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Category ArchiveParamount Building

Investment Firm Takes 145 East 57th Street Penthouse

A private equity firm has snagged the newly constructed penthouse at ABS Partners Real Estate’s 145 East 57th Street, also known as the Hammacher Schlemmer building, Commercial Observer has learned.

Speyside Equity has inked a five-year deal for the 2,650-square-foot suite on the top floor of the 12-story, 64,000-square-foot office building between Third and Lexington Avenues, according to information from the landlord. Asking rent for the in Midtown East space was $80 a square foot.

The Ann Arbor, Mich.-based firm, which invests in metal, chemical and food manufacturing companies, will move from subleased office space in the Paramount Building at 1501 Broadway between West 43rd and 44th Streets. Its new home will have floor-to-ceiling glass windows looking out on 57th Street, 14-foot ceilings and a large private terrace.

Speyside Founder Kevin Daugherty said in prepared remarks that the new office would allow the company to “expand our team as we raise our next fund in the coming months.” He added, “We are excited about the space and feel it will really create an attractive and energetic environment for our team.”

The firm raised $130 million in 2016 for its first institutional fund, according to industry reports.

ABS’ John Brod, Robert Finkelstein and Alex Kaskel handled the transaction in-house. Speyside was represented by Town Commercial’s Nancy Shapiro. A spokeswoman for ABS didn’t immediately return a request for comment.

“It has pretty spectacular outdoor space for commercial,” Shapiro told CO. “It’s beautiful, it’s modern, it’s clean. It’s a very upscale space. They wanted something that would reflect more on the work they do, which is taking these struggling manufacturing businesses and putting them in a better state.”

ABS purchased the 64,000-square-foot, 1926 commercial property for $63 million in October 2016, according to property records. It renovated the building into boutique office space with six floors of prebuilt space, stainless steel appliances and a curated art display in the lobby.

Source: commercial

Levi’s Zips Up New Times Square Space

Levi’s is moving its Times Square store a block and a half north up Broadway, according to an investor presentation from Vornado Realty Trust.

The denim company will occupy 17,250 square feet on the lower level and ground floor of the Vornado’s Marriott Marquis at 1535 Broadway, between West 45th and West 46th Streets, according to information from CoStar Group. The store is expected to open at the end of 2018, The New York Post reported. The length of the lease and asking rent weren’t disclosed.

Levi’s currently occupies 600 square feet on the first floor of the Paramount Building at 1501 Broadway, between West 43rd and West 44th Streets, according CoStar.

Laura Pomerantz of Cushman & Wakefield repped Levi’s in the transaction, and a spokesman for the brokerage didn’t return a request for comment. A Vornado spokesman declined to say who was involved in the lease, but the in-house leasing team for the building consists of Edward Hogan, Jason Morrison and Michael Worthman.

Laline and T-Mobile already occupy retail space in the building and Sephora has also leased space there.

Source: commercial

Producer of ‘Rogue One’ Trailer Moving to Midtown

A production company is moving to Paramount—the Paramount Building, we mean, not the studio.  

Movie advertising and trailer creator Giaronomo Productions has signed a 7,620-square-foot lease for offices at the 800,000-square-foot building, which has an address at 1501 Broadway, Commercial Observer can first report.  

The firm, which has worked on trailers for movies like The Martian, Rogue One: A Star Wars Story and Snowden, will occupy part of the seventh floor of the 33-story office property, which is located between West 43rd and West 44th Streets. The lease will run for a term of seven years and six months. The asking rent in the deal was $53 per square foot.

Giaronomo is relocating in August from 665 Broadway between Bond and Bleecker Streets in Noho.

An Avison Young’s team of Arthur Mirante, Michael Gottlieb, Anthony LoPresti, Matthew Hoffman and Joseph Gervino brokered the deal for the landlord Paramount Leasehold, a partnership of Levin Properties, the estate of Arthur G. Cohen and other investors. A separate Avison Young team of Michael Leff, Francis Santangelo and Scott Steuber represented Giaronomo.

“After surveying a number of buildings in submarkets throughout the city to meet our client’s requirements, 1501 Broadway afforded Giaronomo the best value with the ability to customize the installation to fit their needs,” Leff said in a statement.

The landlords are completing a $50 million renovation of the Paramount Building, which includes replacing the windows, elevators, upgrading the common areas and relocating the lobby from Broadway to 43rd Street, as CO previously reported.

“Once home to both Paramount Pictures and the Paramount Theater, this celebrated Midtown asset has a storied history with movie and theater-related tenants that continues to this day,” Mirante said in prepared remarks.

Earlier this year, Hamilton producer Adventureland inked a 10,109-square-foot deal for space in the building, as CO previously reported. Many theater tenants have space in the Paramount Building, including Second Stage Theatre, Nederlander Organization and Telsey + Co.

Source: commercial