Lease of the Week
Luxury handbag stalwart Coach will relocate its offices to the Hudson Yards, scooping up approximately one-third of the planned south office tower as a commercial condo in a deal that will give the New York City-based company approximately 600,000 square feet.
Coach will move its corporate headquarters and consolidate three New York City offices into the building by 2015. The 1.8 million-square-foot tower, at the northwest corner of West 30th Street and Tenth Avenue, is one of 14 residential, commercial and retail assets envisioned by the Related Companies at its far West Side development site.
Right from the gate, the Invesco Real Estate-Kaufman Organization partnership behind 100-104 Fifth Avenue followed a simple motto: Go big on tech or go home.
Since acquiring the building in January 2011, the Kaufman Organization has leased 100,000 square feet to new tech tenants, including 45,000 square feet to Apple’s iAd mobile advertising unit.
“We’ve been on a tear,” said Grant Greenspan, a principal at the Kaufman Organization.
Red Carpet Real Estate
Today news broke that Bloomberg has designs to acquire BNA, a D.C. area-based legal information services company, for $990 million.
(Keeping up with the Jones’s is expensive when the Jones’s are the Thomson Reuters’s.)
As such, the terminal manufacturers will welcome BNA’s 350ish publications and 600-odd reporters into their fold. BNA specialize in tax and regulatory law, which makes it useful for Bloomberg’s burgeoning BGov and for competing with Reuters’s News & Insight: Legal division, launched in March.
Achievements in News Copy
Mayor Bloomberg recently spent just over 1 percent of his estimated $18 billion fortune to buy a new mansion in the Hamptons. Known as Ballyshear, the 1910 Georgian-style mansion covers a sprawling 22,000 square feet set on 35 acres in the Shinecock Hills near Southhampton.
The debt ceiling, spending cuts, the political hostage situation that even the characters of the West Wing aren’t entirely clear on: they’re complicated. Alas, the world needs more simple ways to understand the long-stretching implications of these problems. Thankfully, this is where Bloomberg comes in.
There was no shortage of heroic figures during the debate over gay marriage in New York. Governor Andrew Cuomo, advocates in the State Assembly and Republicans in the State Senate who came to see the issue as a matter of civil rights—they all received their fair share of congratulations.
One figure in the debate, however, Read More
According to City Comptroller John Liu, all those warnings you’ve been hearing about the escalating costs of public employee pensions and health benefits are wrong. Mr. Liu recently put out a report that argues that the cost of pensions and benefits actually will go down beginning in 2016.
Did we mention that Mr. Liu is Read More
Three days after New York’s ban on smoking in city parks went into effect, The Observer, ambling along one of Central Park’s idyllic stone paths and in plain view of a number of badge-wearing rangers, lit a cigarette. Wondering about the potential repercussions of the act, we approached the scrum of law-enforcement types.
“Excuse me, Read More
It’s not as though he didn’t warn us.
When Mayor Bloomberg stepped to the podium to deliver his bad-news budget the other day, the only people who seemed surprised to learn about massive teacher layoffs and other painful cutbacks were members of the City Council, who reflexively denounced the Mayor’s difficult decisions. That is their Read More
Another interesting component of Bloomberg’s update to PlaNYC: the mayor has said that he wants to reduce reliance on landfills by converting solid waste into energy.
Some are referring to this as “burning garbage,” which may be overstating the issue a bit. The new PlaNYC plan mentions that the city Read More