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Category ArchiveCoStar Group

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

Levi’s Zips Up New Times Square Space

Levi’s is moving its Times Square store a block and a half north up Broadway, according to an investor presentation from Vornado Realty Trust.

The denim company will occupy 17,250 square feet on the lower level and ground floor of the Vornado’s Marriott Marquis at 1535 Broadway, between West 45th and West 46th Streets, according to information from CoStar Group. The store is expected to open at the end of 2018, The New York Post reported. The length of the lease and asking rent weren’t disclosed.

Levi’s currently occupies 600 square feet on the first floor of the Paramount Building at 1501 Broadway, between West 43rd and West 44th Streets, according CoStar.

Laura Pomerantz of Cushman & Wakefield repped Levi’s in the transaction, and a spokesman for the brokerage didn’t return a request for comment. A Vornado spokesman declined to say who was involved in the lease, but the in-house leasing team for the building consists of Edward Hogan, Jason Morrison and Michael Worthman.

Laline and T-Mobile already occupy retail space in the building and Sephora has also leased space there.


Source: commercial

Squarespace Grows to 143,000 SF at 225 Varick Street

Hosting platform and website builder Squarespace has leased two more floors at 225 Varick Street in Hudson Square.

Squarespace inked a 12-year deal for 49,700 square feet on the fifth and sixth floors of the building, where it already leased 93,000 square feet on the 10th through 12th floors in 2014. Asking rent on the new lease was in the high $70s per square foot, according to The Real Deal, which was the first to write about the transaction.

The tech firm is expected to move into its new space in April 2018, according to CoStar Group.

Shake Shack also signed on for 27,000 square feet of office and retail space in the property between Clarkson and West Houston Streets last month. The upscale burger spot will open a flagship restaurant in the ground-floor retail space and a test kitchen on the lower level in mid-2018. It will also move its offices, which are currently located in Union Square, into part of the third floor in the spring of 2018.

Rocco Laginestra and Paul Myers of CBRE represented Squarespace in the deal, and CBRE’s Howard Fiddle, Paul Amrich and Neil King represented landlords Trinity Real Estate, Norges Bank Real Estate Management and Hines. A spokeswoman for CBRE declined to comment.


Source: commercial

Children’s Clothing Company Moves to Midtown From Garment District


Source: commercial

Savanna Buys NoMad Building for $126M, Fifth Time Property Changes Hands Since 2006


Source: commercial