• 1-800-123-789
  • info@webriti.com

Category ArchiveCBRE

Retail Details: Live From MAPIC

What’s the problem with retail? What are retailers doing to help themselves in this cruddy climate? Are international retailers interested in the U.S.?

Those were the questions on our mind when Commercial Observer traveled to the south of France, last month, to attend the MAPIC conference on retail.

We sat with some of the best brokers in the business and asked their thoughts — here’s what they had to say.

Source: commercial

TCS, Youth Education Organization Join Cornell Tech’s Commercial Tenant Roster

Fresh off of securing a $50 million investment from information technology consulting firm Tata Consultancy Services (TCS) for its Cornell Tech campus on Roosevelt Island, Forest City New York has signed both TCS and youth education organization First New York City to leases at the newly minted Tata Innovation Center—the Cornell Tech building formerly known as The Bridge.

TCS inked a 10-year lease for 7,900 square feet on the third floor of the six-story, 235,000-square-foot building, while First NYC agreed to a five-year deal for 3,300 square feet on the sixth floor, sources told Commercial Observer. Both tenants are slated to move into their new spaces next year.

TCS and Forest City announced the IT consultancy’s sizable investment in Cornell Tech on Monday, which they said would assist “the first phase of capital development on the Roosevelt Island campus” and provide support for “technology research and expanding K-12 digital literacy programs” in New York City public schools.

The Weiss/Manfredi-designed building, which now bears the Tata name, will house a mix of Cornell Tech academic uses as well as commercial tenants including Citigroup, tech investment firm Two Sigma and chocolate manufacturer Ferrero International—all of which are expected to leverage and collaborate with the tech and research resources found on the 2-million-square-foot Roosevelt Island campus, which partially opened this past fall.

Asking rents in the deals were not clear. A CBRE team of Mary Ann Tighe, Evan Haskell, David Caperna, Evan Fiddle, Sacha Zarba and Ross Zimbalist represented Forest City in the transaction, while Newmark Knight Frank’s Neil Goldmacher and Josh Friedman worked on behalf of First NYC. TCS had no broker representation.

“Cornell Tech and Forest City envisioned the [Tata Innovation Center’s] tenancy as a highly diverse group of top-tier companies and institutions that would collaborate with students and faculty, using technology to drive innovation,” Tighe said in a statement.

Ali Esmaeilzadeh, Forest City New York’s senior vice president of commercial development and director of commercial leasing, said in a statement that the companies comprising Cornell Tech’s growing commercial tenant roster have been drawn to the campus “not because they’re just looking for office space in New York City.”

“They want a front-row seat to the best tech talent and researches and to be a part of the unique ecosystem of innovation Cornell Tech has built on campus,” he said.

Representatives for NKF did not immediately provide comment.

Source: commercial

Grubhub to Triple Its Midtown Offices Near Bryant Park to 79K SF

Online food ordering company Grubhub has signed a renewal and expansion at Equity Office’s 5 Bryant Park to triple its footprint to 79,219 square feet in the Midtown building, Commercial Observer has learned.

The company, which merged with Seamless in 2013, already occupies the entire 26,681-square-foot 15th floor of the 34-story, 680,000-square-foot building at the corner of West 40th Street and Avenue of the Americas.

Grubhub will now take the entire 31,914-square-foot 12th floor as well as 20,624 square feet of the 13th floor, according to the company’s latest quarterly filing in November. Asking rents in the building range from $75 to $100 per square foot. The deal is for 11 years and two months beginning after August 2018, according to the company’s public filing.

“The Bryant Park submarket continues to be one of the most attractive in the city for growing creative companies that are drawn to its world-class dining, retail, and hotel options, expansive public spaces, and unrivaled access to transportation,” Zach Freeman of Equity Office, who handled the deal in-house with colleague Scott Silverstein, said in prepared remarks.

In addition to its New York offices, Grubhub has outposts in London and Chicago. It’s online and mobile food ordering services are avaliable in more than 1,300 cities around the country and London, according to its website.

Freeman and Silverstein worked alongside a Newmark Knight Frank team of Brian Waterman, Josh Gosin, Lance Korman, Alexander Radmin and Brent Ozarowski. CBRE’s Jeff Fischer handled the deal for Grubhub. Spokespersons for NKF and CBRE did not immediately return requests seeking comment.

Equity Office completed a more than $40 million renovation of the 1958 building at 5 Bryant Park in 2015. It included a redesign of the tower’s dual lobbies, renovation of the 40th Street entrance and canopy, and modernization of the elevators.  

