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

Financial Services Firm StepStone Group Takes 30K SF at 450 Lex

450 LEXINGTON AVENUE. PHOTO: RXR REALTY

450 LEXINGTON AVENUE. PHOTO: RXR REALTY

StepStone Group, a financial services firm, has signed on for 30,000 square feet at RXR Realty’s 450 Lexington Avenue between East 44th and East 45th Streets, Commercial Observer has learned.

The tenant will occupy the entire 31st floor in the 39-story, 910,273-square-foot building via a 10-year lease, a spokeswoman for RXR indicated. The asking rents in the top of the tower, where RXR has rolled out prebuilts, range from $115 to $130 per square foot. StepStone will replace JLL Partners when the new tenant moves from the Lipstick Building at 885 Third Avenue on Aug. 1.

RXR boasts that it has done 40,000 square feet of new leasing in the building since January. RXR picked up the property via a ground lease in September 2012 for $720 million, property records indicate. The seller was Istithmar World, the Dubai-based investment firm, as CO reported at the time. Tenants include David Polk Wardwell.

RXR’s Lauren Ferrentino represented the landlord in-house along with CBRE‘s Silvio Petrillo. A spokeswoman for CBRE said the broker declined to comment, but CBRE’s Michael Affronti said in a prepared statement provided by RXR: “450 Lexington Avenue is an exceptional asset, and the success we continue to achieve certainly comes as no surprise. The building’s close proximity to Grand Central, panoramic views, high-end installations and strength of ownership are just a few of the components that continue to attract prominent firms to 450 Lexington Avenue.”

Savills Studley’s David Carlos represented the tenant in the deal.

https://commercialobserver.com/2018/02/stepstone-group-lease-450-lexington-avenue-rxr-realty/

Investment Firm Grows NYC Presence With Additional Offices at 220 Fifth Avenue

220 FIFTH AVENUE. PHOTO: STELLAR MANAGEMENT

220 FIFTH AVENUE. PHOTO: STELLAR MANAGEMENT

Investment management firm Artisan Partners is expanding its New York City office footprint after agreeing to take 9,000 square feet at Stellar Management and Imperium Capital’s 220 Fifth Avenue in NoMad, Commercial Observer has learned.

Artisan signed a 10-year lease today for the entire fifth floor at the 20-story, 167,000-square-foot building at the northwest corner of Fifth Avenue and West 26th Street, according to sources with knowledge of the transaction. The Milwaukee-based firm is expected to begin occupying the space this coming spring while keeping its existing New York City offices at RXR Realty’s 1330 Avenue of the Americas, sources said.

Asking rent in the deal was not immediately clear. A Newmark Knight Frank team of Brian WatermanAndrew PeretzDavid Malawer and Brent Ozarowski represented the landlord, while Eric Deutsch of CBRE represented the tenant.

Matthew Lembo, a principal and chief investment officer at Stellar, said in a statement that the transaction “is a testament to the leasing activity we’ve experienced” in the Midtown South market—including a recent 7,300-square-foot deal with Australian yoga studio Humming Puppy at 119 West 23rd Street, as CO first reported last week.

The Larry Gluck-led real estate investment firm teamed with Imperium to acquire a leasehold interest on 220 Fifth Avenue from Dino & Sons Realty Corp. earlier this year, making it Stellar’s seventh Midtown South commercial asset. The 105-year-old building, which features a neo-Gothic facade overlooking Madison Square Park, is currently undergoing a capital improvement program that includes a full renovation of the lobby and upgrades to the building systems.

Stellar and Imperium are also prebuilding out entire floors at the property as they become vacant, in an attempt to cater to the growing demand from office users seeking turnkey space. Current tenants at 220 Fifth Avenue include architecture firm Deborah Berke Partners, trade publication Mass Market Retailers and law firm Weiner, Millo, Morgan & Bonnano.

Representatives for NKF and CBRE did not immediately provide comment.

Artisan Partners has more than $115 billion in assets under management, according to its website. In addition to its presence in New York and its Milwaukee headquarters, the firm has U.S. offices in Chicago, San Francisco, Atlanta and Kansas City, as well as international offices in London and Sydney.

https://commercialobserver.com/2017/12/investment-firm-grows-nyc-presence-with-additional-offices-at-220-fifth-avenue/

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.

