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Category ArchiveScott Klau

Brooklyn Charter School Expands to Dumbo

Brooklyn Lab Charter School has leased space for a new campus in Dumbo, not far from its other locations in Downtown Brooklyn.

The school will occupy 81,648 square feet on the second through fifth floors of 77 Sands Street, The New York Post reported. The middle and high school will also have some office space on the 12th floor and a canopied entrance on the first floor. Asking rent was $50 a square foot, and the length of the lease wasn’t immediately clear.

The new campus will open in September to sixth through 10th graders and include a performing arts space, cafeteria, student conference rooms and exhibition space.

Brooklyn Lab currently has space at 240 Jay Street and 40 Flatbush Avenue Extension in Downtown Brooklyn.

77 Sands is just one piece of the five-building, 750,000-square-foot Dumbo Heights complex, which is being developed by RFR Realty, Kushner Companies and LIVWRK. Invesco Mortgage Recovery Fund held a 90 percent stake in the properties when the quartet of firms acquired the former Jehovah’s Witnesses printing warehouses for $375 million in 2013. Then the three other firms bought Invesco out last year in a $600 million deal. Normandy Real Estate also purchased one of the buildings, 175 Pearl Street, for $100 million last March.

The developers have spent $100 million revamping the former industrial properties and creating 50,000 square feet of retail, according to The Post.

Scott Klau of Newmark Knight Frank represented the school, and a Newmark team of Whitten Morris and Joseph Sipala represented Dumbo Heights ownership in the deal.

A spokesman for NKF didn’t return requests for comment. Spokespeople for RFR, Kushner Companies and LIVWRK didn’t immediately respond to requests for comment.

Brooklyn Lab will join a host of creative and tech tenants, including Etsy, WeWork, B-Reel, Prolific Interactive and Frog Design. The ground floors are populated by hip retail tenants like Yoga Vida, Shadowbox, Bluestone Lane, Untamed Sandwiches, Taco Dumbo and Randolph Beer.

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

VTS Doubles Space as it Takes Additional Floor at 114 West 41st Street

Source: commercial

Divorce Law Firm Cohen Clair Renews at Lipstick Building

Law firm Cohen Clair Lans Greifer Thorpe & Rottenstreich has agreed to renew its 13,500-square-foot space at the Lipstick Building in Midtown East, Commercial Observer has learned.

Cohen Clair, which specializes in family and divorce law, signed a six-year lease for the entire 32nd floor of the 34-story, 646,000-square-foot office tower at 885 Third Avenue between East 53rd and East 54th Streets, which was built in 1986 is famed for the cylindrical, Philip Johnson– and John Burgee-helmed design that gives the building its name.

The law firm has called the Lipstick Building home for more than a decade and its space features unobstructed, 360-degree views, according to a press release announcing the deal.

“The Lipstick Building has long been a center for big law and top financial services organizations, including this celebrated firm,” said Gerard Nocera, a principal at Herald Square Properties—which operates the building alongside Buenos Aires-based real estate firm IRSA—in a statement.

Asking rent in the deal was not disclosed. A CBRE team of Mary Ann Tighe, Craig Reicher and James Ackerson represented Cohen Clair, while Scott Klau and Erik Harris of Newmark Knight Frank represented the landlord. A CBRE spokesman confirmed the transaction, while a spokesman for NKF did not immediately return a request for comment.

The Lipstick Building is now 98 percent occupied, Nocera said in the press release. The property is anchored by legal tenant Latham & Watkins, which occupies nearly 350,000 square feet, according to CoStar Group data.

Other major tenants include law firms LeClairRyan and Reitler Kailas & Rosenblatt, as well as private equity firm StepStone Group, which in 2015 took space formerly occupied by Bernard L. Madoff Investment Securities—the wealth management firm through which convicted fraudster Bernard Madoff ran his multibillion-dollar Ponzi scheme until his arrest in 2008.

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