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Category ArchiveKeith Cody

Musician Business Management Firm RZO Relocates Within Midtown West Building

RZO, a music industry management firm with clients including the Rolling Stones, U2, Sting and Shania Twain, is moving its offices within 250 West 57th Street, Commercial Observer has learned.

The company leased the entire 12,600-square-foot 23rd floor to consolidate its offices, according to landlord Empire State Realty Trust. The deal is for 10 years and the asking rent was $74 per square foot.

RZO, which has been in the building between Broadway an Eighth Avenue for 15 years, will be leaving space it leases on three lower floors. “The RZO relocation to a full floor is consistent with the Empire State Realty Trust’s plan to consolidate and develop full floors at 250 West 57th Street,” Thomas P. Durels, the director of leasing and operations at ESRT, said in a prepared statement.

The music management company will relocate this fall.

ESRT’s Keith Cody represented ESRT in the deal, along with Cushman & Wakefield‘s Harry Blair, Sean Kearns and Heather Thomas. A C&W spokesman didn’t respond with a comment. RZO represented itself in the deal, according to ESRT, and no one from the company immediately returned a request for comment.

Other entertainment groups in the 26-story building include ASCAP, Universal Music Group and ML Management. Music rights nonprofit American Society for Composers, Authors and Publishers is a tenant as well.

ESRT renovated the 537,839-square-foot building with a particular focus on the lobby, which was unveiled in November 2017. It includes a large screen that spans the majority of the ceiling in the lobby, as CO previously reported.

Source: commercial

Uber Takes 35K SF at 1400 Bway for Second Manhattan HQ

Uber is cruising into new digs spanning nearly 35,000 square feet at 1400 Broadway.

The San Francisco-based ride-hailing company has taken 34,600 square feet on the entire 12th floor at the building between West 38th and West 39th Streets, landlord Empire State Realty Trust told Commercial Observer.

The office will serve as Uber’s second Manhattan headquarters, primarily housing Uber’s engineering team, according to The New York Post, which first reported news of the deal. Uber’s other Manhattan space is about 52,000 square feet inside The Terminal Stores warehouse complex at 636-638 West 28th Street in Chelsea, as CO previously reported.

Marc Donner, Uber’s director of engineering, said in a prepared statement provided to CO: “New York City has become the tech hub of the East Coast and we are excited to expand our engineering footprint here. With this new space, we plan to grow our engineering office and attract the top tech talent in the city.”

The asking rent in the 1400 Broadway deal was $62 per square feet, an ESRT spokeswoman said, declining to provide the length of the lease.

Thomas P. Durels, the director of leasing and operations for ESRT, said in a prepared statement: “In addition to the desirable location, 1400 Broadway has been modernized for the 21st century; will soon feature an expanded lobby and is located in the convenient Times Square South neighborhood just steps from Bryant Park.”

The building at 1400 Broadway is 37 stories and 927,683 square feet. As CO reported last September, immigration law firm Fragomen, Del Rey, Bernsen & Loewy leased three full floors at the property. That lease was for 16 years.

CBRE’s Sacha Zarba and Alice Fair represented Uber in the deal. The brokers declined to comment via a spokeswoman. ESRT’s Keith Cody represented the landlord in-house, along with Newmark Knight Frank’s Scott Klau, Erik Harris and Neil Rubin. A spokesman for NKF didn’t immediately respond to a request for comment.

Source: commercial

MSG Sports and Entertainment Business Takes 11K SF in Penn Station Area

Sports and entertainment business Madison Square Garden Company has picked up 10,500 square feet of office space amassing the entire 24th floor at 111 West 33rd Street, a source confirmed to Commercial Observer.

The public company—which got its name in 2015 following a spin-off from the larger Madison Square Garden Company, at that time renamed MSG Networks—signed a seven-year deal for the prebuilt space in the 26-story, 723,883-square-foot building between Seventh Avenue and Avenue of the Americas, as The New York Post reported. The asking rent was $69 per square foot, the Post said.

In May, Commercial Observer reported that Gap Inc. signed an 80,900-square-foot office lease in the structure for its female apparel and accessories brand Intermix. Other tenants include The Michael J. Fox Foundation in 86,000 square feet and landlord Empire State Realty Trust itself in 36,896 square feet.

Newmark Knight Frank’s Neil Goldmacher and Andrew Sachs represented MSG in the transaction. ESRT was represented in-house by Keith Cody along with NKF’s Scott Klau, Erik Harris and Neil Rubin. A spokesman for NKF didn’t provide comments to CO. And a spokeswoman for ESRT declined to comment.

Madison Square Garden Company is a live sports and entertainment company with a portfolio of sports teams, exclusive entertainment productions and venues.


Source: commercial

Renfro Corporation Inks 29K-SF Deal at 1400 Broadway


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