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Category ArchiveDepartment of Citywide Administrative Services

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

City Youth Agency Seals 41K-SF Lease in FiDi

The New York City Department of Youth and Community Development has finalized its lease for 40,610 square feet at 123 William Street in the Financial District, Commercial Observer has learned.

Landlord AR Global signed the lease in July, as CO reported, but the city couldn’t approve the deal until it held a hearing on the transaction on Sept. 13. The Department of Citywide Administrative Services, which handles leasing for city agencies, signed the 20-year lease two weeks ago, according to information from CBRE.

The agency will occupy the entire 17th and 18th floors of the building between Fulton and John Streets. Rent in the deal starts at $2.1 million annually for the first five years and gradually increases $2.6 million a year in the 16th through 20th years of the lease, according to city records.

The family services agency has occupied the two floors since 2014, but on a month-to-month lease.

CBRE’s Brad Gerla and Jonathan Cope represented the landlord, and unnamed brokers from Cushman & Wakefield represented DCAS.

“Hands-on ownership, coupled with a location in the center of Downtown’s mass transit, made it an easy decision for them to commit to a long-term lease at 123 William Street,” Gerla said in a statement.

A C&W spokesman didn’t immediately return a request for comment.


Source: commercial

City Department of Investigation Nails Down 276K-SF Lease in FiDi

The city’s Department of Investigation has inked a 20-year deal for 276,000 square feet at 180 Maiden Lane in the Financial District.

The law enforcement agency, which is responsible for investigating corruption in New York City government, will occupy the entire 16th through 24th floors of the 41-story office tower near the East River waterfront. The lease would represent a 75,000-square-foot expansion from the agency’s current space, according to The New York Post, which was the first to write about the deal. It would also consolidate five separate DOI offices into one.

MHP Real Estate Services and Clarion Partners own the 1.1 million-square-foot building, which spans a full block between Pine and Front Streets.

DOI will pay $52 a square foot for the first five years of the lease, $57 during years six through 10, $62 for years 11 through 15, and $67 for years 16 through 20, according to a notice published in the City Record. The agency will have the option to expand to the 15th and 25th floors within the first two years of the lease. And it will be allowed to renew the lease twice, each time for five years.

Those rents are in line with what other tenants in the building have paid recently. Consulting company Connex Partners leased space at 180 Maiden Lane last month, at an asking rent of $56 a square foot, Commercial Observer reported.

The city expects to spend as much as $56.3 million renovating the office space, but the landlord will kick in $21.3 million, the City Record notes. If the agency invests the maximum $35.1 million, it will shell out roughly $127 per square foot to renovate its new digs.

While the lease has been signed, the Department of Citywide Administrative Services—which handles property for city agencies—has to hold a hearing on the deal next month before the city officially greenlights it.

DCAS told CO that CBRE was involved in the transaction, but a spokesman for the brokerage declined to comment.


Source: commercial