A self-described car guy, Woody Heller, executive managing director and head of the Capital Transactions Group at Studley, sees parallels between automobiles as hard assets and commercial real estate investment sales velocity in New York. Apart from the obvious luxury to be found in cars and Class A buildings alike—his 33-million-square-foot transaction volume likely doesn’t include a jalopy—both markets have also lately been bolstered by similar factors.
“With debt available and with interest rates so incredibly low, it encourages one to buy because money is so cheap,” he said. “If the asset class is in favor compared with what much of the alternatives are—if borrowing costs are incredibly low—it continues to steer people to want to invest in hard assets like real estate.”
Jazz at Lincoln Center is moving its offices to 3 Columbus Circle where it has just signed a deal for 30,653 square feet, The Commercial Observer has learned.
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.
Lease of the Week
inVentiv Health, a multifaceted provider of services in the health care industry, has signed a 75,000-square-foot renewal and expansion for its subsidiary Chandler Chicco Agency at 450 West 15th Street.
The company, which handles public relations and advertising for health care companies, renewed its lease for the 300,000-square-foot building’s entire seventh floor and a portion of six. The firm will expand onto part of the building’s fourth floor, taking a little over 21,000 square feet.
Healthfirst is expanding by roughly 60,000 square feet at 100 Church Street.
The company, a healthcare provider, already occupies about 170,000 square feet at the property, space it took last year in a move to relocate and consolidate its operations in the city.
The New York City Law Department is renewing a roughly 280,000-square-foot-lease at 100 Church Street, The Commercial Observer has learned.
The department, which represents the city, the Mayor and all city agencies in both civil and criminal litigation cases, occupies several floors at 100 Church Street, a roughly 1.1-million-square-foot building in Lower Manhattan where the office has based its operations since 1978.
Jimmy Kuhn, president of brokerage Newmark Knight Frank, was in a chipper mood on Monday morning. And who could blame him? New York commercial real estate may be about as cadaverous a field as New York media, but Newmark has been winning some notable battles in the ceaseless blood feud between city brokerages.
Newmark has 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
July’s killed, and that can only mean one thing: the biannual commercial broker pecking order. Let the insults 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