Investment Manager Inks 11K-SF Sublease in Midtown

505 FIFTH AVENUE. PHOTO: COSTAR GROUP

505 FIFTH AVENUE. PHOTO: COSTAR GROUP

Kinderhook Industries, a private investment firm that manages more than $2 billion, has signed a 10,786-square-foot sublease at 505 Fifth Avenue to relocate its offices, Commercial Observer has learned.

The financial company inked the deal with American Capital Strategies, which was acquired by Ares Capital Corporation earlier this year, to occupy the entire 25th floor of the 26-story, 298,000-square-foot building, which is located on the corner of East 42nd Street and Fifth Avenue. (The building is owned by Axel Stawski’s Stawski Partners.)

The asking rent in the nine-year deal was $80s per square foot, a source with intimate knowledge of the transaction told CO.  

Major factors for the move included the building’s proximity to Grand Central Terminal and because it has column-free space with floor to ceiling glass and high ceilings, according to the source.

Kinderhook is relocating in the first quarter of 2018 from 521 Fifth Avenue between East 43rd and East 44th Streets a block north, where it presently occupies 6,580 square feet.

Alexander Chudnoff and Abe Cooper of JLL handed the deal for Kinderhook Industries, while Savills Studley’s Christopher Foerch and Gary Kerperrepresented American Capital.

Chudnoff declined to comment on the deal, and the Savills Studley brokers did not immediately return a request for comment via a spokeswoman.

https://commercialobserver.com/2017/11/investment-manager-inks-11k-sf-sublease-in-midtown/

CRE lender takes 20K sf at Hell’s Kitchen office conversion

787 11th Avenue

787 11th Avenue

Real estate lender Dwight Capital inked a 20,000-square-foot lease at Georgetown Company’s office development 787 11th Avenue.

Georgetown landed a $349.5 million construction loan from the Blackstone Group last October to fund the conversion of the former Ford Motor Company industrial building.

Savills Studley represented Dwight while CBRE represented the landlord.

Led by Adam and Josh Sasouness, Dwight claims it was the second-largest multifamily HUD lender in FY 2016 in terms of both transactions and dollar amount, with $902 million in commitments.

Last year, Bill Ackman’s Pershing Square Capital Management inked a 67,000-square-foot lease at the Hell’s Kitchen building, which will reportedly feature a rooftop tennis court and an office penthouse. [NYP] — Konrad Putzier

https://therealdeal.com/2017/11/15/cre-lender-takes-20k-sf-at-hells-kitchen-office-conversion/

Research Firm Takes Full Floor at RXR’s 1330 Avenue of the Americas

1330 AVENUE OF THE AMERICAS. PHOTO: COSTAR GROUP

1330 AVENUE OF THE AMERICAS. PHOTO: COSTAR GROUP

Economic research firm Cornerstone Macro is relocating its offices within Midtown after agreeing to take 16,300 square feet at RXR Realty’s 1330 Avenue of the Americas, Commercial Observer has learned.

The company agreed late last week to a 10-year lease for the entire fifth floor at the 40-story, roughly 526,000-square-foot office building between West 53rd and West 54th Streets, according to sources with knowledge of the transaction. Cornerstone Macro is expected to move from its current location at nearby 650 Fifth Avenue, where it occupies nearly 11,000 square feet, in the summer of 2018.

Asking rent in the deal was in the high $70s per square foot, sources said. The tenant was represented in the transaction by Garett Varricchio and Jessica Tenenbaum of MHP Real Estate Services, while RXR’s Alexandra Budd represented the landlord in-house alongside Cushman & Wakefield’s Peter Trivelas.

“Cornerstone Macro wanted to align themselves with an excellent and reputable landlord, and they were able to achieve that through this transaction with RXR,” Varricchio told CO.

