LeFrak Leases 39K SF of Office Space to Nobu, Financial Firms at 40 West 57th Street



Private wealth management firm Tocqueville Asset Management and Nobu Restaurant Group recently finalized leases at LeFrak’s 40 West 57th Street, as part of a trio of new deals in the building totaling 39,335 square feet, according to landlord broker CBRE.

Tocqueville signed a 10-year agreement to renew its 25,000 square feet on the entire 19th floor of the 36-story office tower between Fifth Avenue and Avenue of the Americas. Asking rent for the space was “closer to $100 [per square foot] than it is to $200,” said CBRE’s Howard Fiddle, who represented LeFrak in the deal. The 29-year-old investment management company has been in the building for “at least 15 years,” according to Fiddle.

Nobu Restaurant Group, the multinational chain of Japanese-Peruvian fusion restaurants run by chef Nobu Matsuhisa and film star Robert De Niro, also decided to move its headquarters into the 1970s skyscraper. Last month the chain leased 8,800 square feet on part of the third floor for just under 10 years. It has operated Nobu 57, a two-level, 13,000-square-foot restaurant, in the bottom of the building since 2004, according to The New York Times. The 30-year-old hospitality group will move from 4,800 square feet at 3 East 57th Street, where it has subleased since 2011. 

Finally, Duquesne Fund Services, a firm that offers tech and back office services for hedge funds and family offices, recently inked a seven-year lease for 5,535 square feet on part of the third floor. The company is an affiliate of Duquesne Family Office, the investment management firm founded in 2010 by billionaire hedge fund manager Stanley Druckenmiller. While Duquesne Fund Services is a new business, Duquesne Family Office (and its predecessor, Duquesne Capital Management) has occupied 35,739 square feet on the building’s 24th and 25th floors via a 10-year lease since 2008.

Fiddle and CBRE’s Evan Fiddle (Howard’s son), Benjamin Joseph, Gregg Rothkin and Arkady Smolyansky, along with LeFrak’s Mary Lou Berk, represented the landlord in all three transactions. On the tenant side, Newmark Knight Frank’s Daniel Madison and James Saunders represented Tocqueville in its office renewal. (A spokesman for NKF didn’t return a request for comment.) And John Nugent and Craig Reicher, also of CBRE, handled the deal for Duquesne Fund Services. Nobu didn’t have a broker in the deal.


Fintech giant Finastra expanding into 285 Madison penthouse


RFR Realty LLC  announced that global financial technology provider Finastra – created when Misys and D+H joined forces in June this year – has expanded into the 11,275 s/f  full-floor penthouse at 285 Madison Avenue.

Finastra already occupies 23,500 s/f on the fourth floor of the newly repositioned office tower near Grand Central Terminal and Bryant Park.

Finastra is the third largest Fintech (financial technology) firm in the world. It has over 9,000 customers across 130 countries, including 48 of the top 50 banks globally.  The expanded office space will bring all New York-based employees under one roof.

The landlord was represented by Alexander Chudnoff, Mitchell Konsker, Dan Turkewitz and Diana Biasotti of JLL, as well as RFR’s Senior Vice President and Director of Leasing AJ Camhi. Jon Sarkisian, Neil King and Emily Jones of CBRE represented the tenant in the lease transaction.

“We are delighted that this exciting global financial technology firm, Finastra, has chosen to expand its presence within 285 Madison,” said Camhi. “The leasing velocity we’ve seen here since we completely reimagined this well-located office tower speaks volumes about tenants’ desire to match a sought-after location with an array of exceptional on-site amenities.”

The Finastra expansion comes on the heels of Tommy Hilfiger (PVH Corp.) signing a 200,000 s/f lease to relocate its U.S. corporate headquarters to 285 Madison Avenue, joining  global firms including Brighthouse Financial, Pepsico, Bessemer Venture Partners, StriVectin Operating Company and General Electric Company.

In addition to the flurry of new office leasing at the building, recent retail deals at 285 Madison Avenue will bolster the building’s transformation, adding additional amenities for tenants and the surrounding neighborhood.

The Benjamin Group—the restaurant operator behind the Benjamin Steakhouse and Sea Fire Grill concepts—signed a 16-year lease for 9,020 s/f for a Benjamin Steakhouse. Popular Community Bank, part of the international financial services group Banco Popular, signed a lease for the 3,553 s/f corner space. London-based coffee purveyor Taylor Street Baristas occupies 1,040 s/f of space adjacent to the restaurant, as well as a portion of the mezzanine.

The building was acquired by RFR vacant in 2012 and has been transformed through a $65 million  renovation and design upgrade. This includes a landscaped roof terrace with lounge seating and an adjacent indoor multipurpose collaboration space with tables and selected art. The building lobby also has a rotating contemporary art program, currently featuring works by Peter Dayton, Enoc Perez, and Mike Bidlo.

