadelphia-based GPX Realty Partners represented Peterson. (GPX Realty is a subsidiary of private investment firm GPX Enterprises, another company headed by Michael Peterson.) It wasn’t immediately clear who represented the landlord.

A spokesman for C&W declined to comment, and Boston Properties’ spokeswoman didn’t respond to a request for comment.

The wealth management company will relocate along with the nonprofit Peterson Foundation, which Peter Peterson launched in 2008 to focus on fiscal sustainability and national debt.

BY REBECCA BAIRD-REMBA NOVEMBER 6, 2017 11:31 AM

https://commercialobserver.com/2017/11/wealth-management-firm-for-blackstone-co-founder-moves-within-midtown/

Large UAE Bank Moving NYC Office Within FiDi

7 STATE STREET. PHOTO: COSTAR GROUP.

7 STATE STREET. PHOTO: COSTAR GROUP.

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].”

https://commercialobserver.com/2017/09/large-uae-bank-moving-nyc-office-within-fidi/

BY LIAM LA GUERRE SEPTEMBER 28, 2017 10:11 AM

Wealth management firm inks lease at Durst Organization’s 1155 Sixth Avenue

A wealth management firm is ditching its Fifth Avenue digs for the Durst Organization’s 1155 Sixth Avenue.

Robert W. Baird,  a financial services firm, has inked a lease for 16,000 square feet on the 16th floor of the Durst’s Midtown office building, the New York Post reported. Asking rent was $85 per square foot.

The developer is in the process of pumping $110 million into renovating the 790,000-square-foot tower. Improvements include a new lobby at West 44th Street, a rooftop pavilion and windows that are more energy-efficient. In 2014, one of the building’s largest tenants, the law firm White & Case, announced that it would be leaving its 390,000-square foot space for 1221 Sixth Avenue in 2017.

In 2015, Keller Williams announced that it would take 30,000 square feet in the tower. TD Ameritrade, which has a retail space at a nearby building owned by the Dursts, 1133 Sixth Avenue, plans to move to the north corner retail space at 1155 Sixth Avenue. The bank will start leasing 5,227 square feet there in 2018.  [NYP] — Kathryn Brenzel

https://therealdeal.com/2017/06/13/wealth-management-firm-inks-lease-at-durst-organizations-1155-sixth-avenue/

ETrade takes 31K sf at SJP’s 11 Times Square

Steven Pozycki and 11 Times Square (Credit: Eleven X)

Steven Pozycki and 11 Times Square (Credit: Eleven X)

Online discount stock brokerage ETrade inked a deal to lease more than 31,000 square feet at SJP Properties’ recently rebranded 11 Times Square office tower.

The firm, which is relocating from 1271 Sixth Avenue, took 31,234 square feet in the 1 million-square-foot tower, the New York Post reported.

Digital consulting tech firm Synechron also took 11,831 square feet in the building, bringing the office space to 95 percent leased. Synechron will be relocating from 15 Maiden Lane.

Rents are around $90 per square foot, according to SJP leasing director Jeff Schotz.

It’s been a long road for the property, which SJP and partner PGIM (formerly Prudential’s PREI) built on spec as the market crashed amid the Great Recession.

Other office tenants include Proskauer, Microsoft and the hedge fund Moore Capital. The owners still have about 50,000 square feet of vacant retail after a pair of food tenants, Urbo and Senor Frog’s, failed.

Norges Bank bought a minority stake in the property back in early 2015.

The owners have rebranded the building, giving it the new moniker “11|X.” [NYP] – Rich Bockmann

Investment Manager Staying Put at SL Green’s 600 Lexington Avenue

600 LEXINGTON AVENUE.

600 LEXINGTON AVENUE.

An international investment firm has re-upped its three-floor lease at SL Green Realty Corp.’s 600 Lexington Avenue.