The same cannot be said for the reputation of Cornerstone Macro’s current landlord at 650 Fifth Avenue, the Alavi Foundation, which is notorious for its connections with the Iranian government. In June, a federal district court jury ruled that the U.S. government could seize the 36-story office tower after it was determined that the nonprofit foundation, which owns a 60 percent stake in the property, violated U.S. sanctions against Iran via its partnership with Assa Corp. Assa functioned as a front for an Iranian state-controlled bank that owned the remaining 40 percent of 650 Fifth Avenue, until a federal judge ruled in 2013 that the government could seize Assa’s share.

But Varricchio said that Cornerstone Macro’s move to 1330 Avenue of the Americas was more motivated by the tenant’s desire to stay in Midtown—as well as the “boutique nature of the building,” given its relatively smaller floor plates compared to most of the surrounding Class A office stock.

Law firm CKR Law recently doubled its footprint at 1330 Avenue of the Americasafter inking a lease for the entire 16,300-square-foot 12th floor, as CO first reported last week. That deal took CKR Law’s total square footage at the property to nearly 33,000 square feet.

An RXR spokeswoman confirmed the deal but declined further comment. Representatives for Cushman & Wakefield did not immediately provide comment.

https://commercialobserver.com/2017/11/research-firm-cornerstone-macro-nyc-office-rxr-realty-1330-avenue-of-the-americas/

BY REY MASHAYEKHI NOVEMBER 9, 2017 12:40 PM

Lender Varagon Capital Inks 28K-SF Deal to Relocate Within Midtown

299 PARK AVENUE. PHOTO: BRETT BEYER

299 PARK AVENUE. PHOTO: BRETT BEYER

Varagon Capital Partners, an asset manager that focuses on lending to middle-market companies, has signed a 28,316-square-foot deal at Fisher Brother’s 299 Park Avenue to relocate its offices, Commercial Observer has learned.

The lender will occupy the entire third floor of the 42-story, 1.2-million-square-foot building between East 48th and East 49th Streets.

The asking rent in the deal was in the high $80s per square foot, according to a source with knowledge of the transaction. The length of the deal was not immediately clear. 

Varagon was formed in 2014 with backing from American International Group and affiliates of Oak Hill Capital Management. It is moving from the 22nd floor of 488 Madison Avenue between East 51st and East 52nd Streets by the end of this year. There the company has 10,360 square feet, according to CoStar Group.

CBRE’s Leo Paytas and Conor Denihan handled the deal for Varagon. Fisher Brothers was represented in-house by Marc Packman and Clark Briffel, and a Newmark Knight Frank team led of David FalkPeter ShimkinAndrew SachsEric Cagner and Andrew Peretz. Representatives for CBRE and NKF did not immediately return requests for comment and information.

Fisher Brothers expects to begin a David Rockwell-designed renovation of 299 Park Avenue early next year, which will include a new lobby, revitalized entrance that will allow more light from outside and an illuminated plaza. The work will cost approximately $20 million.

“Our capital improvement program at 299 Park Avenue is going much deeper than a standard refresh and completely transforming the aesthetic of the building with a sleek design and modern feel,” Winston Fisher, a partner at Fisher Brothers, said in a prepared statement. “We are pleased to welcome Varagon to the growing roster of blue-chip tenants [at] 299 Park Avenue.”

Existing tenants in the 1967 building include Capital One and UBS.

https://commercialobserver.com/2017/11/lender-varagon-capital-inks-28k-sf-deal-to-relocate-within-midtown/

The Beekman Group Grows With Move to Nearly 8K SF at 530 Fifth Avenue

530 FIFTH AVENUE. PHOTO: RXR REALTY

530 FIFTH AVENUE. PHOTO: RXR REALTY

The Beekman Group, a private equity firm based in New York City, is moving from just under 5,000 square feet at 489 Fifth Avenue to 7,803 square feet in the nearby 530 Fifth Avenue between West 44th and West 45th Streets, Commercial Observer has learned.

Cushman & Wakefield’s Douglas Dolgoff told CO that The Beekman Group, founded in 2004, outgrew its space and rather than take two floors at 489 Fifth Avenue, it opted for a full tower floor (23) at the 26-story, 536,135-square-foot 530 Fifth Avenue. The building’s office portion is owned by RXR Realty and a partnership of Thor Equities and General Growth Properties owns the retail space.