Existing tenants in the building include architecture firm HOK, consulting company Schireson Associates and TJX Companies.

Source: commercial

CBRE’s James Scott Talks Joint Ventures and Market Discipline

James Scott is the managing principal of CBRE Capital Advisors and heads up its investment banking in the Americas. Over the course of his career, Scott has advised public and private companies in the real estate sector on mergers and acquisitions (M&A) valued at more than $100 billion and has raised in excess of $30 billion in capital on behalf of clients. Philadelphia-born Scott started out as a lawyer at Ropes & Gray before transitioning into M&A banking and real estate investment banking. After eight years at Merrill Lynch, Scott joined CBRE in 2013.

Commercial Observer: What first appealed to you about commercial real estate?

James Scott: It’s a very dynamic sector with both large players and small players. As we [at CBRE] interact with it, we see that it’s global and it touches most other sectors. It’s really the groundwork for the broader economy in many ways.

Describe your role at CBRE.

I joined CBRE to help build a platform to pursue large and structured opportunities and also to lead investment banking in the Americas. We’re 15 bankers, primarily based here in New York but also in California. We’re very closely coordinated globally with [CBRE’s] Capital Advisor teams in Europe, Asia and Latin and South America.

What’s a typical transaction for you, if there is such a thing?

Our activity is really across a spectrum. There’s entity and portfolio M&A at one end of the spectrum with fund placement at the other end and joint ventures and recapitalizations in the middle. That looks like a pyramid to us with most of our activity organized around joint ventures and recapitalizations at the moment. But, we’re active across the entire spectrum.

How has your business evolved over the past five years?

There’s much more integration with [CBRE’s] overall platform. When we’re involved in M&A activities we partner with our investment sales peers or debt and structured finance peers to bring in world-class real estate knowledge and use that knowledge in our process to achieve best results for the client. There’s also been a broadening of business lines. We have continued as an independent adviser—both public and private—with an emphasis on working large portfolios, and in that regard, we’ve done over $8 billion in M&A since I’ve been here. We also moved wholeheartedly into equity placement—so, fund formation, joint ventures and recapitalizations—and we’ve expanded the team significantly to do that.

Are you seeing an increase in joint venturing activity?

Yes. There is a tremendous amount of capital moving towards real estate. Capital is allocating away from fixed income into alternatives and within alternatives to real estate. Capital is coming to the United States as a relatively safe haven offering a good risk return formula, and that capital has become more sophisticated and interested in partnering on a direct basis with sponsors as well as giving money to funds. So, direct investing has driven much more activity on the joint venture side.

 Is it predominantly domestic or foreign capital that’s partnering with sponsors?

It’s both North American and international, but the foreign capital has increased dramatically over the last five to seven years post-crisis. It’s both broader and deeper than it ever was before, and there’s no regional of the globe that isn’t active. One of our competitive advantages is having a fully built-out global platform.

How has portfolio sales transaction volume been this year?

We’ve seen a pick-up in larger transaction activity after a slowdown in 2016. We’ve been active in all sectors, but I’d say that multifamily and industrial have led the pack in terms of portfolio activity. We’ve done well with those [at CBRE].

What are your views on the retail sector?

It’s a little dangerous to paint [retail] with a broad brush. We’re working closely with a very high-quality grocery-anchored platform, and I continue to believe that grocers are a relative safe haven within the retail space. There’s no question that other sectors and subsections within retail are under pressure from commerce trends, and that will certainly play itself out. That said, I think there’s an opportunity to reposition assets. Given our expertise in development and redevelopment, I think and hope that CBRE will be in the middle of that repositioning.

How does 2017’s M&A activity compare with previous years?

I think there’s a continuing stream of M&A activity not inconsistent with what we’ve seen in real estate over past decades. There have always been certain inhibitors to M&A activity in the public markets and in the REIT sectors. That said, we continue to see transactions happen. What we’re not seeing is the bubble-driven go-private activity that we saw pre-crisis and that’s probably a good thing. And we’ve seen a debt market that’s been much more disciplined this time around than last.

What’s driving that market discipline?

I think there’s no question it’s partly regulation, which has impacted the bank market and the securitization market. Then I think it’s also lessons learned, not only by the lending community but also by the real estate community. You’ve seen, at a high level, relatively disciplined development activity—but obviously that’s geography and sector-specific.

