Commercial Observer

By Nitasha Tiku 6/15/12 11:45am

Metro Tech

new york times building

Blackstone Group Refashions the Iconic Times Building as a Playground for Startups

The corporate financiers at “private equity juggernaut” Blackstone Group have their work cut out of them. After all, how does one take a stodgy Midtown building and make it appeal to bunch of self-stylized iconoclasts? With scooters, of course!

After purchasing the top 12 floors of 229 West 43rd Street last year, Blackstone has spent $105 million in renovations to appeal to fast-growth startups, reports Bloomberg. That means ping-pong tables, Razor scooters, and a basketball court, proving, once again, that everyone’s idea of startup decor is frozen in 1999.
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By Daniel Geiger 3/05/12 8:00am

57 West 57th Street

Fast Office Set to Make Fast Prebuilts

Prebuilt offices, prepared spaces that allow tenants to quickly take occupany in a building, are about to get even quicker.

Michael Cohen, CEO of the real estate services firm Colliers International, is using a new type of office installation system called Fast Office at 57 West 57th Street, a 21-story, 170,000 square foot office tower that Mr. Cohen owns.

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By Daniel Geiger 3/02/12 4:55pm

Barry Gosin

BGC Extends Commission Recoup to Grubb Brokers Who Stay

BGC Partners is offering to pay Grubb & Ellis brokers commissions they are owed if they remain with the company as it wends its way through bankruptcy, sources with knowledge of the firm told The Commercial Observer.

When Grubb & Ellis filed for Chapter 11 almost two weeks ago, it thrust brokers there who are due a commission check in line with the company’s other creditors, a position that has made it uncertain who, if anyone, will be paid.

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By Daniel Geiger 3/02/12 11:31am

16 West 36th Street

Leasehold for 16 West 36th Street Sold

The leasehold on 16 West 36th Street, a roughly 65,000 square foot office building, has been sold for $8.2 million.

NorthEnd Equities, an investment company run by investor Charles Herzka, will acquire the 12-story building from a group called Beach Plaza Associates.

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By Daniel Geiger 3/02/12 9:30am

Investment Sales 2012

Richard Baxter. (Illustration by Joao Maio Pinto)

Jones Lang LaSalle’s Richard Baxter on 75 Rockefeller Plaza and 10 East 53rd

The investment sales market, most brokers agree, has been heating up over the past 12 months. Approximately $25.8 billion in commercial properties changed hands last year, a turnaround that represented an 88 percent increase over 2010. But while the positive uptick is easily verifiable, what happens next for Manhattan’s investment sales market is still up in the air.

Accordingly, The Commercial Observer set out to speak with the real estate industry’s most accomplished capital markets and sales practitioners to learn what’s in store for 2012. Over the next several days, we’ll post interviews with heavy hitters like Darcy Stacom and William Shanahan of CBRE, J.D. Parker of Marcus & Millichap, Woody Heller of Studley and Peter Hausperg of Eastern Consolidated. But, first, after the jump, none other than Richard Baxter of Jones Lang LaSalle.

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By Jotham Sederstrom 3/02/12 9:00am

Investment Sales 2012

J.D. Parker. (Illustration by Joao Maio Pinto)

Marcus & Millichap’s J.D. Parker on the Multifamily Investment Sales Market

The investment sales market, most brokers agree, has been heating up over the past 12 months. Approximately $25.8 billion in commercial properties changed hands last year, a turnaround that represented an 88 percent increase over 2010. But while the positive uptick is easily verifiable, what happens next for Manhattan’s investment sales market is still up in the air.

Accordingly, The Commercial Observer set out to speak with the real estate industry’s most accomplished capital markets and sales practitioners to learn what’s in store for 2012. Over the next several days, we’ll post interviews with heavy hitters like Richard Baxter of Jones Lang LaSalle, Darcy Stacom and William Shanahan of CBRE, Woody Heller of Studley and Peter Hausperg of Eastern Consolidated. But, first, after the jump, none other than J.D. Parker of Marcus & Millichap.

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By Robert Sammons 3/02/12 8:30am

Stat of the Week

Class A Average Asking Rents by Submarket.

$64.59

The Manhattan Class A average asking rent took a step back in February, closing the month at $64.59 per square foot, down from $65.06 per square foot in January. It’s way too early to look at this as a trend. Likely, it is an anomaly as some higher priced availability across Midtown was leased and not included in the latest numbers. Read More

By Daniel Geiger 3/01/12 4:34pm

Investment Sales 2012

Peter Hauspurg. (Illustration by Joao Maio Pinto)

Peter Hauspurg on Mastering the Middle

The investment sales market, most brokers agree, has been heating up over the past 12 months. Approximately $25.8 billion in commercial properties changed hands last year, a turnaround that represented an 88 percent increase over 2010. But while the positive uptick is easily verifiable, what happens next for Manhattan’s investment sales market is still up in the air.

Accordingly, The Commercial Observer set out to speak with the real estate industry’s most accomplished capital markets and sales practitioners to learn what’s in store for 2012. Over the next several days, we’ll post interviews with heavy hitters like Richard Baxter of Jones Lang LaSalle, J.D. Parker of Marcus & Millichap, Woody Heller of Studley and Darcy Stacom and William Shanahan of CBRE. But, first, after the jump, none other than Peter Hauspurg of Eastern Consolidated.

Read More

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