“The main driver was trying to keep the location as close to the old location,” Dolgoff said. “We had a tight set of parameters for where they wanted to end up.”

Beekman liked that RXR agreed to deliver a turnkey installation so “they didn’t have to come out of pocket for construction costs,” Dolgoff said. The value of that construction, he estimated, is about $130 or $140 per square foot.

The lease is for eight years with an asking rent of $85 per square foot, an RXR spokeswoman indicated. Beekman will move in upon completion of the construction, she added.

Avison Young’s John RyanAnthony LoPresti and Michael Leff represented the landlord along with Dan Birney and Alexandra Budd of RXR. An Avison Young spokesman didn’t respond with a comment.

Tenants include movie and television show producer Lionsgate in 34,300 square feet, as CO previously reported, and financial firm Ameriprise Financial in about 21,000 square feet.

Winklevoss Twins’ Digital Currency Exchange Company Relocating Within Midtown South

315 PARK AVENUE SOUTH. PHOTO: COLUMBIA PROPERTY TRUST

315 PARK AVENUE SOUTH. PHOTO: COLUMBIA PROPERTY TRUST

Gemini Trust Company, a digital currency exchange founded by Cameron and Tyler Winklevoss three years ago, has signed a 34,000-square-foot deal to relocate its offices to 315 Park Avenue South, Commercial Observer has learned.

The company will occupy two entire floors of the 20-story building between East 23rd and East 24th Streets, according to a source with intimate knowledge of the transaction who declined to disclose which floors. Gemini is a platform for investors to buy, sell and store digital assets, such as Bitcoin and Ether. Its founders are best known for suing Facebook Chief Executive Officer Mark Zuckerberg over the the social media platform’s genesis.

The asking rent in the more than 11-year deal was in the low $90s per square foot, the source told CO. Gemini is moving from 30 West 24th Street between Fifth Avenue and Avenue of the Americas in spring 2018.

Columbia Property Trust, the owner of 315 Park Avenue South, has spent approximately $10 million to renovate the building with the addition of a new lobby and new elevator cabs. The landlord pointed to this transformation as the reason why Gemini signed a lease there.

“When we acquired 315 Park Avenue South in 2015, we recognized its potential to attract the city’s top creative, media and technology companies and made significant investments to transform the building into a premier Midtown South destination,” Nelson Mills, the president and chief executive officer of Columbia, said in a prepared statement.

Ross Zimbalist and Michael Blum of CBRE represented Gemini, while David Berkey and Andrew Wiener of L&L Holding Company, the exclusive leasing and managing arm of the building, handled the deal for Columbia.

A spokeswoman for CBRE said the brokers declined to comment, and a representative for Gemini did not immediately return requests for comment.

https://commercialobserver.com/2017/10/winklevoss-twins-digital-currency-exchange-company-relocating-within-midtown-south/

Carlyle Group mulls space at One Vanderbilt

Rendering of One Vanderbilt and Marc Holliday (Credit: SL Green)

Rendering of One Vanderbilt and Marc Holliday (Credit: SL Green)

Global investment firm Carlyle Group is in talks for four floors at SL Green Realty’s One Vanderbilt.

The firm is the latest tenant to consider taking space at the 1.7 million-square-foot office tower, the New York Post reported. Management consulting firm McKinsey & Co. is also reportedly looking at 250,000 square feet at the project.

Germany’s DZ Bank and DVB Bank recently inked a lease for 35,500 square feet on the 26th floor. The bank was the first office tenant to sign on to the building since TD Bank, which inked a long-term lease as One Vanderbilt’s anchor tenant in 2014.

In April, chef Daniel Boulud agreed to open a restaurant on the tower’s second floor. The restaurant will span 11,000 square feet, and Boulud will invest in the project rather than signing a traditional lease. [NYP]— Kathryn Brenzel

https://therealdeal.com/2017/10/24/carlyle-group-mulls-space-at-sl-greens-one-vanderbilt/

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 giant Finastra expanding into 285 Madison penthouse

Finestra.PNG

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.