Other tenant amenities include a private lounge, event space, fitness center complete with showers and men’s and ladies’ locker rooms, and a bike storage area.


SEPTEMBER 19, 2017

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.


Information Technology Service Provider Inks 18K-SF Renewal in Midtown



Technology solutions provider Eze Castle Integration has signed a 17,925-square-foot renewal at Silverstein Properties’ 529 Fifth Avenue, Commercial Observer has learned.

The company, which provides cloud and information technology (or IT) support services for hedge funds and private equity firms, will stay put on the entire seventh floor of the building for an additional seven years, information provided by the landlord. It has been a tenant in the 20-story building between East 43rd and East 44th Street since 2005. The asking rent in the transaction was not immediately clear.

“Our recently completed lobby renovation at 529 Fifth Avenue has created a fully modernized environment for our tenants in a central location near all that Midtown has to offer,” said Roger Silverstein, an executive vice president of Silverstein Properties. Silverstein handled negotiations alongside colleagues Joseph Artusa and Camille McGratty.

Silverstein’s renovation of the building included new storefront entrances, elevator cabs and turnstiles, and marble walls and floors.

The 282,278-square-foot tower is home to tenants such as Citrin Cooperman and Moffatt & Nichol.

Eze Castle Integration was represented by Ben FriedlandMichael Movshovich and Taylor Scheinman of CBRE. The brokers did not respond to a request for comment via a spokeswoman.

Two Sigma inks lease at Cornell Tech

Rendering of The Bridge at Cornell Tech (Credit: Steelblue / Forest City Ratner Companies)

Rendering of The Bridge at Cornell Tech (Credit: Steelblue / Forest City Ratner Companies)

The Bridge at Cornell Tech — designed to be a hub where tech businesses and academics meet — signed its first private tenant.

Soho-based Two Sigma Investments LP plans to take 9,200 square feet at the top of the building, part of Cornell’s new 12-acre campus on Roosevelt Island.

The financial firm, which uses data to make predictions and automate trades, will use the new space as a “Collision Lab,” where employees will interact with Cornell’s faculty members and students, chief technology officer Alfred Spector told the Wall Street Journal. “We think a connection between a firm like ourselves and really bright faculty and students at Cornell Tech allows us to recruit that talent and be near ideas,” he said.

Newmark Grubb Knight Frank’s  Neil Goldmacher and Josh Friedman represented Two Sigma in the lease deal. The company’s venture capital affiliate, Two Sigma Ventures, will also take up space at the Bridge, along with some of the 47 startups it has invested in.

Renderings of The Bridge at Cornell Tech (Credit: Steelblue / Forest City Ratner Companies)

Renderings of The Bridge at Cornell Tech (Credit: Steelblue / Forest City Ratner Companies)

The Bridge, a six-story structure being developed by Forest City Ratner Companies, is one of three buildings in the $2 billion campus. Cornell Tech will occupy 39 percent of the 230,000-square-foot building, which is expected to open in September.

The building has a rooftop common area and co-working space on one floor.

The developers envision 15 to 18 tenants taking up to 10,000 square feet each, and the lease terms are between five and 10 years — shorter than typical office leases, according to Mary Ann Tighe, chief executive of CBRE’s New York Tri-State Region, who is part of the Bridge’s leasing team.

Cornell Tech’s campus ultimately will house 10 buildings — a mix of academic buildings, residences, a hotel and mixed-use buildings. [WSJ] — E.B. Solomont

1/0 Capital Takes Squarespace Space at 459 Bway



1/0 Capital, an investment firm in the consumer credit and technology sector space, has found new digs in a Chetrit Group building in Soho, Commercial Observer has learned.

Website builder Squarespace has subleased 1/10 Capital 12,500 square feet at 459 Broadway, spanning the fourth and fifth floors at the property between Grand and Howard Streets, also known as The Devlin Building, according to Bertram Rosenblatt of Vicus Partners, who represented 1/10 Capital along with colleague Roy Abraham.

1/0 Capital’s deal is for four years, which is when Squarespace’s 10-year lease expires, Mr. Rosenblatt said, and the asking rent was $72 per square foot.

After sealing the deal at the end of last month, 1/0 immediately moved in, consolidating from roughly 8,000 square feet at 625 Broadway, 3,000 square feet at 32 East 57th Street and 1,500 square feet at 450 Park Avenue, according to Mr. Rosenblatt.

“It’s just really about putting everybody in one place, with all of the brands under one roof,” Mr. Rosenblatt said. He added that the new offices were great because they’re “flooded with light,” 1/0 Capital has rooftop access, the building is in “the right place” and it’s convenient for the founder and his wife, who live nearby.

Paul Myers and Rocco Laginestra of CBRE represented Squarespace in the deal. The brokers declined to comment via a spokeswoman.

Yoga Works is in 6,500 square feet each on the second and third floors, according to CoStar Group, and Gem Realty is in 500 square feet on the ground floor.