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Category ArchiveLeases

Complex Expands With a Move to Part of Yahoo’s Office in Times Square

Complex Networks, the umbrella company that includes Complex and its sub-brands like First We Feast and Pigeons and Planes, is moving to the old New York Times Building.

The hip-hop-influenced media company subleased 80,000 square feet from Yahoo at Columbia Property Trust’s 229 West 43rd Street between Seventh and Eighth Avenues, Crain’s New York Business reported. Complex plans to leave its longtime, 64,000-square-foot office space at 1271 Avenue of the Americas between West 50th and West 51st Streets and take over the Yahoo space next week. Yahoo occupies 193,000 square feet in the historic, 482,000-square-foot property.

Rich Antoniello, Complex’s chief executive officer, told Crain’s that Yahoo’s offices appeal to the company because the space features four video production studios. Complex, like many media outlets, is focusing heavily on expanding its short-form videos, and it recently partnered with cable music channel Fuse. Over the past year, it has grown its slate of programs to 33 daily and weekly shows, focused largely on talk shows and reality shows.

Not surprisingly, Yahoo and Complex are both owned by Verizon. The telecom giant acquired Yahoo over the summer and purchased Complex a year ago in a joint venture with Hearst Communications.

Spokespeople for Yahoo and Complex didn’t respond to requests for comment, and the terms of the deal were not disclosed.


Source: commercial

Ad Agency Momentum Worldwide Heads to 60K SF at Brookfield Place

Ad agency Momentum Worldwide is packing up its Hudson Square offices and heading Downtown to Brookfield Place.

The Interpublic Group subsidiary has signed on for 60,000 square feet via a 10-year lease at Brookfield Property Partners300 Vesey Street, The Real Deal reported. Momentum’s new home includes the entire top floor of the 15-story building, part of the 14th floor and a private roof deck. Asking rent in the deal wasn’t immediately available.

JLL’s Scott Panzer, Robert Romano and Shannon Rzeznikiewicz represented Momentum in the deal, and it’s unclear who handled the transaction for Brookfield. Neither company’s spokesman responded to a request for comment.

Momentum will decamp its current space on the second and third floors of Jack Resnick & Sons250 Hudson Street for Brookfield Place in May 2018, according to information from CoStar Group.

In recent years, the marketing company, which has 2,000 employees and 40 offices, has run campaigns for American Express, Chevron, Microsoft, Coca-Cola, SAP and Verizon, as well as many other high-profile clients.

Other tenants in the 522,000-square-foot, 21-year-old building include CME Group, Pell Brothers Trading, Smith & Moore and KCG Holdings, CoStar indicates.


Source: commercial

Direct Mail Startup PebblePost Inks Deal to Quadruple Its Offices

PebblePost, a direct mail marketing startup, recently signed a 19,644-square-foot deal at 400 Lafayette Street to nearly quadruple the size of its offices, Commercial Observer has learned.

The company, which uses its software to learn consumers’ computer search habits and target them with printed advertisements for products, moved into its new digs earlier this month and is occupying the entire second floor of the five-story building, which is located at the corner of East 4th Street in Noho.

The asking rent in the deal was $75 per square foot, according to information provided by ABS Partners Real Estate

“400 Lafayette Street offers large, open floor plates that allow businesses to build  offices that foster creativity and encourage collaboration,” said ABS’ James Caseley in prepared remarks, who represented landlord Sand Associates with colleagues Charles Conwell and Joseph LaRosa. “The second floor provided the ideal amount of space for PebblePost, which is in the midst of an explosive expansion.”

PebblePost relocated from nearby 36 Cooper Square between East 5th and East 6th Streets, where it had 5,000 square feet.

Since PebblePost’s founding in 2014, the company has raised $63 million, according to Crunchbase. This year alone it raised $47 million with a combination of equity and debt.

“PebblePost was in immediate need of a larger space to accommodate its rapidly growing staff,” Savills Studley’s Craig Lemle, who represented PebblePost with colleague Nick Zarnin, said in a prepared statement. “The space at 400 Lafayette provides PebblePost the ideal location, size and buildout to move in quickly and continue to grow in a space that is in line with the company’s culture and business objectives.”