BY REW 

SEPTEMBER 19, 2017

http://rew-online.com/2017/09/19/fintech-giant-finastra-expanding-into-285-madison-penthouse/

Three Financial Services Firms Ink New Office Leases at 600 Lex

SL Green Realty Corp. has signed three new financial services tenants at its 600 Lexington Avenue office tower in Midtown East, the real estate investment trust announced today.

In the largest deal, investment banking advisory firm GLC Advisors & Co. took 12,487 square feet comprising the entire ninth floor of the 36-story, 305,000-square-foot property on the northwest corner of East 52nd Street. GLC signed the seven-year lease, which will commence in December, late last month and will move to 600 Lexington Avenue from its current location at Cohen Brothers Realty Corp.’s 805 Third Avenue.

Private equity firm NexPhase Capital, meanwhile, inked a five-year lease for the entire, 8,607-square-foot 12th floor at the building. The deal, which was signed this week, is anticipated to commence at the beginning of November and will see NexPhase relocate from Boston Properties’ 399 Park Avenue.

Finally, alternative investment manager KCL Capital signed a five-year deal to take the entire 6,780-square-foot 28th floor at 600 Lexington Avenue. The transaction was sealed late last month, with KCL’s lease expected to commence in the middle of October. The company’s current location was not disclosed.

Asking rent in the transactions ranged from the low $70s to mid-$80s per square foot, according to sources with knowledge of the deals. A JLL team of Paul GlickmanDiana BiasottiJonathan Fanuzzi and Ben Bass represented SL Green in the transactions. Daniel Posy and Jason Roberts of Savills Studley handled the GLC and KCL leases for the tenants, while Newmark Knight Frank’s Brian Goldman and Eric Cagner worked on behalf of NexPhase.

The deals take 600 Lexington Avenue to “nearly 99 percent occupancy,” Steven Durels, SL Green executive vice president and director of leasing and real property, said in a statement. Durels added that the building’s “efficient, small floors with floor-to-ceiling windows and white glove service” have proven “highly appealing to upscale tenants.”

Tenants at the property include hedge funds MKP Capital ManagementElement Capital and LibreMax Capital.

BY REY MASHAYEKHI SEPTEMBER 15, 2017 8:00 PM

https://commercialobserver.com/2017/09/three-financial-services-firms-ink-new-office-leases-at-600-lex/

Cantillon Capital Takes Full Floor at 499 Park Avenue

499 PARK AVENUE.

499 PARK AVENUE.

Hedge fund manager Cantillon Capital is moving its New York City offices to 499 Park Avenue after agreeing to a lease for the entire 11,303-square-foot ninth floor at the Midtown office tower.

Cantillon inked the deal for its full-floor space at the 27-story, 300,000-square-foot property between East 58th and East 59th Streets in late June, according to CoStar Group data. The financial services firm, which has offices in New York and London, is set to move into the I.M. Pei-designed building this coming fall, per CoStar.

Cantillon will leave its current space at the LeFrak’s 40 West 57th Street, several blocks west in Midtown near the corner of Avenue of the Americas.

Asking rent and length of lease were not disclosed. A CBRE team of Evan Fiddle and Michael Movshovich represented Cantillon in the transaction, while 499 Park Avenue landlord American Realty Advisors was represented by CBRE’s James AckersonPaul AmrichNeil King and Patrice Meagher, the brokerage said in a release announcing the deal.

A CBRE spokeswoman did not immediately return a request for further comment on the transaction.

Major tenants at 499 Park Avenue include brand consultancy Lippincott, the Howard Lutnick-led financial services firms Cantor Fitzgerald and BGC Partners (parent company of Newmark Knight Frank) and residential brokerage Halstead Property.

https://commercialobserver.com/2017/07/cantillon-capital-takes-full-floor-at-499-park-avenue/

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.

https://therealdeal.com/2017/07/19/tottenham-hotspur-owners-firm-takes-46k-sf-at-sl-greens-100-church/

Investment bank gobbles up 41K sf at Paramount’s 1301 Sixth Ave.

Leerink Partners is moving from 299 Park Avenue

Leerink Partners is moving from 299 Park Avenue

An investment bank just inked a lease for the entire 12th floor of the Paramount Group’s 1301 Sixth Avenue.

