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 Richard Baxter of Jones Lang LaSalle, J.D. Parker of Marcus & Millichap, Darcy Stacom and William Shanahan of CBRE and Peter Hausperg of Eastern Consolidated. But, first, after the jump, none other than Woody Heller of Studley.
Lease of the Week
Eager to extend its reach beyond the West Coast, Redwood City-based provider of interactive email and social media marketing solutions, StrongMail Systems, crept into Manhattan’s growing technology scene the fastest way it knew how: by acquiring the New York-based design firm Magnetik and consolidating in New York.
By the end of 2010, in fact, StrongMail had taken such advantage of Magnetik’s business ties and staff—not to mention 2,000 square feet of office space at 350 Seventh Avenue—that making inroads into Manhattan’s so-called Silicon Alley was beginning to seem easy.
So when StrongMail began to outgrow Magnetik’s footprint a year later, the marketing firm’s top officials approached brokers at the Kaufman Organization for a quick solution.
The Power Broker
The fastest way to an emerging tech company’s heart is through its venture capitalist.
Such has been the modus operandi of Jack Petrie, a senior vice president at CresaPartners who has amassed a list of clients that reads like a veritable who’s who of Silicon Alley. He’s found these clients through contacts and clients of his in venture capital.
“I [find] that usually I can connect the dots with a lot of these companies with relationships I have with V.C. firms and people I have met through the community,” said Mr. Petrie, 50.
God bless the Silicon Alley trend piece. We’ve done one (and then another about a colony of the alley); and, incidentally, we cover the industry regularly every day here. No matter how much ink is proverbially spilled in deference to the tech industry’s growth, we as New York reporters can’t seem to get enough of the nerds-are-among-us-and-they-need-space-to-work angle.
If you’ve ever dusted off your Motley Crüe cassettes and wondered, “Are they still alive?,” we have news for you. The marketing gurus for your favorite `80s hair band have landed some sweet Flatiron digs.
Tenth Street Entertainment has helped revive many a flatlining career, including that of the Crüe, Blondie, Steven Tyler, Royal Underground and even Duke Ellington (who, Read More
Caroline McCarthy from CNET has a terrific feature today about the EDC’s efforts to bolster the tech industry here in New York.
It covers some of the tension between the startup community and the EDC that the Observer highlighted a few weeks back.
One fascinating nugget is the idea that the city, demoralized Read More
Boston and New York are not all that fond of one another, be it in the realm of sports, clam chowder or technology startup scenes. Today, Boston technology blogger Gregory Huang takes his fear and loathing of the Empire City to another level, owing in part to the booming New York technology environment and Read More
Valley to Alley
There were a few stories this morning about the news that Accel Partners, one of the top three venture capital firms in the nation, is opening an outpost in New York.
But by and large there wasn’t much comment from local VCs on the issue, until Lerer Ventures’ Jordan Cooper raised the issue on Read More
the talent drought
First, investor Charlie O’Donnell called on New York’s tech scene to add 250 developers to the work force.
“What I’d like to figure out is how we can create a much more sustainable and much more robust pipeline of developers into the NYC innovation community and I’d like to propose a lofty goal to Read More
Habib Kairouz, a New Yorker and managing partner at Rho Ventures, talked about the rise of Silicon Alley during an interview with TechCrunch last week.
“New York has gone through an incredible transformation in the last ten years,” he told TechCrunch’s Sarah Lacy. “There’s an incredibly vibrant community of startups, of entrepreneurs, of real Read More