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Category ArchiveHoward Fiddle

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

Real Estate Firm GTIS Partners Takes 29K SF at 787 Seventh Avenue

Real estate investment firm GTIS Partners has agreed to move its Manhattan headquarters to 787 Seventh Avenue after agreeing to a 28,677-square-foot lease at the Midtown office tower.

GTIS is leasing the entire 50th floor at the 54-story, 1.7-million-square-foot skyscraper between West 51st and West 52nd Streets, also known as the AXA Equitable CenterThe New York Post reported this week. The company will relocate to the property from its current office on the 31st floor of Tishman Speyer’s 45 Rockefeller Plaza at nearby Rockefeller Center.

In addition to large arched windows providing views of the city skyline, the space also features ceiling heights of up to 40 feet and a 51st-floor mezzanine accessed by private elevators, the Post reported.

Asking rent for the space was in the triple digits and featured “strong” tenant concessions, according to the publication. CoStar Group data indicate that the 10-year lease, which was signed this past spring, was inked at a starting rent of $75 per square foot and an effective rent approaching $78 per square foot.

A CBRE team of Rocco Laginestra, Michael Laginestra and Scott Gottlieb represented the tenant, while CBRE’s Howard Fiddle and Keith Caggiano represented the landlord, pension fund manager CalPERS and its external investment manager CommonWealth Partners.

The California-based firms acquired 787 Seventh Avenue from AXA Financial for $1.9 billion in early 2016, in one of the largest commercial property transactions in the city’s history. They financed the purchase with a $780 million mortgage from Deutsche Bank, as Commercial Observer reported at the time.

A CBRE spokesman declined to comment on the GTIS lease.

Other tenants at 787 Seventh Avenue include financial services firms BNP Paribas and UBS, as well as law firms Willkie Farr & Gallagher and Sidley Austin.


Source: commercial

Data Provider Inks 14K-SF Deal to Relocate HQ Within Midtown

Data and trading technology provider Thesys Technologies has signed a 13,787-square-foot lease at Equity Office’s 1740 Broadway for its headquarters, the landlord announced today.

The financial technology company will occupy a portion of the 14th floor of the 26-story building between West 55th and West 56th Streets in Midtown. The asking rent in the seven-year lease was in the high $70s per square foot, according to a source with knowledge of the deal.

“The cutting-edge, stylish design of our prebuilt spaces at 1740 Broadway proved to be the perfect fit for an innovative fintech company and industry leader like Thesys Technologies,” Zachary Freeman of Equity Office, which is a subsidiary of Blackstone Group, said in a prepared statement.

Thesys expects to move in November from its current address nearby at The Moinian Group’s 3 Columbus Circle, a full-block building that runs on Eighth Avenue and Broadway between West 57th and West 58th Streets.

Thesys, founded in 2009 in New York City, also has offices in South Carolina. Its new pre-built digs at 1740 Broadway will feature concrete floors, exposed ceilings, high-end finishes and an open pantry, the landlord said in a press release.

“These are exciting and dynamic times for our organization,” Mike Beller, the chief executive officer of Thesys Technologies, said in a prepared remarks. “The move to a new corporate headquarters reflects the hard work and commitment of our employees, who have all contributed to our rapid growth.”

Brad Gerla and Brad Auerbach of CBRE handled the deal for Thesys Technologies. Freeman and Scott Silverstein of Equity Office represented the landlord in-house alongside a CBRE team of Howard Fiddle, Zak Snider, Arkady Smolyansky, Alexander Golod and Ben Joseph.

“After a thorough analysis of our client’s technical requirements, their projected growth and employee and client commuting patterns, we felt that the space at 1740 Broadway was a perfect fit,” Gerla said via a spokesman.

The building at 1740 Broadway was erected in 1950, and Equity Office purchased it in 2014 for approximately $600 million from Vornado Realty Trust. Existing tenants at the 620,000-square-foot building include fashion retailer L Brands and law firm Davis & Gilbert.

The Real Deal was first to report the news about Thesys’ new digs.


Source: commercial

Japanese Bank Mizuho Takes 148K-SF for U.S. HQ at 1271 Avenue of the Americas

Mizuho Americas, the U.S. division of Japanese bank Mizuho Financial Group, has signed a 148,000-square-foot lease at 1271 Avenue of the Americas, according to a new release by landlord The Rockefeller Group.

The company, will occupy the second and third floors as well as space below grade at the 2.1-million-square-foot, 48-story building between West 50th and West 51th Streets. The bank will be moving employees from multiple locations at 320 Park Avenue, 1440 Broadway and 125 West 50th Street, as Crain’s New York Business previously reported before the deal closed last month.

CBRE’s Mary Ann Tighe, Howard Fiddle, John Maher, Sarah Pontius, Evan Haskell and Dave Caperna brokered the deal for Rockefeller Group, which is owned by Japan-based Mitsubishi Estate. The CBRE team worked alongside The Rockefeller Group’s leasing team of Ed Guiltinan, Jennifer Stein, Yoshinori Nakamura, Taku Tanikawa, Yoko Yamada and Eden Jeon.

Savills Studley’s  Mitchell Steir, Matthew Barlow, Steve Berliner and David Goldstein. represented Mizuho Americas. The brokers did not immediately respond to a request for comment via a spokeswoman.

“With the continued expansion of our corporate and investment banking franchise in the U.S. and across the region during the last several years, strengthening our business and technology infrastructure to match our growing client footprint has become a critical necessity,” John Buchanan, head of strategy for Mizuho Americas, said in a prepared statement. “Establishing 1271 Avenue of the Americas as our new U.S. headquarters will allow us to better serve clients by bringing together Mizuho employees from multiple office locations in one space.”

The asking rents in the deal was in the low $80s per square foot, as The New York Post reported.

Following the departure of Time Inc. to 225 Liberty Street at Brookfield Place, The Rockefeller Group began a $600 million redevelopment of 1271 Avenue of the Americas with designs by Pei Cobb Freed & Partners. They are currently replacing the concrete façade with an all glass curtain wall and restorating the landmarked lobby.

“The ongoing renovations to the building enable Rockefeller Group to provide modern, efficient, and highly-desirable space to tenants in one of the most accessible and amenity-rich locations in Manhattan,” Guiltinan, a senior vice president and the head of leasing in New York for The Rockefeller Group, said in prepared remarks. “We are pleased that Mizuho in making their decision recognized the many benefits of being located in the new 1271 Avenue of the Americas.”

Major League Baseball took more than 400,000 square feet at the building in last year, as CO previously reported. Also The New York Times subleased 160,000 square feet from Time Inc. as well.

“The level of interest and activity we are getting for this modern, state of the art building in the heart of Midtown validates Rockefeller Group’s decision to commit to this dramatic renovation,” Maher said in a statement.


Source: commercial