PineBridge Investments, the asset management firm that AIG recently sold to Pacific Century Group for $277 million, has signed a hefty lease at 399 Park Avenue, the midtown skyscraper that recently added former AIG head Maurice “Hank” Greenberg’s C.V. Starr & Co. to its roster of tenants.
PineBridge Investments has signed a lease for Read More
The naming rights for the GM Building, one of the rarest opportunities in New York real estate, are officially in play.
During last week’s third-quarter investors call, Boston Properties president Douglas Linde included in his prepared remarks the following: ”We can report that we were able to retain General Motors in 114,000 square feet for 10 years at Read More
As conditions in Manhattan’s commercial market grow grimmer, one question continues to dog investors: Where’s the debt and how can I break me off a piece?
The Manhattan office market dropped 22.9 percent between the second quarters of 2008 and 2009, according to the Moody’s/REAL Commercial Property Price September Indices, compared to 30.1 percent regionally Read More
Studley, a leading brokerage specializing in tenant representation, played the tenant itself in a major deal at 399 Park Avenue. The firm is relocating its corporate headquarters to the entire 11th floor of the Boston Properties–owned building, known for its roster of investment houses and high-profile law firms. The 61,000-square-foot location represents a 50 percent Read More
The investment firm belonging to Maurice “Hank” Greenberg, of AIG notoriety, last week signed a new, meaty lease for 120,000 square feet of old Lehman Brothers office space at 399 Park Avenue.
C. V. Starr & Co. already has 20,000 square feet of offices at 399 Park, so this new lease is something of a Read More
General Motors’ torturous search for a new home in New York City has finally reached an end. And, oh, what an anticlimactic end it is.
General Motors has signed a 114,300-square-foot, 10-year lease renewal at, you guessed it, Boston Properties’ General Motors Building, at 767 Fifth Avenue, the white-marble shaft that has borne its name Read More
Top-shelf corporate law firm Bingham McCutchen is, oddly, looking for office space, even though it has two leases totaling 212,000 square feet that don’t expire until the latter years of the next decade, according to industry sources, published reports and research database CoStar.
The firm has hired Cushman & Wakefield broker Mitchell Barnett to look Read More
In April 2007, during those blindered days of economic bluster, The Observer published an article naming New York’s 10 most expensive towers, according to prominent real estate professionals. They agreed on the most valuable single building: the GM Building. That rocket of marble and black glass, considered then and now the most coveted skyscraper Read More
Newish investment bank Moelis & Co., founded in the prelapsarian days of July 2007, when Big Real Estate blithely believed that the city would somehow escape the ravages looming darkly west of the Hudson, is expanding, signing a robust 10-year lease for about 96,000 square feet at 399 Park Avenue, according to industry sources.
An Read More
Thank God for bankruptcy! By declaring Chapter 11, General Motors has been allowed to officially reject its 120,000-square-foot lease at the sublimely modernist 601 Lexington Avenue (better, if formerly, known as the Citigroup Center).
Mort Zuckerman‘s Boston Properties, which owns the stunning rascacielos, revealed the news in its second quarter earnings report:
On June Read More