By Daniel Geiger 1/17/12 12:04pm

Lease of the Week

Starrett-Lehigh Building. (Courtesy Property Shark)

“The Most Complicated Deal I Personally Have Handled.”

It’s not uncommon to hear Manhattan’s real estate market characterized as sophisticated or complex.

Not every day, however, does a requirement as straightforward as Dentsu McGarryBowen’s uncork such an elaborate and interconnected series of transactions as it did at the Starrett-Lehigh Building.

A longtime tenant in the 2.3-million-square-foot building and one of the property’s largest users, the advertising firm needed to expand. But there was a small problem: Despite its size, the building—an artsy, far West Side location popular among creative tenants—had virtually no available space. Read More

By Daniel Geiger 1/17/12 11:00am

lease beat

Starrett-Lehigh Building. (Courtesy Property Shark)

Gamble Pays Off at Starrett-Lehigh

A year into owning the Starrett-Lehigh Building, RXR Realty is making what at first appeared a dicey gamble into an investment that looks closer to a sure thing.

RXR, led by its chief executive Scott Rechler, acquired the 2.3 million-square-foot far West Side office building last year for a whopping $900 million, a purchase price that equated to almost $400 per square foot. Though buildings in Midtown have traded for double that or more on a per square foot basis in recent months, the sheer magnitude of the investment turned heads as a jumbo-sized commitment in a neighborhood that many brokers and tenants still consider off the beaten path. Read More

By Dan Geiger 12/15/11 10:00am

lease beat

1440 Broadway. (Courtesy Property Shark)

USA Today Owner Inks 23K Deal

Gannett Co. is leasing a 23,000 square foot space at 1440 Broadway. The media holding company, which owns USA Today as well as several other daily newspapers and television stations across the country, will be using the space for a new online division a source said. Read More