Goldman Sachs’ Real Estate Finance Co-Head Jumps Ship to Start B-Piece Fund

JONATHAN STRAIN (PHOTO: LINKED IN).

JONATHAN STRAIN (PHOTO: LINKED IN).

Jonathan Strain, the co-head of U.S. Real Estate Finance at Goldman Sachs has left the company in order to start his own fund, Commercial Observer can first report.

The new fund will focus on purchasing B-pieces of commercial mortgage-backed securities, according to two people familiar with the move.

Mr. Strain co-led the U.S. Real Estate Finance group along with Ted Borter. He joined Goldman Sachs in 2014 after heading up JP Morgan Chase’s CMBS Capital Markets group for seven years. Prior to that, Mr. Strain held positions at Dillon Read Capital Management, UBS and Morgan Stanley.

Mr. Strain’s last day at Goldman was Friday of last week, according to one of the sources.

A spokesman for Goldman Sachs declined to comment. Mr. Strain could not immediately be reached for comment.

https://commercialobserver.com/2016/05/goldman-sachs-real-estate-finance-co-head-jumps-ship-to-start-b-piece-fund/

High-frequency trading firm takes 69K sf at 4 WTC

Hudson River Trading leaving current FiDi office at 32 Old Slip

4 World Trade Center in the Financial District (credit: Silverstein Properties)

4 World Trade Center in the Financial District (credit: Silverstein Properties)

High-frequency trading firm Hudson River Trading is taking 69,000 square feet of office space at Silverstein Properties 4 World Trade Center in the Financial District.

The company will occupy the 57th and 58th floors at the 72-story, 2.3 million-square-foot office tower starting next year.

Hudson River Trading’s space comes with a 5,000-square-foot outdoor terrace located on a setback on 4 WTC’s 57th floor and invisible from the street, according to the New York Post. The terms of the deal and asking rents at the building were not disclosed.

The firm, which uses automated trading algorithms to carry out its high-frequency trading operations, will be leaving its current office at 32 Old Slip, also in the Financial District.

Hudson River Trading will join the likes of software company MediaMath, which has 106,000 square feet at 4 World Trade Center, and sports cable network SNY, which occupies 83,000 square feet there.

The Port Authority of New York and New Jersey anchors the property, which houses the agency’s 650,000-square-foot headquarters.

Swiss insurance giant Zurich’s U.S. subsidiary is reportedly in negotiations to take around 70,000 square feet at 4 World Trade Center, as Crain’s reported earlier this month. [NYP] – Rey Mashayekhi

UBS Renews 900K-SF Lease at 1285 Avenue of the Americas

THE EQUITABLE BUILDING AT 1285 AVENUE OF THE AMERICAS.

THE EQUITABLE BUILDING AT 1285 AVENUE OF THE AMERICAS.

Swiss bank UBS has renewed its roughly 900,000-square-foot space at the 1.7-million-square-foot Equitable Building at 1285 Avenue of the Americas, a building RXR Realty and real estate investor David Werner picked up today for $1.65 billion.

UBS, which occupies floors eight to 20, 37, 38 and 39 of the 42-story building, had a lease that expired in 2020, but was renewed until 2033, a source with knowledge of the deal said. Crain’s New York Business first reported the news about the lease.

CBRE‘s Robert Alexander represented UBS in the lease and RXR represented itself in-house, the source said. Mr. Alexander declined to comment, as per a CBRE spokeswoman.

RXR’s purchase of the 42-story building between West 51st and West 52nd Streets from AXA Financial and J.P. Morgan Asset Management marks one of the biggest office building sales so far this year in New York City, Crain’s noted.

“Overall, this was a very large, complicated deal where we had to restructure, extend and amend the UBS lease,” Michael Maturo, the president and the chief financial officer of RXR, told CO earlier today. “Morgan Stanley and AIG did a terrific job working through the complexities of getting comfortable with the UBS extension.”

Other major tenants in the building include law firm Paul, Weiss, Rifkind, Wharton & Garrison, in 580,651 square feet, according to CoStar Group, and advertising agency network BBDO Worldwide in 323,368 square feet.

https://commercialobserver.com/2016/05/ubs-renews-900k-sf-lease-at-1285-avenue-of-the-americas/