Lease Beat: 8.19.09

Facebook has traded its digs at 551 Fifth for a larger space at 340 Madison Avenue. The new office is 11,119 square feet, can hold about 60 employees and is on the sixth floor of a very glassy building owned by Broadway Partners. Newmark Knight Frank’s Daniel Katcher, who along with the Ippolito brothers (Paul and Mike) represented the sublandlord Sungard in negotiations for the three-year lease, described the space as “a nice mix between corporate, tech and loft offices.” The Facebook sales team will inhabit the offices, and were repped by Grubb & EllisLarry Zuckerman.


International law firm Ashurst, which broke into the U.S. market earlier this year after acquiring McKee Nelson’s 32-attorney structured financing team, has signed a five-year, 28,415-square-foot lease at 7 Times Square Tower. The asking rent was $80 a square foot, though we can’t imagine the taking rent was anywhere near that high. CRESAPartnersMarcus Rayner and Jane Roundell represented the firm in negotiations. CB Richard EllisChristie Harle, Sloane Rhulen, Peter Turchin and John Powers represented landlord Boston Properties.


Stella Digital, a high-end photo-retouching company, is moving to Tribeca. The firm has signed a new, five-year, 2,750-square-foot lease at 122 Hudson Street, where the asking rent is $49 a square foot, and the taking likely a good deal lower. Adams & Co. Real Estate's Michael Greenberg represented Stella in direct negotiations with landlord Bendheim Associates.


S. Kuhlman, purveyor of tastefully designed, $85 men’s dress shirts, is taking advantage of the sublease bonanza to open its first store—a 2,300-square-foot front at 989 Third Avenue, at the corner of 59th Street. The sublease is a bit of a test drive, lasting only one year, with the option to afterward sign a direct lease with landlord the Allan Riley Company. The asking rent was $25,000 a month, but the taking rent was, according to the store’s brokers, the Lansco Corporation’s Robin Abrams and Peter Weissman, “substantially lower.” Ms. Abrams also, along with Lansco’s Howard Dolch and Joseph Leinsdorf, represented the sublessor, a Belgian fabric company called Arte.


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