• 1-800-123-789
  • info@webriti.com

Category Archivesavitt partners

Digital Agency Definition 6 Relocating to Nearly 14K SF on West 40th Street

Digital marketing agency Definition 6 is heading from Union Square to the Garment District.

The firm inked a deal for 13,750 square feet on the entire second floor of 218 West 40th Street between Seventh and Eighth Avenues, according to The New York Post. The asking rent was $55 a square foot. The length of the lease wasn’t immediately clear.

Definition 6 is relocating from 79 Fifth Avenue at the corner of West 16th Street, where the company has occupied 20,053 square feet since 2012, according to CoStar Group.

Jarod Stern and Ken Ruderman of Savills Studley handled the transaction for Definition 6, and Brian Neugeboren, Nicole Goetz and Bob Savitt of Savitt Partners represented the landlords, Kaufman Organization and Block Buildings. A spokesman for Savitt Partners didn’t return a request for comment.

“Definition 6 was looking for well-located, high-quality space and strong ownership,” Stern said in a statement. “The prebuilt second floor at 218 West 40th Street fit the bill perfectly, and its open floor plate and creative feel are an ideal match for the company’s culture.”

The two owners acquired the 12-story, 127,000-square-foot building as a joint LLC for $46.2 million in 2004, according to public records. Other tenants in the building include educational nonprofit National Academy Foundation, clothing brand Free People and longtime fabric supplier New York Elegant Fabrics.

Source: commercial

With Addition of 27K SF, WeWork Spans Nearly a Third of 135 East 57th Street

Coworking giant WeWork has nabbed 27,000 square feet at 135 East 57th Street, bringing its space in the Midtown East building to 125,000 square feet, Commercial Observer has learned.

WeWork has taken the 17th and 18th floors in the building between Lexington and Park Avenues, according to a release from Cohen Brothers Realty, bringing its floor count in the 32-story tower to nine, and representing nearly a third of the 400,000-square-foot structure.

Last November, WeWork increased its footage in the building by taking the 14th, 15th and 16th floors, as CO previously reported, after initially leasing the sixth, seventh, eighth and 11th floors earlier in the year. It will assume the new space—formerly the offices of E-Trade—in the first quarter of 2018, a Cohen Brothers Realty spokesman said.

According to Marc Horowitz of Cohen Brothers Realty Corporation, who brokered the deal for the landlord in-house, WeWork secured the 17th and 18th floors for 13.5 years, making the lease co-terminus with its other spaces in the building. Asking rent for the space was $80 per square foot.

Savitt PartnersMichael Schoen represented WeWork. He would only confirm he was the broker of record.

Other tenants at 135 East 57th Street include Stolichnaya, Audemars, Moroccan Oil and Laura Mercier.

Source: commercial

Knotel Scoops Up 28K SF in Chelsea, Nabs Other Manhattan Leases

As it continues to rapidly expand its footprint across the Manhattan office market, startup office provider Knotel is taking nearly 28,000 square feet of office space at 114 West 26th Street in Chelsea, Commercial Observer has learned—one of several new leases in the borough that the company announced this week.

Knotel has agreed a 10-year lease for 27,900 square feet comprising the entire second through fourth floors at the 13-story, 111,600-square-foot office building between Avenue of the Americas and Seventh Avenue, Eugene Lee, Knotel’s head of property acquisition and business development, told CO. The company expects to occupy the space before the end of the year.

While Lee declined to provide the asking rent in the transaction, other sources with knowledge of the deal said asking rents in the building are in the low to-mid-$50s per square foot. Elie Reiss of Skylight Leasing represented Knotel, while David Levy and Jeff Buslik of Adams & Co. and Michael Beyda of Benchmark Properties worked on behalf of the landlord Delta Enterprise Corp.

Knotel—which provides short-term and rolling office lease agreements to small and midsized businesses which in effect sublease their space from the company—has particularly looked to grow its presence in the Midtown South office market, which is popular with the technology, advertising, media and information, or TAMI, tenants.

The office provider recently signed a lease for 17,464 square feet at 373 Park Avenue South in NoMad, as CO first reported last week, further adding to its office inventory in the area surrounding Madison Square Park.

