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Category ArchiveOlmstead Properties

Knotel Inks Lease for New Soho Office, Expands FiDi Presence

Office provider Knotel has continued its aggressive expansion in the Manhattan market after agreeing to lease more than 23,000 square feet at 584-588 Broadway in Soho and upsizing its footprint at 1 State Street Plaza in the Financial District by nearly 15,000 square feet, the company announced today.

Knotel signed a 10-year deal to occupy the entire 23,464-square-foot fourth floor at Olmstead Properties’ 584-588 Broadway, a 12-story, 226,000-square-foot office building between Houston and Prince Streets. In addition, it has expanded its presence at the Wolfson Group’s 1 State Street Plaza after inking a 14,793-square-foot lease for part of the 10th floor at the 35-story, 975,000-square-foot tower between Pearl and Whitehall Streets for an undisclosed term—taking Knotel’s total space at the Financial District property to around 61,000 square feet.

“584 Broadway adds a unique asset to Knotel’s growing portfolio as as we further expand our foothold into Midtown South—an area where we significantly grew our holdings in 2017,” Eugene Lee, the company’s global head of real estate and business development, said in a statement announcing the deals.

“With continued interest [from office users] Downtown, we are excited to expand at 1 State to meet that demand,” Lee added.

Knotel did not provide asking rents in either transaction. The firm was represented by Elie Reiss of Skylight Leasing in the 584-588 Broadway deal and had no outside representation in the 1 State Street Plaza lease. Steven Marvin of Olmstead Properties represents the landlord in-house at the Soho building, while CBRE handles leasing at 1 State Street Plaza.

Skylight, Olmstead and CBRE did not immediately return requests for comment.

Knotel provides short-term and rolling lease agreements to mostly small- to mid-sized businesses that effectively sublease their office space from the firm. The startup has grown at a prolific rate over the past year, recently surpassing 600,000 square feet of office space under lease across more than 30 locations in New York City and three locations in San Francisco.

Source: commercial

Whisky Company Edrington Relocates in Midtown South

Scottish whisky maker Edrington is moving its New York offices a couple blocks within Midtown South, according to a release from the tenant’s broker Isaacs and Company.

The company, which produces famous Scotch whiskies like The Macallan, Cutty Sark and Highland Park, has signed a 10-year, 25,390-square-foot deal at Rosen Group’s 27 West 23rd Street. It will take over the entire fourth floor of the six-story building between Fifth Avenue and Avenue of the Americas in the first quarter of 2018. Asking rent for the space was $65 a square foot. The New York Post was the first to write about the transaction.

The Glasgow-based company will relocate three blocks north from 150 Fifth Avenue, where it is currently subleasing 12,000 square feet from EMI, a spokeswoman for Isaacs and Company said. In its new home, Edrington will have access to a private entrance at 18 West 24th Street

Isaacs and Company’s Joel Isaacs and Greg Flood represented Edrington, and Olmstead PropertiesDaniel Breiman represented the owners. Olmstead didn’t immediately return a request for comment.

“It’s centrally located in a landmark district, with prime space alongside leaders in diverse industries such as Eataly, Rizzoli, Shake Shack, Anheuser-Busch and Buzzfeed, making it a perfect place for Edrington to grow their U.S.-based operations,” Isaacs said in prepared remarks.

Source: commercial

New York School of the Arts Relocating Within UES

New York School of the Arts has signed a lease to relocate its art school and cultural institution to 315 East 62nd Street between First and Second Avenues, Commercial Observer has learned.

The cultural learning center will be moving out of the National Academy Museum and School at 1083 Fifth Avenue between East 89th and East 90th Streets into 8,619 square feet on the majority of the second floor at 315 East 62nd Street, according to a Lee & Associates NYC news release.

New York School of the Arts is in the process of moving in to its new digs, primarily home to furniture and accessories showrooms, with workshops commencing at the new location on Oct. 15, a Lee & Associates NYC spokeswoman said. The lease is for 15 years, with an asking rent of $62 per square foot.

Kenneth Salzman and Seth Rosen, both of Lee & Associates NYC, represented the tenant in the deal. Steve Marvin of Olmstead Properties worked on behalf of the landlord in-house.

“Our team worked hard throughout the summer to complete this transaction,” Rosen said in a prepared statement. “Ownership was sensitive to the school’s requirements and working in partnership, we were able to develop an expansion plan that accommodates each party’s long-term goals.” (New York School of the Arts has the option to expand to an 8,800-square-foot space on the sixth floor.)

Olmstead Properties acquired the building in September 2007 for $31.3 million, according to property records. Tenants include Renal Research Institute and Weil Cornell Specialty Center.

Source: commercial

Dress Designer Moving HQ Within Garment District With 21K-SF Lease

Source: commercial

CetraRuddy Leaving Soho for Rudin’s One Battery Park Plaza

Architecture and interior design firm CetraRuddy will relocate its New York City headquarters from Soho to the Financial District after signing a 22,894-square-foot lease at One Battery Park Plaza, according to a release from landlords Rudin Management Company and Allianz Real Estate of America.

CetraRuddy agreed to an 11-year deal for a portion of the eighth floor at the 35-story, 870,000-square-foot office tower, which occupies a full block bound by State, Whitehall, Bridge and Pearl Streets adjacent to Battery Park.

The architecture firm—which has designed luxury Manhattan condo towers like One Madison in the Flatiron District and Walker Tower in Chelsea—is expected to relocate from its current offices at Olmstead Properties584 Broadway in the fourth quarter of this year.

Asking rent in the deal was $55 per square foot, according to sources with knowledge of the transaction. Michael Cohen and Andrew Roos of Colliers International represented the tenant while Rudin’s Kevin Daly represented the landlord in-house.

“It was a significant challenge to find a building and space that would allow [CetraRuddy] to create a modern workplace compatible with their core vision values,” Roos said in a statement to Commercial Observer. “While a relocation was not their original plan, the infrastructure, panoramic views and overall value of Rudin Management’s One Battery Park were just too much to pass up.”

The Wall Street Journal first reported news of the CetraRuddy lease.

Rudin and Allianz Real Estate also announced that they have secured nonprofit organization Global Impact Investing Network (GIIN) for a 10-year deal for 9,200 square feet on a portion of the building’s second floor.

GIIN is slated to relocate to One Battery Park Plaza from its current offices at Tribeca Associates30 Broad Street this coming fall. Zachary Price and Ramsey Feher of CBRE represented the nonprofit, with Rudin’s Daly representing the landlord. Asking rent was also $55 per square foot.

GIIN’s move is “prompted by the growth in size of our organization, necessitating more office space than we currently have,” Wen-Hua Yang, the nonprofit’s operations director, said in the press release—adding that “Lower Manhattan remains an excellent value-for-money location.”

In a statement, Bill Rudin, the family-led landlord’s co-vice chairman and chief executive officer, said both deals “reinforce the emergence of One Battery Park Plaza and Lower Manhattan as a destination for creative companies and nonprofits as well as our valued financial services and law firm clients.”

Major tenants at the property include law firms Hughes, Hubbard & Reed and Seward & Kissel, as well as real estate law firm Adam Leitman Bailey—which subleased 26,000 square feet from Hughes, Hubbard & Reed earlier this year, as CO reported.

Source: commercial