 How’s 2018 shaping up for you and your team?

We have a sizable pipeline of transactions and working to get those deals closed. We hope the market remains conducive to that in 2018, but there certainly are headlines that we are keeping an eye on.

Source: commercial

Deutsche, HSBC Close $800M Refi of 28 Liberty

While most were recovering from Thanksgiving dinner overindulgences or snapping up Black Friday bargains, transaction parties in Fosun International’s refinance of 28 Liberty Street were busy sealing the deal.

Deutsche Bank and HSBC wrapped the $800 million, six-year, floating-rate loan on the landmarked 2.1-million-square-foot office tower around noon on Friday, sources close to the transaction told Commercial Observer. The two lenders funded the entire transaction and will begin the syndication process shortly.

While it’s too early to say which lenders will be included in the syndicate, numerous banks had interest in the deal and are potential candidates, sources said.

Officials at Fosun International and HSBC could not immediately be reached for comment. A spokesman for Deutsche Bank declined to comment.  CBRE’s James Millon and Tom Traynor secured the financing on behalf of the borrower, but also declined to comment on the transaction.

Competition to finance the FiDi trophy asset was fierce, sources said. Deutsche Bank and HSBC initially competed with one another as well as other lenders to take the entire loan down. Fosun, a Chinese conglomerate with global banking relationships, had its pick of capital sources but Deutsche and HSBC were the best fit for the deal and the loan was divided between them for “relationship reasons,” one source told CO.

The Real Deal first reported that HSBC and Deutsche would lead the refi.

Fosun opted for a balance sheet refi as opposed to a CMBS execution because of the loan’s future funding component. The office tower’s refinance acts more like a transitional/renovation loan.

Meeting this need, Deutsche and HSBC’s loan provides $500 million at closing and close to $300 million for tenant improvements, leasing commissions and capex further down the line.

The property’s roughly 70 percent occupancy will drop to mid-60 percent when law firm Milbank, Tweed, Hadley & McCloy departs its 340,000-square-foot space in the tower for 55 Hudson Yards. Milbank’s departure plays into the sponsor’s business plan however, sources said, as the tenant currently occupies the building’s highest floors—with the best views—and pays only around $42 a square foot. When the law firm moves out, Fosun will continue to renovate 28 Liberty and secure higher rents.

As first reported by TRD, Booking.com just signed a new lease for 53,000 square feet at the property with a starting rent in the $60s.

“Deutsche Bank and HSBC did a really good job with the structure,” one source told CO. “It allowed Fosun to execute on its business plan while keeping a good, sound credit position that is also highly liquid when they go to syndicate.”

As reported by CO, the New York State attorney general’s office secured a 345,000-square-foot lease for 15 years in January and Alamo Drafthouse inked a lease for a 40,000-square-foot, 10-screen theater in the base of the landmarked building in May, The New York Post reported.

The refi marks the first time that 28 Liberty has been financed by the debt markets. A build-to-suit asset for J.P. Morgan Chase, the property was previously known as One Chase Manhattan Plaza. When Fosun acquired the property in 2013 for $725 million, it did so in cash.

When the time came to refinance, Fosun had executed a significant chunk of its business plan for 28 Liberty, having closed roughly 700,000 square feet in new leases in the past year alone. And the wheels of the refinance began rolling in December 2016, meaning it was underway before restrictions on Chinese investment in foreign real estate clamped down.

Fosun has built up an impressive team in New York over the past few years including Erik Horvat (hired from the Port Authority of New York and New Jersey), Tom Constanzo (hired from Vornado) and Jason Berkeley (hired from Stellar Management). “In addition to 28 Liberty being a great property in a great location, Fosun has a great team. That made HSBC and Deutsche Bank comfortable with having such a large transaction on their balance sheets,” the source said.

It’s not the first behemoth deal closed by Traynor and Millon since the duo joined CBRE Capital Markets from Deutsche Bank last year. The two arranged HNA Group’s $1.75 billion loan for its purchase of 245 Park Avenue in May, as well as a $1.1 billion loan for Stonemont Financial Group’s $1.3 billion acquisition of 100 triple net lease properties in August.

Source: commercial

Mizuho Signs Deal to Triple Planned U.S. HQ to 411K SF

Mizuho Americas, the U.S. division of Japanese bank Mizuho Financial Group, has signed a 270,000-square-foot lease to nearly triple the size of its future U.S. headquarters at 1271 Avenue of the Americas, according to a new release by landlord Rockefeller Group.  

