Business Insider, master of the slideshow, has signed a 20,646-square-foot sublease of the entire eighth floor at 150 Fifth Avenue, The Commercial Observer has learned.
The subtenant will pay rent in the low-$50s per square foot in a deal expiring in early 2018, according to data from CompStak.
Investment Sales 2012
Social media giant Twitter is in talks to take up to 100,000 square feet at 51 Astor Place, Edward Minskoff’s “spec” tower, according to a report.
Twitter, the micro-blogging site, is in discussions over a long-term deal with rents in the $90s per square foot, according to a report by Crain’s New York. The company, which celebrated a successful initial public offering earlier this month, opened its first New York office at 340 Madison Avenue in 2011.
The investment sales market, most brokers agree, has been heating up over the past 12 months. Approximately $25.8 billion in commercial properties changed hands last year, a turnaround that represented an 88 percent increase over 2010. But while the positive uptick is easily verifiable, what happens next for Manhattan’s investment sales market is still up in the air.
Accordingly, The Commercial Observer set out to speak with the real estate industry’s most accomplished capital markets and sales practitioners to learn what’s in store for 2012. Over the next several days, we’ll post interviews with heavy hitters like Darcy Stacom and William Shanahan of CBRE, J.D. Parker of Marcus & Millichap, Woody Heller of Studley and Peter Hausperg of Eastern Consolidated. But, first, after the jump, none other than Richard Baxter of Jones Lang LaSalle.
Big Real Estate
The burgeoning brokerage Lee & Associates is adding more brokers, including another executive from the bankrupt real estate services company Grubb & Ellis, executives at the firm revealed.
Robert Kunikoff, a retail leasing executive at Grubb & Ellis, will be moving over to Lee & Associates starting this week the executives said.
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.
The wave of tech tenant leasing deals in Midtown South continues.
Knewton Inc., a provider of sophisticated online-based learning and education programs for students and test takers, has signed a 16,000-square-foot lease at 100-104 Fifth Avenue, an office building owned by the Kaufman Organization. The term of the deal, which is for the 20-story building’s entire eighth floor, stretches ten years. Asking rents for the space were $55 per square foot.
While leasing activity for much of New York City in the past few months has been more lackluster than blockbuster, a sizable chunk of available space –sizable in the, say, 6 million square foot range– is on the cusp of hitting the market, The Wall Street Journal reports.
New developments like 1 World Trade Center, 4 World Trade Center, and Edward Minskoff’s 51 Astor Place, are all slated to hit the market in 2013. The last time NYC had this much new space becoming available was in 1989, said Cassidy Turley’s Robert Sammons.
Penson, a financial services company, has expanded and renewed its lease at 1 Penn Plaza, the company’s brokers have told The Commercial Observer.
Commerical Observer, Postings
Not included in Pearson’s announcement last week to relocate from its headquarters in Upper Saddle River, New Jersey, was news of an expansion the firm has secured at 330 Hudson Street in Manhattan, The Commercial Observer has learned.
While a far cry from a peak in 2007, the number of office transactions that crossed the $100-per-square-foot threshold in Manhattan last year—a whopping 56—was three times that of 2010, when only 19 such deals were tallied in the borough. The number of leases signed for office space in the $80-to-$99 range, meanwhile, also saw Read More