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[18 Apr 2014 | No Comment | ]
Law firm leases 440,000 s/f at Rockefeller Group’s McGraw-Hill Building

The Rockefeller Group today announced that White & Case LLP, a law firm with operations in 26 countries, has signed a 440,000 square foot long-term lease for its New York office at 1221 Avenue of the Americas. The leased space includes the top floors in the building, as well as below grade space. The firm will relocate to 1221 in 2017.
The firm plans to remain on Sixth Avenue in a move north to one of Rockefeller Center’s premier office towers. Located between West 48th and West 49th Streets, 1221 Avenue of the Americas was developed by The Rockefeller Group in the modern expansion of Rockefeller Center to the west side of Sixth Avenue.

The tenant was represented by Ken Siegel, Tom Doughty and Lisa Kiell of Jones Lang LaSalle. The Rockefeller Group was represented by an in-house team led by Ed Guiltinan, along with a Cushman & Wakefield brokerage team led by Executive Vice Chairman John Cefaly.

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]

Cushman & Wakefield announced that Cohen Brothers Realty Corporation has appointed the firm as exclusive leasing agent for 135 East 57th Street, an office and retail tower in the Plaza District.
135 East 57th Street is a 340,000 s/f, 32-story granite clad building designed by Kohn Pedersen Fox.
The building features a two-story lobby and state-of-the-art infrastructure, eight high-speed passenger elevators and 24 hour, 7-day-a-week lobby attendance.
The building has virtually unobstructed floor space in four sizes: 17,885 s/f, 13,260 s/f, 12,972 s/f and 7,255 s/f. A Cushman & Wakefield team of Robert …

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]
Rose plants extended stay flag at 70 Pine

Rose Associates and DTH Capital, the owners of 70 Pine Street, have selected Furnished Quarters to operate a hotel within the building.
Furnished Quarters will manage 132 extended stay hotel apartments on four floors of the 66-story, landmarked property that is being transformed into a full-service residential rental building.
The projected opening date for the hotel will be fall 2014. The units are full-sized apartments complete with kitchens, and will average 800 s/f — nearly three times the size of a standard New York hotel room.

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]

Commercial Mortgage Capital arranged a $16.05 million, 10-year, 30-year amortization on a fixed rate, non-recourse loan for Independence Realty’s multi-tenant flex portfolio in Tampa, FL, which consists of Brandywine Business Center, Corporex Plaza and President’s Plaza.
The three-building, 95,761 s/f Corporex Plaza is situated on 6.55 acres and is fully occupied by tenants that include Inspectorate, Honeywell International, Ecolab GCS and Rauland-Borg.

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]

Berkadia Commercial Mortgage arranged $43.9 million for two skilled nursing facilities in Nassau County and Dutchess County, N.Y.
Vice President Jay Healy of Berkadia’s Seniors Housing and Healthcare group worked with the owner of both properties to secure the fixed-rate financing.
Healy secured a 12-year term extension and closed a 29-year, six-month loan through HUD’s 232/223(a)(7) program for a 280 bed facility in Nassau County.
He also facilitated a note modification through HUD for a five-story building in Dutchess County.
The two transactions resulted in combined debt service savings of over $1.7 million for …

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]

New York and London have been named as leading international cities in a new report from international real estate adviser, Savills.
The firm classes cities on their prominence and fame, as well as economy and size; factors that will determine the cross-border investability of their real estate and their future as well as their current ‘world class’ city status.
In 12 Cities, the Savills ‘X-Factor’ world city characterisation looks at a combination of global competitiveness, together with measures such as connectivity, international visitors and web search data, to determine overall world city …

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]
SELLING POINTS: Massey Knakal, HAP Investments, Madison Realty Capital

●Studley / Massey Knakal
Charity to sell historic PAS property

The Federation of Protestant Welfare Agencies (FPWA), located at 281 Park Avenue South, has placed its historic headquarters up for sale with a $50 million price tag.
“Selling the building provides a tremendous opportunity to reinvest in the organization in ways that will enhance our ability to tackle social issues that affect the poor and working poor, and to support our member agencies,” said CEO/executive director Jennifer Jones Austin.

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]

Cooper-Horowitz Inc., a commercial real estate mortgage brokerage firm, has leased a portion of the 35th floor comprising 10,500 s/f of space at Charles S. Cohen’s 622 Third Avenue for its New York corporate headquarters.
The company, which handles in excess of $14 billion in transactions annually, expects to move into the 39-story office tower in the last quarter of 2014. It is presently located at 51 East 42nd Street.
“We’re delighted to welcome this elite commercial real estate finance tenant to 622,” stated Cohen, who transformed the former Empire Blue Cross/Blue …

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]
Busy developer moves offices to Cohen tower

HAP Investments LLC, an investment and development company, will soon relocate its Manhattan headquarters to Charles S. Cohen’s 3 East 54th Street.
The firm has signed a 9.5 -year, 11,200 s/f lease comprising the entire 15th floor of the 20-story, 200,000 s/f building, located on the southeast corner between Fifth and Madison Avenues.
The company, which focuses on the development of mid-sized residential and commercial properties, primarily in upper Manhattan and other burgeoning neighborhoods throughout the Tri-State Area, expects to take occupancy of its new offices during the third quarter of 2014.
It is presently located at 347 Fifth Avenue and operates a sister office in Tel Aviv, Israel.

Deals & Dealmakers »

[16 Apr 2014 | No Comment | ]
Gutsy Jersey winning battle to bring new business to state

The Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area (IOREBA), hosted its 22nd annual Developer’s Night event with a crowd of over 300 professionals in attendance.

“There is a lot of capital out there and the fundamentals in all market sectors are excellent, there is more job creation, and I see good things happening for all of us in 2014,” said Andrew Merin, vice chairman, Cushman & Wakefield of NJ, the moderator of the evening’s panel of expert speakers.

Industry experts analyzed trends in New Jersey’s commercial real estate marketplace including designing office space towards the growing workforce of Millenials, the development of work-live-play environments, the implementation of New Jersey’s business incentive programs, and e-commerce and technology companies flocking to the state.

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