Existing tenants at 400 Lafayette include event ticket marketplace SeatGeek, advertising and technology company TripleLift and La Colombe Coffee Roasters.


Source: commercial

Top 10 Retail Leases of the Month: November

Mid-November to mid-December is almost always the Hanukkah/Christmas present retailers always crave, and so far this season hasn’t disappointed as far as their retail is concerned.

It was a good month for grocery stores and places for holiday shopping. The biggest lease was a 29,400-square-foot one for Morton Williams 1 West End Avenue. But it turns out it wasn’t the only grocery store that was active; Dumbo Market took 6,000 square feet at 66 Front Street in Dumbo, Brooklyn. And Westside Market took the old 8,000-square-foot Garden of Eden space at 170 West 23rd Street.

However, the big season stunner was the 19,000 square footer FAO Schwarz signed at 30 Rockefeller Plaza.

And in keeping with the places that are suited for holiday shopping, Levi’s took 17,000 square feet at 1535 Broadway and the athleisure brand Alo Yoga took 14,000 square feet at 96 Spring Street; the skatewear brand Vans took 8,753 square feet at 530 Fifth Avenue; The Shoe Box renewed their 3,600 square foot lease at 1277 Third Avenue; and J.C. Penney’s 2,800-square foot pop-up, Jacques Penne, opened at 446 Broadway.

But that doesn’t mean that there was nothing in the realm of food, beverage, experience or some kind of crossover. Kellogg’s signed on for a 5,000-square-foot permanent restaurant at 31 East 17th Street in Union Square.

See you next month!


Source: commercial

Lace Designer Klauber Brothers Relocating Garment District Office

Lingerie lace supplier Klauber Brothers is relocating its headquarters within the Garment District after agreeing to take just over 9,000 square feet of office space at 253 West 35th Street, Commercial Observer has learned.

Klauber signed a 10-year deal earlier this month for the entire 11th floor of the 16-story, 136,000-square-foot building between Seventh and Eighth Avenues, according to sources with knowledge of the transaction. The lacemaker is expected to move to the 9,061-square-foot space in March from its current offices at nearby 980 Avenue of the Americas.

Asking rent in the deal was $46 per square foot. Alan Bonett and Bradley Cohn of Adams & Co. represented the landlord, Shulsky Properties, while Klauber was represented by Jonathan Schifrin of Transwestern.

“While the company needed more space to accommodate its employees and clients, it was important that it remain within the Garment District, where it’s been rooted for years,” Bonett said in a statement. The 11th-floor space features “polished concrete floors, open ceilings and an open floor plan with private offices that will give the business the flexibility it needs,” he added.

Representatives for Transwestern did not immediately provide comment.

The family-owned and operated Klauber Brothers, which was founded in Germany in 1859, designs and manufactures lace for the lingerie and dressmaking industries. The company is best known as the lace supplier for the popular Hanky Panky lingerie line.

Other tenants at 253 West 35th Street include drywall and ceiling contractor Curtis Partition, which took more than 9,000 square feet at the building earlier this year, as CO reported in August.


Source: commercial

Deli, Pizza Joint Ink Deals at TF Cornerstone’s DoBro Rental

A convenience store (in two leases) and a restaurant will take more than 4,500 square feet at TF Cornerstone’s new 714 unit rental project in Downtown Brooklyn at 33 Bond Street, Commercial Observer has learned.  

Dépanneur, a Brooklyn-based store that calls itself a “better bodega,” has signed two leases at 300 Livingston Street (the retail portion of 33 Bond Street) for two separate ground-floor spaces, according to Winick Realty Group.

The larger of the spaces, which is 1,820 square feet, will be an upscale “corner store” similar to the ones the company has in Williamsburg at 242 Wythe Avenue at North 3rd Street and in Clinton Hill at 519 Myrtle Avenue at the corner of Grand Avenue.

Dépanneur’s second space at 300 Livingston Street will encompass 1,051 square feet, and there it is working on a new concept, according to a Winick spokeswoman.

Both Dépanneur deals are for 15 years and the stores are expected to open in the second quarter of 2018. The asking rent in the deals was $125 per square foot.