“We certainly have been focused on Midtown South,” Lee said, noting that the market’s ample food offerings and various “social” amenities have made it attractive to “high-growth companies that want to be in these parts of town.”

The New York Post reported this week that Knotel has agreed to take 29,171 square feet comprising the entire third and eighth floors at 137 Varick Street in Hudson Square, which falls within Midtown South. Asking rent is $45 per square foot at the eight-story, 125,000-square-foot property on the corner of Spring Street, according to the Post, with Peter Fontanetta and Harrison Katzman of Savitt Partners representing the tenant and landlord Trinity Real Estate represented in-house by Matthew Fox and John Franqui.

But Lee added that Knotel is also planning to expand in the “traditional Midtown” and Downtown office markets—with the latter, in particular, proving more appealing to TAMI tenants. “I’d expect that between now and the end of the year we’ll have more [locations] Midtown as well as Downtown,” he said.

Indeed, Knotel has nabbed 27,000 square feet across three floors at 40 Exchange Place in the Financial District, the Post also reported this week. Asking rent at the 20-story, 300,000-square-foot office building between William and Broad Streets is in the low to mid-$50s per square foot, the Post said. Michael Morris and Gregory DiGioia of Newmark Knight Frank represented Knotel in the transaction, while landlords Newmark Holdings and Northwind Group were represented in-house by Newmark’s Allen Gurevich.

Knotel now operates more than 20 locations across Manhattan and Brooklyn. Differing from coworking firms like WeWork, which provides users with monthly memberships and has become synonymous with the freelancers and startup firms that often occupy its spaces, Knotel secures short-term leases with “more mature, established business” seeking to avoid long-term lease commitments, Lee said.

“What we are not is coworking,” he said. “We are [leasing] to 50- to 100-person companies that stay with us for a year or more. The companies we’re working with are getting larger and larger, and staying with us longer and longer.”

Lee added that Knotel’s current New York City office footprint stands at “just around 400,000 square feet,” with the office provider having tripled in size since the beginning of the year on the back of a $25 million Series A funding round and still looking to expand. (Disclosure: Observer Capital, led by Observer Media Publisher, Chairman and Chief Executive Officer Joseph Meyer, is among Knotel’s investors.)

“We’ve been busy,” Lee said. “We are obviously taking a lot of space and growing fast. We continue to speak with many owners about [taking] additional space and I think we will probably double our square footage again this year.”

Source: commercial

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

Source: commercial

CO’s Fourth Annual List of Top NYC Boutique Brokerages

Source: commercial

Digital Marketer Expands to 34K SF at 469 Seventh Avenue

Source: commercial

Capital One Expanding to 130K SF at Flatiron District Office Building

Capital One has signed a 52,000-square-foot office lease at 11 West 19th Street in the Flatiron District, bringing the bank’s total footprint at the property to 130,000 square feet.

McLean, Va.-based Capital One—the ninth-largest bank in the country—agreed a 16-year deal to take the fifth and sixth floors, each spanning 26,000 square feet, at the 11-story, 280,000-square-foot building between Fifth Avenue and Avenue of the Americas.

Asking office rent at the property is $68 per square foot, according to a press release announcing the transaction. The New York Post first reported news of the lease

Bob Savitt and Brian Neugeboren of Savitt Partners represented the landlord, an ownership group that includes Savitt and real estate investor Thomas Block’s Block Buildings. Dale Schlather of Cushman & Wakefield represented the tenant.

“Capital One’s direct lease for an additional 52,000 square feet speaks to its commitment to the property and is yet another example of the allure of 11 West 19th Street and the Flatiron District overall,” Savitt said in a statement.

A C&W spokesman declined to comment.

In December, Capital One agreed to sublease 78,000 square feet at the property, spanning its second through fourth floors, from advertising and public relations conglomerate Publicis Groupe. The bank has yet to occupy that space, which it is currently building out in order to accommodate its technology needs, according to the Post.

The new lease now means that, other than Capital One, the only other office tenant at 11 West 19th Street is fashion designer Tory Burch, which also occupies 130,000 square feet across the top five floors of the building.

In addition, kitchenware and home furnishing retailer Williams-Sonoma plans to open a 19,000-square-foot Pottery Barn spanning the property’s ground-floor retail space.

Source: commercial