The deal adds to the 141,000-square-foot deal that Mizuho signed in June, bringing the company’s planned footprint to a total of 411,000 square feet. The company is expected to start occupying the 2.1 million-square-foot building between West 50th and 51st Streets in 2019.

Mizuho plans to relocate employees from 320 Park Avenue, 1440 Broadway and 125 West 50th Street, as Commercial Observer previously reported. Rockefeller did not disclose the terms of the new transaction. The asking rent in the previous deal was in the low $80s per square foot, as CO reported.

“The growth of Mizuho Americas has been tremendous,” John Buchanan, head of strategy for Mizuho Americas, said in a statement.  “We are reaching capacity at our existing leases and look forward to consolidating our many offices throughout the city in one, world-class location that affords us the ability to continue implementing our expansion plans.”

A Savills Studley team of Mitchell Steir, Matthew Barlow, Steve Berliner and David Goldstein handled the deal for Mizuho, while CBRE’s Mary Ann Tighe, Howard Fiddle, John Maher, Sarah Pontius, Evan Haskell and Dave Caperna represented Rockefeller Group. CBRE worked alongside an in-house Rockefeller Group team of Ed Guiltinan, Jennifer Stein, Yoshinori Nakamura, Yoko Yamada and Eden Jeon.

Rockefeller Group is currently completing a Pei Cobb Freed & Partners-designed $600 million redevelopment of the 48-story 1271 Avenue of the Americas. The renovation includes a new glass curtain wall facade that will allow 60 percent more daylight into offices and restoration of the lobby. Part of the reason that Mizuho Americas chose to expand planned offices is because of the redevelopment, according to Guiltinan, a senior vice president at Rockefeller Group.

“This commitment… demonstrates the market’s positive reception to the ongoing renovations to this iconic asset,” Guiltinan said in prepared remarks. “1271 Avenue of the Americas provides a rare opportunity to relocate to virtually new construction in the heart of Midtown.”

A spokeswoman for CBRE declined to comment and a spokeswoman for Savills Studley did not immediately respond to an inquiry for comment.

The New York Post first reported news of the expansion.

Source: commercial

Knotel Passes 500K SF Under Lease With New Deals in FiDi, Midtown

Startup office provider Knotel is continuing its prolific rate of expansion with two new deals for office space in Downtown and Midtown Manhattan, pushing the company’s portfolio to more than 500,000 square feet under lease.

In the Downtown deal, Knotel agreed a 10-year lease last week for 23,429 square feet at 123 William Street in the Financial District, it announced Monday. The company will occupy the entire 14th floor at the 27-story, roughly 540,000-square-foot building between Fulton and John Streets beginning in February.

Knotel was represented by Elie Reiss of Skylight Leasing, while Brad Gerla and Jonathan Cope of CBRE represented the landlord, American Realty Capital New York City REIT. It is the second time the office provider has signed a deal with the AR Global-affiliated, non-traded real estate investment trust; in September, Knotel agreed to take more than 26,000 square feet across three floors at the REIT’s 9 Times Square.

While Knotel declined to provide asking rent, CoStar Group data indicates that it was in the low-to-mid-$50s per square foot for the 14th floor. Neither Skylight nor CBRE could immediately be reached for comment. Other tenants at 123 William Street include the Planned Parenthood Federation of America and the New York State Department of State.

In Midtown, Knotel signed a five-year deal last week to sublease 20,955 square feet at 551 Fifth Avenue, also known as the Fred F. French Building. The office provider intends to immediately occupy the entire ninth floor at the 38-story, roughly 430,000-square-foot art deco office tower located on the northeast corner of East 45th Street, several blocks north of Bryant Park and Grand Central Terminal

Knotel did not identify the company it is subleasing the space at 551 Fifth Avenue from—describing it as an unnamed “hospitality management company”—but CoStar data and previous reports identify the tenant as boutique hotel owner and operator Denihan Hospitality Group, which signed a 15-year lease for more than 50,000 square feet at the Feil Organization-owned building in 2007.

The office provider’s sublease at 551 Fifth Avenue will run through the end of Denihan’s lease on the space in 2022. Tom Kaufman of InterRelate Group represented Knotel in the transaction while Mark Weiss and Alan Wildes of Cushman & Wakefield represented Denihan, according to sources with knowledge of the deal. InterRelate declined a request for comment, while representatives for C&W did not immediately provide comment. CoStar data indicates asking rent in the sublease was in the low-to-mid-$50s per square foot. Other tenants at the French Building include law firm Kleinberg, Kaplan, Wolff & Cohen and Pace University.