Winick’s Steven Baker, Aaron Fishbein and Daniyel Cohen handled the deals for the landlord alongside TF Cornerstone’s Steve Gonzalez in-house. Ripco Real Estate’s Andrew Clemens and Ben Weiner, who represented Dépanneur in the deals, did not immediately respond to a request for comment.

In addition to the transactions with Dépanneur, fast-casual pizza restaurant Simó Pizza has signed a 10-year deal for a 1,633-square-foot space on the ground floor of 300 Livingston Street. Simó Pizza, created by Italian chef and restaurateur Simone Falco, did not have a broker in the deal. It is also expected to open in the second quarter of 2018. The asking rent was $125 per square foot as well.

“Dépanneur and Simó Pizza are ideal tenants for the unique retail mix we’re in the process of curating at… 33 Bond Street,” Baker in a prepared statement. “From a strategy standpoint, the retailers we’ve secured leases for represent the best possible value to the neighborhood. Additionally, they offer residents of 33 Bond with an amenity that positively contributes to their active lifestyles.”

Simó Pizza and the Dépanneur stores will join a 52,000-square-foot fitness concept by Chelsea Piers, which signed a lease at 33 Bond Street in July, as CO previously reported.


Source: commercial

Bushwick Office Conversion Changes Course, Leases to the Post Office

A Bushwick industrial building once slated for an ambitious office conversion is now being leased to the post office.

The U.S. Postal Service signed a temporary lease that will run through February 2018 at 333 Johnson Avenue, a former printing factory on the corner of White Street in the heart of north Brooklyn’s industrial zone. The post office plans to use the 100,000-square-foot building for last-mile deliveries during the holiday season, according to Crain’s New York Business, which was the first to report on the lease. The terms of the deal weren’t immediately available.

Landlords Normandy Real Estate Partners, Royalton Capital and Princeton Holdings had planned to turn the property into a 130,000-square-foot office and retail complex with meeting spaces, rooftop terraces and community garden, the now-defunct DNAinfo reported earlier this year. The trio of investment firms still plans to convert the building to trendy offices for tech and creative tenants, but the area remains more attractive to industrial tenants than startups.

Normandy didn’t respond to requests for comment, but Feehan’s comments to Crain’s emphasized the site’s potential for logistics, e-commerce and office tenants.

“We are still advancing our plans to do creative office space,” Normandy Principal Travis Freehan told Crain’s. “But industrial is rocking right now and we want to be flexible.”

TerraCRG broker Chris Havens also told the publication that the L train shutdown planned for 2019 was scaring office tenants away from Bushwick.


Source: commercial

How a New Way of Working Is Ushering in Short-Term Rental Offerings

Over the past few years, the offsite has been gaining traction among lean startups and large enterprises alike. The thinking behind it is simple: Whether brainstorming

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Credit: Breather

a product launch strategy, planning out the quarter or year ahead or strengthening the bonds between teammates, getting out of the office and into a new physical context (hence offsite) can inspire new thinking and break down the barriers that keep workers from collaborating effectively.

 

 

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Successful offsites leave participants feeling optimistic, engaged and motivated to tackle new challenges—critical outcomes in a world where roughly one in four employees report feeling completely disengaged from their work. But a successful offsite doesn’t just happen: It takes careful planning, a clear idea of what you want to accomplish and a comfortable space that encourages communication.

 

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However, finding the right space to meet outside the office isn’t always easy. Shared office and coworking companies like Regus and WeWork and peer-to-peer marketplaces like LiquidSpace do offer private meeting rooms. But they’re accessed through bustling office environments and often completely visible to outside passersby. One of the major reasons to host an offsite is to escape the everyday distractions of the office, which can sap motivation and eat up half the typical office worker’s day; this makes a distraction-free environment a must-have for a successful offsite.
 
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Credit: Breather

Hotel meeting rooms are a common option, but they too come with caveats. There are often sizable minimum spends, mediocre-yet-mandatory catering, limited equipment for presentations and conference calls, and stuffy decor that does little to inspire creative thinking. It can be hard to think outside the box while you’re trapped inside of one, after all.