Commercial Observer has learned that MKP Capital Management has renewed for more than five years at the building between East 52nd and East 53rd Streets. The firm currently occupies the 16th through 18th floors, according to a press release provided by the landlord.

An SL Green spokeswoman said the investment manager has been based at the 300,000-square-foot property since 2010. Asking rent in the renewal was $85 per square foot, she added.

SL Green leasing chief Steven Durels noted in prepared remarks that the 36-story tower is “a magnet for financial firms because of its boutique-size floors flooded with natural light, floor-to-ceiling windows and upscale lobby.”

John Mambrino and Evan Margolin of Savills Studley represented the tenant and declined to comment via a spokeswoman. Larry Swiger represented SL Green in-house.

Popular sandwich shop Pret A Manger signed a deal in June 2014 to occupy a portion of the building’s retail section, as CO reported at the time. The eatery took a  corner section at the Midtown property.

Some of the other office tenants at the building include Nissan and aviation firm NetJets, a Berkshire Hathaway subsidiary. 

https://commercialobserver.com/2016/10/investment-manager-staying-put-at-sl-greens-600-lexington-avenue/

Securities Firm Jones Trading Takes a Top Floor at 757 Third Avenue

It all came down to sevens on this one.

Jones Trading, a securities brokerage and portfolio manager, has signed a seven-year lease for 7,000 square feet at 757 Third Avenue, Commercial Observer has learned.  

757 Third Avenue. Photo: CoStar Group

757 Third Avenue. Photo: CoStar Group

The company will occupy the 23rd floor of the 504,953-square-foot, 26-story building between East 47th and East 48th Streets, according to a source familiar with the deal. Asking rent in the transaction was $75 per square foot.

Paul Fomichelli and Kirill Azovtsev of JLL represented the tenant, while Matthew Coudert of George Comfort & Sons represented the landlord, Canadian investment manager Bentall Kennedy. Azovtsev declined to comment, and Coudert was not available for comment.  

Jones Trading is currently based a block away at 780 Third Avenue between East 48th and East 49th Streets. There the company leases 7,178 square feet on the third floor, according to CoStar Group. The lease at that property is slated to end later this year.

Bentall Kennedy in March 2015 scooped up the 54-year-old 757 Third Avenue from RFR Realty for $360 million. The Canadian financial firm completed the purchase with a $205 million acquisition loan provided by New York Life Real Estate Investors, as CO reported in April 2015.

Commercial Observer, Terence Cullen, Sept. 13, 2016, 1:23 p.m.

BlackRock narrows HQ search down to three locations

One World Trade Center and BlackRock’s Larry Fink

One World Trade Center and BlackRock’s Larry Fink

Asset manager BlackRock narrowed its list of potential new headquarters locations down to three: The Durst Organization’s One World Trade Center, the Related Companies and Oxford Properties Group’s Hudson Yards and Brookfield Property Partners’ Manhattan West.

The company currently occupies around 700,000 square feet in two buildings – 55 East 52nd Street and Rudin Management Company’s 40 East 52nd Street – where its lease expires in 2023. The Real Deal reported in February that it tapped a JLL team headed by Peter Riguardi to find a new, larger office space.  According to the Wall Street Journal, BlackRock is looking to lease 850,000 square feet at a possible annual rent of around $60 million.

One World Trade Center was 69 percent leased as of early June, and landing Blackrock would bring the 3 million-square-foot tower close to full occupancy. Hudson Yards, meanwhile, has already landed major finance tenants Wells Fargo and fund manager KKR.

BlackRock's employee count has grown from 5,341 at the end of 2008 to currently 13,000. As banks and other Wall Street firms suffered from the aftermath of the 2008 financial crisis and stricter financial regulation, asset managers like BlackRock and the Blackstone Group have captured market share.

[WSJ] – Konrad Putzier,

The Real Deal, Asset manager considering 1 WTC, Hudson Yards and Manhattan West
July 27, 2016 05:40PM