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

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

19 WEST 24TH STREET.

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.

https://commercialobserver.com/2016/06/fintech-firm-investment-bank-take-full-floors-at-19-west-24th-street/

Stat of the Week: $20.16 Per Square Foot

As the “unofficial” start to the summer season approaches, what better way to celebrate Memorial Day weekend than by heading outdoors for some fun in the sun? Since it’s not quite warm enough to head to the beach, let’s stroll through some of Manhattan’s most famous parks and enjoy the cool breeze and greenery. Everyone knows office buildings with views of the 843-acre Central Park command a premium compared to the rest of the office leasing market. Analyzing the office buildings around three other parks within Midtown and Midtown South uncover similar results, as the average asking rent of $92.16 per square foot for buildings surrounding Union Square, Madison Square and Bryant Park are $20.16 per square foot higher than the Manhattan average.

The first park on the list is Union Square Park, which is bordered by 10 office buildings totaling more than 978,000 square feet. Currently there is more than 79,000 square feet of vacant office space in this park set, for a vacancy rate of 8.1 percent. Despite a vacancy rate higher than Midtown South’s 6.1 percent vacancy, at $74.94 per square foot, asking rents in these buildings are $5.01 higher than the Midtown South average.

The second park examined is Madison Square Park, which is surrounded by 12 buildings totaling more than 6.9 million square feet. This park set is extremely tight with only 169,115 square feet of vacant space—a 2.4 percent vacancy rate—370 basis points lower than Midtown South. Asking rents in these buildings are averaging $77.86 per square foot, a $7.93 premium over the Midtown South average of $69.93 per square foot.

The last park analyzed, Bryant Park, resides within Midtown, and this park set contains 20 buildings totaling more than 9.6 million square feet. Despite having the highest vacancy of the three park sets, at 9.3 percent it is still 10 basis points lower than Midtown’s 9.4 percent vacancy. In the Bryant Park set, asking rents are $101.91 per square foot and command a $23.12 premium over the $78.79 per square foot Midtown average.

So, as you stroll through Manhattan’s parks this season, keep in mind that even though money doesn’t grow on trees, you need quite a bit to look at them from your office window.

https://commercialobserver.com/2016/05/stat-of-the-week-20-16-per-square-foot/

1/0 Capital Takes Squarespace Space at 459 Bway

459 BROADWAY (PHOTO: COSTAR GROUP).

459 BROADWAY (PHOTO: COSTAR GROUP).

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.

https://commercialobserver.com/2016/05/10-capital-takes-squarespace-space-at-459-bway/

Connecticut-Based Darien Rowayton Bank Doubling UWS Digs

1995 BROADWAY (PHOTO: COSTAR GROUP).

1995 BROADWAY (PHOTO: COSTAR GROUP).

Darien Rowayton Bank, a lender that specializes in student loan refinancing, has inked a 4,550-square-foot lease to move its offices to a larger space within Cammeby’s Management Company’s 1995 Broadway.

The bank will occupy the entire 14th floor of the building between West 67th and West 68th Streets. It currently shares half of the 4,550-square-foot eight floor with financial planner West Side Advisors for its 14 employees, but will leave that space behind for its new digs. The bank is also hiring 20 more workers for the larger office, which will allow it to expand its technology and marketing capabilities.

Asking rent in the seven-year deal was in the $60s per square foot, according to a spokesman for the bank, which did not have a broker in the transaction.

Darien Rowayton Bank’s expansion “is a testament to the rapid growth we have experienced, and the growth we expect to continue to experience as we innovate and seek out new ways to serve our borrowers,” Aryea Aranoff, the chief strategy officer for the company, said in a news release.

A representative for Cammeby’s Management and an executive at Glen Equities, which handles leasing for the building, did not return requests for comment.

Darien Rowayton Bank was formed in 2006 and recently announced that in addition to student loan refinancing, it will begin offering home mortgages later this year.

The firm also signed a new lease to move its Connecticut headquarters to 855 Main Street in Bridgeport, Conn. from 1001 Post Road in Darien, Conn. The new HQ will be comprised of 11,900 square feet, making room for 120 employees.

https://commercialobserver.com/2016/04/connecticut-based-darien-rowayton-bank-doubling-uws-digs/