Mergers and Acquisitions
BGC Partners announced late Monday night that the firm, which last year expanded into the real estate services business by buying Newmark Knight Frank, is further growing in the industry by acquiring the California based company Grubb & Ellis.
Pace University has renewed its 32,707-square-foot lease at the downtown office building 156 William Street, sources have told The Commercial Observer.
The university will lease the building’s entire fifth floor and a portion of the eighth. Asking rents at the property, a 190,000-square-foot building owned by Capstone Equities, are in the $30s per square foot.
Jamestown Properties and Rockwood Capital, along with Crown Acquisitions and Murray Hill Properties, finalized their deal to purchase 530 Fifth Avenue for a reported $390 million, officials said.
The property, which was previously owned by Joseph Moinian and the Chetrit Group, will receive a $20 million renovation to upgrade the building.
The Lease Beat
Pace University has reached an agreement to move into 140 William Street, taking the entire 50,000 square foot building for its dance and visual arts programs, The Commercial Observer has learned.
The school will be relocating from its current space at 280 Broadway
, said David Falk
, president of Newmark Knight Frank
who represented Pace in the deal.
Havas is in talks to move a portion of its U.S. advertising operations into 200 Hudson Street, several sources familiar with the transaction told The Commercial Observer.
The French company, which is one of the world’s largest advertising firms, would take approximately 150,000 square feet in the deal, the sources said.
The New York City Department of Buildings has appointed Jones Lang LaSalle’s Michael Bosco to serve a one-year term as a member of the agency’s New York City Building Sustainability Board.
Mr. Bosco, who currently serves as a portfolio energy manager at Jones Lang LaSalle’s Energy and Sustainability Services division, will be responsible for reviewing and evaluating new green technologies for application to the city’s current construction codes.
The Commercial Observer: You’re the president. How’s it feel?
Mr. Falk: It’s really been a lot of fun. I think both internally and externally. Internally, I think people were excited. Someone like myself, who was a broker and started out in the bullpen, is going to be involved in making decisions and leading where the Read More
Succession: another pesky consideration attendant upon the awareness of one’s mortality. Now that Newmark Knight Frank’s leaders, Barry Gosin, Jeff Gural and Jimmy Kuhn, are all in mid-to-late middle age and spending a lot of their time on philanthropic works, which young upstarts will ultimately fill their shoes? And who will ensure that Newmark Knight Frank, Read More
It’s a bitter cold December night in New Jersey, and the chill is seeping into the cavernous Continental Airlines Arena. Empty purple seats abound, and a soporific crowd watches as New Jersey Nets star Stephon Marbury tries to will his slumping squad on to victory.
Again and again, Mr. Marbury throws his slight, sinewy body Read More