 

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As the world’s leading provider of private, temporary workspace, Breather understands what types of spaces empower teams to do their best work. Founded four years ago by Canadian entrepreneurs Julien Smith and Caterina Rizzi, Breather’s network of on-demand workspace has expanded to 10 cities worldwide, including New York City, San Francisco, Los Angeles, London, Montreal, Toronto and more.
 
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Credit: Breather

With Breather, there are no long-term agreements or commitments; clients can instantly reserve any tech-enabled space for a few hours, a day or even many months. This flexibility allows Breather to serve a wide variety of workspace needs, from team and client meetings to small events, individual work, product sprints and spillover space.

 
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Credit: Breather

More crucially, Breather can ensure an experience that’s quiet, tidy and productive because there are no middlemen and no user-to-user marketplace; every space is leased, designed and operated in-house. And because the spaces are private suites accessed through a common corridor (like a typical office), there’s no need to pass through another company’s office or communal space to get to it. Just show up, type in your access code on the door’s keypad and get to work.


Source: commercial

Monday Properties Doubling Office Space With 16K-SF Lease on East 55th Street

Real estate investment firm Monday Properties has signed a lease for 16,336 square feet at Park Avenue Tower at 65 East 55th Street, in a move to double its presence in Manhattan, Commercial Observer has learned.

Monday Properties will be taking the entire 27th floor at the Equity Office-owned property between Park and Madison Avenues, through a 16-and-a-half-year lease, a source told CO. The asking rent was between $135 and $140 per square foot.

The firm will relocate in the third quarter of 2018 from 667 Madison Avenue between East 60th and East 61st Streets, where it occupies 8,460 square feet, due to “organic growth,” the source said.

Equity Office purchased the 36-story, 615,000-square-foot tower in 2014 for $750 million. Last year, the company committed $25 million for its renovation, as CO previously reported.

Tenants include Eminence Capital, Cyrus Capital Partners, King Street Capital, National Bank of Canada, ICM Partners and Tower Brook Capital Partners.

JLL’s Alexander Chudnoff and Benjamin Bass represented Monday Properties in the deal and Newmark Knight Frank’s Jared Horowitz, Brian Waterman, Lance Korman, Ben Shapiro and Brent Ozarowski worked on the landlord’s behalf. Spokesmen for both companies didn’t respond with comments.


Source: commercial

Business Software Provider Behavox Moving to MHP’s 180 Maiden Lane

Business compliance software startup Behavox is moving its New York City offices to 180 Maiden Lane in the Financial District, where the company is taking 12,372 square feet, Commercial Observer has learned.

Behavox signed a 10-year deal last week for the space on the 10th floor of the 41-story, 1.2-million-square-foot office tower between Front and South Streets, overlooking the East River, according to sources with knowledge of the transaction.

The London-based firm, which plans to expand its workforce in the wake of a recently sealed $20 million funding round, is expected to move to its larger new office in January from its current location at nearby 110 William Street.

Asking rent in the deal was $58 per square foot, sources said. A Cushman & Wakefield team of Frank Cento, Tara Stacom, Rob Lowe and Justin Royce represented landlord MHP Real Estate Services alongside MHP’s in-house team of Jesse Rubens, Richard Doolittle and James Tamborlane. Tamborlane and MHP’s Matthew DeRose worked on behalf of the tenant.

The 10th-floor space previously was occupied by e-commerce jewelry brand Chloe + Isabel, which signed a roughly 30,000-square-foot lease for the entire floor in 2016. But the jeweler has since downsized its footprint to under 12,000 square feet after growing at a slower pace than anticipated, according to sources—giving back to MHP the space that will be occupied by Behavox and subleasing out around 6,500 square feet to financial services firm LiftForward on a short-term basis.

As such, Behavox’s new space already features a “high-end” buildout, sources said, with the software firm also drawn to tenant amenities at 180 Maiden Lane that include a 200-seat conference center, a full-service cafeteria and a fitness studio.

Representatives for MHP confirmed the transaction, while spokespeople for C&W did not immediately return a request for comment.

Other tenants at 180 Maiden Lane include the New York City Department of Investigation—which recently agreed to take 276,000 square feet at the building, as CO reported in August—law firm Stroock & Stroock & Lavan and television production company True Entertainment.


Source: commercial