Leerink Partners plans to take 40,811 square feet at the 45-story office tower, the New York Post reported. Details on the deal weren’t immediately available, but asking rent in the building ranges from the mid-$70s to $90s per square foot.

A team from Savills Studley represented Leerink while a JLL team repped Paramount on the deal.

Leerink will leave behind a 26,000-square-foot office on the 21st floor of 299 Park Avenue. The company wanted to have a full-floor office but needed more space.

On its website, Paramount lists the entire 38th, 41st and 42nd floors as available. Part of the 35th floor — just over 15,000 square feet — is also up for grabs. In January, reinsurance company Swiss Re inked a lease for the 43rd through 45th floors of the 1.7 million-square-foot building. [NYP] — Kathryn Brenzel

https://therealdeal.com/2017/07/19/investment-bank-gobbles-up-41k-sf-on-sixth-ave/

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

3 PARK AVENUE. PHOTO: COSTAR GROUP

3 PARK AVENUE. PHOTO: COSTAR GROUP

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.

Financial Tech Company Signs 11K-SF Sublease to Move Within Flatiron District

trueex.JPG

BY LIAM LA GUERRE MAY 15, 2017, 1:27 PM

TrueEX has signed a 10,600-square-foot sublease at 22 West 21st Street with sublandlord Group SJR, according to a news release from brokerage CBRE.

The financial technology company will occupy the entire ninth floor of the building between Fifth Avenue and Avenue of the Americas. A CBRE spokeswoman declined to disclose the terms of the deal. In a similar sized deal a year ago, where Simons Foundation took the entire 10th floor, the asking rent was $65 per square foot, according to CoStar Group.

The 101,368-square-foot, 12-story building is a commercial co-op, according to property records.

CBRE’s Mary Ann TigheLauren Crowley, Jared Isaacson, Gregory Tosko and Sacha Zarba represented digital consultancy company Group SJR, a subsidiary of advertising and public relations firm WPP. Meanwhile, Anthony Sciacca of Newmark Grubb Knight Frank represented TrueEX in the deal. The spokeswoman for CBRE declined to comment beyond the details in the release, and Sciacca did not return an inquiry seeking more details via NGKF’s spokesman.  

TrueEX is moving from its current address nearby at 162 Fifth Avenue between West 21st and West 22nd Streets to its new digs in the summer. A representative for TrueEX was not immediately available for comment.

Tenants at the 22 West 21st Street building include cartoon creator FrederatorNetworks, sports clinic Sport Medicine at Chelsea and data company TayKey.

https://commercialobserver.com/2017/05/financial-tech-company-signs-11k-sf-sublease-to-move-within-flatiron-district/

Investment adviser Cyrus Capital takes 23K sf at Park Avenue Tower

Rendering of 65 East 55th Street and Stephen Freidheim

Rendering of 65 East 55th Street and Stephen Freidheim

Blackstone Group subsidiary Equity Office inked a deal for investment adviser Cyrus Capital Partners to take just over 23,000 square feet of office space at 65 East 55th Street.

The company plans to take about 15,000 square feet on the 34th floor and 8,300 square feet on the the 35th floor, the Commercial Observer reported. Equity Office would build out the space for the new tenant, according to the publication, which includes a new internal staircases to connect the two floors.

The asking rent in the 15-year deal was $150 per square foot. Cyrus is now headquartered at 399 Park Avenue.

Known as Park Avenue Tower, Blackstone paid $750 million for the 36-story building in 2014.
It was the second time Blackstone  had owned it, having previously sold it to Harry Macklowe as part of a six-building portfolio sale. The company has since spent $25 million renovating it.

Literary and talent agency ICM Partners is taking 35,000 square feet across two floors at the building, and other tenants include King Street Capital and Eminence Capital.

CBRE’s Ben Friedland and Silvio Petriello represented Cyrus Capital in the deal. Equity Office was represented in-house and by Newmark Grubb Knight Frank[CO] — Miriam Hall

https://therealdeal.com/2017/04/24/investment-adviser-cyrus-capital-takes-23k-sf-at-park-avenue-tower/