The two deals mean Knotel has now racked up more than 500,000 square feet of office space across more than 25 locations in Manhattan and Brooklyn and one location in San Francisco, which the company recently announced as its first market outside of New York. The startup’s rapid growth has been fueled by a $25 million Series A funding round it secured in February. (Disclosure: Observer Capital, led by Observer Media Publisher, Chairman and Chief Executive Officer Joseph Meyer, is among the company’s investors.)

Unlike coworking companies like WeWork, which provide office spaces that are available to a multitude of users, Knotel arranges short-term and rolling lease agreements with small- to mid-sized businesses that effectively sublease office space from the company on a single-user basis.

It is a model that has served the company well to date; Knotel started the year with around 100,000 square feet of space in its portfolio, according to Eugene Lee, the firm’s global head of real estate and business development, and “fully expect[s]” to meet its stated goal of eventually having 1 million square feet under its umbrella in the coming months.

“We’re in discussions with a lot of different owners and properties [for more space],” Lee said. “The business is continuing to perform, and that means that our locations across the board are filling up really fast.” While much of Knotel’s New York City footprint concentrated in the tech- and media-heavy Midtown South office market—particularly the areas around Union Square Park and Madison Square Park—recent deals in Downtown and Midtown indicate the office provider’s intention to grow in those areas, as well.

“We’re seeing a lot of demand from companies that want to be at Knotels in the Financial District, [and] also hearing from companies that want to be in Midtown,” Lee noted. “Our density is driven by customers, and every time we have a [new] location, we hear from more companies that want to be in that area.”

While much of Knotel’s demand comes from “high-growth companies,” such as startups and small businesses that are drawn to the flexibility that comes with Knotel’s short-term office leasing model, Lee said the company is seeing “more and more interest from established corporates.”

Such companies “lean more toward wanting to be in Midtown and Downtown, [so] we’re building out our presence in those markets,” he said.

Source: commercial

Los Angeles and Orange County Among Top Markets for Office Market Growth

Los Angeles and Orange County were among the top three markets to get a boost in office market growth from the rise of the high-tech sector, according to CBRE’s annual Tech-30 report.

The report, which measures the tech industry’s impact on office rent in the 30 leading tech markets in the U.S. and Canada, found that Los Angeles County saw jobs in high-tech software/service sectors rise 20 percent during 2015-2016, nearly a three-fold increase from the prior two-year period’s 6.7 percent. Consequently, average office asking rents in Los Angeles climbed 11 percent to $37.08 per square foot annual from the second quarter of 2015 as compared to the same period in 2017. In the area’s top tech submarket in Santa Monica, average rents reached $71.28 during the period.

The rise in high-tech jobs and subsequent need for office space, has led companies either priced or locked out of high-demand areas on the Westside or near major entertainment studios, to the submarket of Downtown Los Angeles according to CBRE’s Senior Vice President John Zanetos. Vacancy rates in Downtown Los Angeles were 17 percent, for instance, compared to around 7 percent in Santa Monica, according to CBRE research.

“The space and the entertainment industries are merging in a very big way. That will continue to drive more of the big brand name technology companies into LA because of the need to be in the content creation and delivery business. I see this growing,” Zanetos told Commercial Observer.

He anticipates that lesser-known areas like Boyle Heights and Frog Town will be the next to benefit from the tech boom.

“You have these pockets of early 1900s industrial buildings that don’t really have an industrial use that can be converted in the same way that the Arts District was in Downtown LA and Culver City was,” he says. “They are close to public transit and the city of LA is going to be dumping a lot of money into those areas because of the LA River development plan and Sixth Street Viaduct redevelopment plan so they’re going to have a lot of benefit from public investment as well as having really cool buildings that can be converted into office space.”

Meanwhile, the OC led the country for rising office rents over the past two years.

Average office asking rents in Orange County climbed 23.3 percent to $33 per square foot annual from the second quarter of 2015 to the same period in 2017. The area’s top tech submarket — South Orange County — saw average rents reach $34.20 during the most recent period. Tech employment in Orange County increased 40.7 percent during 2005 and 2016, making it the top-growing industry in Orange County with approximately 300,000 sq. ft. of active requirements.

