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Category ArchiveJim Wenk

Breast Cancer Research Foundation Moving HQ to Club Row Building

The Breast Cancer Research Foundation (BCRF) is moving its Manhattan headquarters to the Club Row Building at 28 West 44th Street in Midtown, where it has agreed to sublease 13,114 square feet of office space, Commercial Observer has learned.

The nonprofit signed a five-year sublease to take part of the sixth floor at the 22-story, 372,000-square-foot property between Fifth Avenue and Avenue of the Americas, according to sources with knowledge of the transaction. BCRF is taking over the space at the APF Properties-owned building from advertising software provider Mediaocean, the sublandlord in the deal.

The move will see BCRF nearly double its current footprint at 60 East 56th Street between Park and Madison Avenues, sources said. The organization is expected to relocate to its new offices at the Club Row Building before the end of March.

Asking rent in the deal was in the high $50s per square foot. Sam Seiler and Sinclair Li of CBRE represented BCRF in the transaction, while Kirill Azovtsev, Michael Pallas and Jim Wenk of JLL represented Mediaocean. A spokeswoman for CBRE declined to comment, while a spokesman for JLL did not immediately return a request for comment.

Other tenants at 28 West 44th Street include the City University of New York, the American National Standards Institute and film post-production studio Crew Cuts.

APF Properties partnered with PGIM Real Estate to acquire the building from SL Green Realty Corp. for $161 million in 2011. APF subsequently bought out PGIM’s stake to gain full ownership of the property in 2014.

Source: commercial

Coworking Company Spaces Establishing NYC Flagship in 100K SF at Manhattan West

Brookfield Property Partners six-building Manhattan West megaproject is getting a major coworking tenant.

Amsterdam-based workspace provider Spaces has leased 103,000 square feet across seven floors in a building known as The Lofts at 424-434 West 33rd Street, the landlord told Commercial Observer. The coworking company will take the seventh through 13th floors in the top half of the former printing loft building between Ninth and 10th Avenues.

The asking rent in the 10-year deal was in the high $70s per square foot, according to David Cheikin, an executive vice president at Brookfield. Spaces will get its own private entrance and lobby, as well as a 2,000-square-foot rooftop and multiple terraces. The building has 15,000-square-foot floor plates, exposed steel beams, and high ceilings, plus newly revamped elevators, lobbies and mechanicals.

“Our average tenant size at Manhattan West is 200,000 square feet,” Cheikin said to CO. “We wanted to provide those tenants with the ability to grow and shrink a bit and provide them WITH the resources for conferencing and flexible work environments.”

He also explained that the loft building will connect to Manhattan West’s 250,000 square feet of retail, anchored by a 60,000-square-foot Whole Foods.

Brookfield had originally planned to knock down 424-434 West 34th Street in order to amass a larger site that would allow for a big retail and hotel project, Cheikin said. “But when we actually got into the building, we realized it was a really good turn-of the century printing loft building that added some authenticity to our site of what the neighborhood used to be.”

Spaces is planning to make The Lofts its flagship outpost in the five boroughs, where it already has 44 locations and 1.3 million square feet of offices, according to Michael Beretta, the vice president of network development in Spaces’ Americas division. This will also be its largest space in the city, where typical Spaces locations average 30,000 to 50,000 square feet apiece.

JLL’s Jim Wenk, Brannan Moss and Kirill Azovtesv represented Spaces. Cushman & Wakefield’s Bruce Mosler, Josh Kuriloff, Robert Lowe, Ethan Silverstein, Matthias Li and Whitney Anderson worked on behalf of Brookfield.

Mosler declined to comment on the deal, and a spokesman for JLL didn’t immediately respond to a request for comment.

The seven floors will be constructed with movable walls, prebuilt suites, large coworking areas, conference rooms and event spaces. The interiors are going to be renovated with a “cool and contemporary design that’s European in nature and a mix of casual and interesting while still remaining a very professional place where companies can do business,” Beretta said. He added that the company chose The Lofts because it’s a building with “character” but the project will offer all the amenities of new construction, including a significant retail component.

Spaces already rents at a few other Brookfield properties, including 245 Park Avenue, 1 Liberty Plaza and Brookfield Place. It expects to open at Manhattan West in late 2018.

Pioneering, Luxembourg-based coworking provider IWG Plc (formerly Regus) owns Spaces, which has tried to pitch in urban markets as a trendy competitor to WeWork

The lower half of 424-434 West 34th Street is currently home to several small office tenants. All of them will be vacated by 2021, when Brookfield plans to put the building’s remaining 100,000 square feet of office space on the market.


Source: commercial

Regus Renews 60K-SF at 5 Penn Plaza

Office provider Regus has signed a renewal for 60,000 square feet at 5 Penn Plaza, Commercial Observer has learned.

Regus, which occupies the entire 19th and 23rd floors, of the 26-story building on Eighth Avenue between West 33rd and West 34th Streets will continue to operate in that space for 10 years. The asking rent in the transaction was $68 per square foot, according to information provided by CBRE, the building’s leasing and managing agent.

CBRE’s Peter Turchin, who represented landlord Haymes Investment Company in the deal, said Regus wanted to re-up in the building, because the area is attracting creative companies, Regus’ target market.

“With the ongoing revitalization of Penn Station and the Farley Building directly across the street, 5 Penn Plaza has emerged as a premier leasing option for creative and tech firms,” Turchin said in a prepared statement.

Turchin’s team on the deal included Jason Pollen, Dave Caperna and Hilary Whittier. JLL’s Jim Wenk and Patrick Heeg (now at Transwestern) represented Regus in the transaction.

“It’s a great location because of its proximity to Penn Station,” Wenk said via a spokesman.

Earlier this year, Remedy Partners, which develops and manages bundled payments programs for health insurers, signed a 28,640 square feet of space for pre-built space at 5 Penn Plaza, as CO previously reported. Other tenants at the building include Thomasnet and the Visiting Nurse Service.


Source: commercial

Grand Central Sleeper No More


Source: commercial

VTS Doubles Space as it Takes Additional Floor at 114 West 41st Street


Source: commercial