Brookfield Properties is prepping to buy the 16-story tower next to Brookfield Place for more than $190 million, The 560,000-square-foot building at 1 North End Avenue is partially occupied by the New York Mercantile Exchange, which built the property in 1997.
NYMEX would reportedly remain in the building but plans to downsize at the location, Read More
Big Real Estate
It’s not just the biggest real estate conference no one has heard of. It’s the biggest real estate conference period. And, yes, most real estate professionals, at least in New York, haven’t heard of it.
Next week 19,000 guests from 90 countries will descend on Cannes, France, for MIPIM, a four-day event that roughly translates as “International Market for Real Estate Professionals” featuring speaking panels and networking opportunities that allow developers to shop major new projects to prospective tenants and investors.
As senior vice president and general manager of the New York business unit of Turner Construction, Charlie Murphy oversaw approximately 800 employees and $1.5 billion in construction last year. Despite a general malaise across the construction industry, this year looks particularly active, with assignments for Silverstein Properties, New York University and Boston Properties, among other commercial buildings. Mr. Murphy spoke to The Commercial Observer about a promising spurt in construction spending, work on New York University’s Langone Medical Center campus and working with competing firm Tishman on the ground at the World Trade Center site.
Since breaking into Manhattan in 1998, the Spector Group has immersed itself in some of the city’s most notable design projects, including a series of assignments for NASDAQ, office designs for Internet start-up companies and some of the area’s earliest initiatives for data centers and telecom hotels, some of which are now being converted back to office use. Principal Scott Spector, 49, spoke to The Commercial Observer about one of his family-owned company’s biggest assignments, rebuilding the Winter Garden, as well as ongoing work for NASDAQ and what may be his most imaginative job yet—designing eclectic office space for Quirky.com with repurposed bowling alley materials.
Stat of the Week
The number of Manhattan buildings with at least 100,000 square feet of (potential) availability (contiguous or noncontiguous) has climbed over the past year to 82 from 77, though it is down from 84 two years ago. The figures quoted are a catch-all including space currently vacant, known to have a tenant moving out or that is new construction with a completion date.
Occupy Wall Street
The heady days of New York’s Wall Street occupation are officially over, reports The New York Times. Boo! We were hoping that the protesters were just in hibernation, waiting until the Spring weather thaws out Zuccotti Park and makes it habitable again. But one of the lawyers representing OWS campers stated that the lawsuit they filed back in November to regain park access was dropped after the barricades and Brookfield Property security guards were removed from Zuccotti on January 10th.
Fighting over that particular scrap of land is no longer part of the OWS agenda. Instead, the grassroots movement is focusing its efforts Southward, to the country’s capital.
Is he the most prolific attorney in the city you’ve never heard about?
Still, it’s possible to lose track of just how many deals Fried Frank partner Meyer Last inked in 2011. Call it the Jon Mechanic effect.
The law firm Milbank Tweed, Hadley & McCloy LLP is negotiating to renew its lease at the downtown office building 1 Chase Manhattan Plaza, sources said.
The firm occupies 375,000 square feet on several floors at the property, which is owned by the bank JP Morgan Chase. Rents in the deal were not available by press time. The lease is a change in plans for the company.
Skandinaviska Enskilda Banken
, a 155-year-old Swedish financial group whose name is a mouthful to pronounce, took more-than-a-mouthful of office space when it agreed to lease approximately 20,700 square feet
at 245 Park Avenue
The lease is for ten years at the Brookfield Properties-owned building.
To seasoned retail brokers, the very concept of the next big neighborhood in a city that has been developed several times over is, well, naïve. Still, as The Commercial Observer recently learned, most are still looking for a reason to believe.