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/

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

U.S. Arm of Japanese Finance Firm Takes Full Floor at 280 Park Avenue

280 Park Avenue. Photo: CoStar Group

280 Park Avenue. Photo: CoStar Group

Orix USA Corporation, the stateside subsidiary of Japan-based ORIX Corporation, has finalized a deal to relocate to 280 Park Avenue in Midtown, Commercial Observer has learned.

The financial firm will occupy 20,123 square feet on the entire 40th floor of the tower between East 48th and East 49th Streets, a source familiar with the transaction told CO. Orix USA will expand as part of the move, as it currently leases 14,078 square feet at 485 Lexington Avenue between East 46th and East 47th Streets, according to CoStar Group.

Orix USA’s lease at the 43-story 280 Park Avenue is for 10 years, the source indicated. Asking rent in the deal was $115 per square foot.  

This is the second big lease signed at the SL Green Realty Corp.– and Vornado Realty Trust-owned property in recent weeks. As CO reported late last month, Wells Fargo signed a deal to renew early and expand to 49,000 square feet at the 1.3-million-square-foot building. In December 2016, Antares Capital signed a 55,000-square-foot lease to move into 280 Park Avenue from across the street.

Martin Horner of JLL represented Orix USA, while Peter Turchin of CBRE represented the landlords. Horner did not immediately return a request for comment via a spokesman, and a CBRE spokeswoman did not immediately respond to an inquiry.

https://commercialobserver.com/2017/02/u-s-arm-of-japanese-finance-firm-takes-full-floor-at-280-park-avenue/

Two Firms Relocating Within Midtown to William Kaufman Organization’s 437 Madison Avenue

An energy firm and a litigation finance company have each signed deals at 437 Madison Avenue between East 49th and East 50th Streets, combining for more than 12,000 square feet, Commercial Observer has learned.

 

Terra-Gen, which specializes in renewable energy, signed a 6,871-square-foot lease for part of the 22nd floor, according to a press release from landlord William Kaufman Organization. The company signed a five-year deal at the 850,000-square-foot property. 

It will move to the building at the end of this year, leaving behind 1095 Avenue of the Americas between West 41st and West 42nd Streets, also known as 3 Bryant Park. Terra-Gen subleases roughly 17,000 square feet at that location, according to CoStar Group.  

John Fitzsimons of Cushman & Wakefield represented the tenant and did not immediately return a request for comment via a spokesman.

Asking rent at the 40-story building ranges from $80 to $110 per square foot, according to the release.

Bentham Capital, a financial firm that funds plaintiffs and law firms in major cases, signed a deal to relocate to the Midtown property. The company has inked a 10-year lease for 5,261 square feet of built-to-suit space on part of the 19th floor, the release indicates.

The firm will move from 885 Third Avenue between East 53rd and East 54th Streets, where CoStar indicates it currently leases 3,864 square feet

Lance Korman and Brian Waterman of Newmark Grubb Knight Frank represented the tenant and did not immediately return a request for comment via a spokeswoman.

Michael Lenchner of Sage Realty Corporation, the leasing and management wing of William Kaufman Organization, represented the landlord in-house for both deals along with Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster of JLL.

The building “continues to be an attractive option for companies seeking a fully modernized office tower with world-class amenities and high-end finishes in a classic Midtown location near Grand Central Terminal,” Lenchner said in prepared remarks.

- Commercial Observer, By Terence Cullen Aug. 16, 2016, 4:43 p.m.