If you’ve noticed your office feels smaller lately, it might not be your imagination.
The average size of office transactions has fallen by about 50 percent since 1997, The Real Deal reports. That means it’s time to get a little cuddlier with your co-workers, as employers replace private offices with shared spaces and open Read More
When August DiRenzo reported to legendary Cushman & Wakefield honcho Jim Peters on his first day of work as a broker in the mid-1960s, the upstart asked a simple question.
“O.K., what do I do?”
“Look out the window,” said Mr. Peters, peering from his Cushman office tower, then located on Madison Avenue, 13 blocks Read More
If you work in commercial real estate, best to forget all that talk about an imminent economic recovery. The sad truth is that while the rest of the economy shows early signs of improvement, commercial real estate is proving the laggard.
Data released by research firm Real Estate Econometrics indicates that, nationwide, commercial Read More
Two years ago, Broadway Partners was an empire on the march.
They owned some of the country’s best Class A office properties—the 62-story Aon Center in Los Angeles, One City Centre in Houston, 522 Fifth Avenue in New York—but they were always searching for more. Led by founder and CEO Scott Lawlor, the Read More
In the late 17th and early 18th centuries, the Gobelins manufactory wove tapestries for Louis XIV, the absolutist French ruler, who espoused the theory of the divine right of kings. According to that theory, dauphins were not merely born lucky onto plush velvet thrones of ungodly wealth and power. No, they actually carried the mark, Read More
Location: Do you ever get bored waiting for the market to recover?
Mr. Kuhn: God, this is great! I don’t get bored waiting for the market to recover. I go look for opportunities! This is the greatest mining time we’ve had in the last 10 years. … And if you’re a tenant-rep broker, and Read More
Manhattan retail rents continued to fall in the first half of 2009, according to a report from CB Richard Ellis, reflecting an “ongoing weakness” that appears to be affecting retailers toward the higher end more than shops targeted to bargain hunters.
The toniest stretch of Madison Avenue, from 57th to 72nd streets, was the Read More
TIAA-CREF—the professors’ insurance company—has provided $145 million in loans for the Graybar Building, SL Green’s midtown trophy at 420 Lexington Avenue, atop Grand Central Station. It refinanced $100 million in loans and provided an additional $45 million, producing approximately $23 million in net cash proceeds.
SL Green acquired a leasehold for the 31-story, 1.5-million-square-foot, Read More
A mere five months after the New York Post reported that magazine giant Hachette Filipacchi might try to save on rent by leaving 1633 Broadway for more austere, smaller digs, Hachette has begun to narrow its options, according to a source familiar with the Elle publisher’s office hunt.
Hachette has about 280,000 square feet at Read More
Switzerland’s largest bank—which this week posted an incredible $1.3 billion loss, its third consecutive quarter of waning profits—continues to shed excess office space in Manhattan.
Last week, UBS sublet 28,000 square feet at 299 Park Avenue to a firm called MarketAxess, which, according to its Web site, trades in exotic instruments like “emerging markets bonds” Read More