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Category ArchiveJared Freede

Entertainment Law Firm Mitchell Silberberg Moving Within Midtown East

Mitchell Silberberg & Knupp, a Los Angeles-based law firm, has signed an 18,650-square-foot deal at William Kaufman Organization’s 437 Madison Avenue to relocate its offices, according to the landlord.  

The law practice, which was founded in 1908, will occupy the entire 25th floor of the  40-story, 850,000-square-foot building between East 49th and East 50th Streets.  

The firm is mostly known for its ties to the entertainment industry and includes areas of focus such as digital media, intellectual property, corporate law and immigration, according to its website and is currently located nearby at 12 East 49th Street (also known as Tower 49) between Fifth and Madison Avenues. Mitchell Silberberg will move in August; the length of the deal is for 15 years, and asking rents in the building range between $82 per square foot and $110 per square foot.

Besides it’s Los Angeles and New York City digs, Mitchell Silberberg also has an office in Washington D.C.

The deal highlights “the special position that our property is in and reflects the ongoing resurgence of Midtown East,” Michael Lenchner, a vice president at Sage Realty Corporation—the leasing and management division of William Kaufman—said in prepared remarks.

Lenchner worked on the transaction for the landlord in-house alongside JLL’s Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster. Jared Freede of CBRE, who handled the deal for Mitchell Silberberg, did not immediately return a request seeking comment.

The New York Post first reported news of the transaction.

Source: commercial

Convene Takes 58K SF for Largest Location at 101 Greenwich Street

Meeting space provider Convene has signed a lease for a 58,000-square-foot space at 101 Greenwich Street in the Financial District to relocate its headquarters and establish its 11th New York City location and largest in the country, Commercial Observer has learned.

The company is planning to occupy 2,500 square feet on the ground floor, which will house a coffee shop run by high-end purveyor For Five Coffee Roasters, and the entire second through fourth floors of the 26-story building (formerly 2 Rector Street) at the intersection of Rector and Greenwich Streets.

The second floor will feature a kitchen and a mix of meeting spaces, in which tenants in the building as well as other companies can rent on demand, and the third and fourth floors will house coworking spaces.

Convene is planning to move its headquarters from a 6,000-square-foot space at 366 Madison Avenue between East 45th and East 46th Streets to a 4,000-square-foot section on the fourth floor. The company will move its 75 corporate employees into the space in March next year, which will be designed more efficiently so that more workers can fit in less space, Convene Chief Executive Officer and co-Founder Ryan Simonetti told CO. And, of course, its employees will have access to the café, meeting and shared office spaces. A Convene spokeswoman declined to disclose the rents in the 15-year deal.

“As an organization we are building what we believe will be the future of workspaces,” Simonetti said. “And to be able to move out of a five-year, prebuilt space and into what is a best-in-class experience, we think our entire organization is excited to get a chance walk the walk.”

Convene is partnering with landlords Cove Property Group and pension fund investment manager Bentall Kennedy to improve the experience of the building. The meeting space provider will offer discounts for tenants for meeting spaces and the ability for tenants to order catered food from Convene’s kitchen or the café via a mobile app.

“In Convene, what we see is basically unparalleled enterprise in this kind of market,” Kevin Hoo, the founder and managing partner of Cove, told CO.  Convene “has very keen insight into how an amenitized building should run.”

The landlords are spending an estimated $70 million to transform the building into a mix of modern office spaces, after purchasing the building in March 2016 from Kushner Companies and CIM Group for $225 million, as CO reported at the time.

The renovation, which will be completed in November, will include upgrades to the building’s mechanical systems, as well as a new lobby, refreshed common spaces, and new elevators and prebuilt spaces.

Convene currently has 10 locations around the city, including an outpost in 1 World Trade Center. The company also has three in Philadelphia, one in Washington, D.C. and one in Boston. It expects to open two more in Los Angeles early next year.

CBRE’s Rocco laginestra, Jared Freede and Michael Wellen represented Convene in the transaction, while JLL’s Mitch Konsker, Scott Cahaly, Clayton Kline and Kyle Young handled the deal for landlords Cove and Bentall Kennedy. Spokesmen for the brokerages did not immediately return requests for comment.

Source: commercial

Gap Relocating Intermix Offices to Herald Square

Gap Inc. has signed an 80,900-square-foot office lease at 111 West 33rd Street for its female apparel and accessories brand Intermix, according to a news release yesterday from landlord Empire State Realty Trust.

The publicly traded company, famous also for Banana Republic and Old Navy, is moving Intermix’s offices to the entire eighth and ninth floors of the 26-story, 723,883-square-foot building between Seventh Avenue and Avenue of the Americas. The structure is home to ESRT’s headquarters.

“We’ve had a great response from tenant prospects and touring brokers that have seen our new Studios Architecture-designed lobby and elevators at 111 West 33rd Street,” Thomas Durels, executive vice president and director of leasing and operations for ESRT, said in a statement. “Gap Inc. was impressed with the highly efficient side-core floor plates with radiant natural light and 111’s immediate access to mass transit.”

CBRE’s Eric Deutsch and Jared Freede, who represented Gap Inc. in the deal, declined to comment on the transaction via a spokeswoman.

The length of the lease was not immediately clear. The asking rent was $65 per square foot, according to the CBRE spokeswoman.

Intermix will be relocating from nearby 1440 Broadway between West 40th and West 41st Streets, according to The New York Post, which first reported news of the transaction.

Newmark Knight Frank’s Scott Klau, Erik Harris and Neil Rubin brokered the deal on behalf of the landlord alongside ESRT’s Keith Cody in-house. The Newmark brokers did not immediately respond to a request for comment via a spokesman.

Source: commercial