According to Allison Kelly, first vice president for CBRE, who has worked in the OC market for more than 13 years, office rents are primed for continued growth. For new to market properties, she expects the asking rents to increase to nearly $4 per square foot or $48 per square foot annual.

The drivers aside from lower rents than in high-demand markets in Los Angeles, she says, are the ability for companies to buy land and create buildings to suit them, proximity to mass transit and thousands of units of new housing being developed in the area, including residential units at the former El Toro Marine Corps base by FivePoint.

She also said the area attracts an educated, tech-savvy work force drawn to the region for lifestyle reasons.

“When people thought of tech companies, they were thinking of Mark Zuckerberg, bright kids in their early 20s in these startup companies with VC money, “said Kelly. “That might be a portion, but a lot of other people work in tech too, people in their 30s and 40s that have children, want to buy a home, are looking for that holistic quality of life and that is something that you can find in OC, where there are enough technology companies here, enough great talent for them to locate here, and a lot of options if you are an employee.”

Source: commercial

Queens District Attorney Nears Deal for 101K-SF Office Space in Kew Gardens

The Queens County District Attorney’s office is close to renewing and expanding its Kew Gardens office space to more than 100,000 square feet, Commercial Observer has learned.

The D.A. currently occupies 86,002 square feet in Crossroads Tower, a 12-story office building at 80-02 Kew Gardens Road, near Queens’ county criminal court and borough hall. It plans to renew its current lease and expand to 101,329 square feet, according to the Department of Citywide Administrative Services, which handles real estate deals for city agencies.  

The new, 14-year lease for the county prosecutor’s office will include a portion of the concourse level, the entire first floor, parts of the second, fourth, fifth and seventh floors and the entire eighth floor. Asking rent was $37 a square foot for most of the space, except for part of the ground floor, which was asking $55 a square foot, according to information from CoStar Group.

The annual rent will start at $3.57 million ($35 a square foot) for the first year and rise slightly each year until 2031, when the final rent will be $4.95 million ($49 a square foot), public records show.

The office, headed by Queens District Attorney Richard A. Brown, has occupied the tower since 1991, according to a DCAS spokesman. The 515,000-square-foot building was constructed in 1989 at the corner of Grand Central Parkway, Queens Boulevard, Union Turnpike and Kew Gardens Road.

CBRE’s Roy Chipkin handled the deal for the owner, Cammeby’s International, and John Morrill, also of CBRE, represented DCAS. They declined to comment through a spokeswoman.

Crossroads Tower fell into bankruptcy in the early ’90s, but its fortunes turned around by 1996, when the Federal Bureau of Investigation, the New York State Department of Finance and Taxation and a handful of other government tenants moved in, the New York Times reported at the time. The FBI currently occupies 84,000 square feet on the property’s top two floors, and the state finance department still has 38,000 square feet on the 9th floor.

Source: commercial

Dwight Capital Inks 20K-SF Deal to Move to Hell’s Kitchen

Real estate finance and investment firm Dwight Capital has signed a 20,000-square-foot lease at 787 11th Avenue, according to landlord The Georgetown Company.

The finance firm will occupy a section of the 10th floor of the 10-story building, which is located between West 54th and West 55th Streets in Hell’s Kitchen. The asking rent in the 10-year deal was $85 per square foot.

The Georgetown Company is nearing completion of a $100 million upgrade of the building designed by Rafael Viñoly. The redeveloped office building will feature modern spaces with oversized windows and a roof deck for tenants.

“Beyond the best-in-class modern office space, the property also offers one-of-a-kind outdoor spaces, proximity to two parks and preferred memberships at the nearby Mercedes Club, all of which allow us to offer tenants a unique and exciting experience,” Jonathan Schmerin, the managing principal at The Georgetown Company, said in prepared remarks.

Dwight Capital will relocate in the second quarter of 2018 from 5,846 square feet at 250 West 55th Street between Eighth Avenue and Broadway in Midtown, as The New York Post first reported. Dwight Capital will share the top floor with Bill Ackman’s hedge fund and charity—Pershing Square Capital Management and The Pershing Square Foundation, respectively—which took 67,000 square feet on the ninth and tenth floors of the building, as CO reported last year.

Savills Studley’s Daniel Posy represented Dwight Capital, while a CBRE team of Mary Ann Tighe, Evan Haskell, Arkady Smolyansky, Ben Joseph and Ross Zimbalist handled the deal for the landlord.

A spokeswoman for the CBRE brokers did not immediately return a request for comment.

Source: commercial