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Category ArchiveThomas P. Durels

Musician Business Management Firm RZO Relocates Within Midtown West Building

RZO, a music industry management firm with clients including the Rolling Stones, U2, Sting and Shania Twain, is moving its offices within 250 West 57th Street, Commercial Observer has learned.

The company leased the entire 12,600-square-foot 23rd floor to consolidate its offices, according to landlord Empire State Realty Trust. The deal is for 10 years and the asking rent was $74 per square foot.

RZO, which has been in the building between Broadway an Eighth Avenue for 15 years, will be leaving space it leases on three lower floors. “The RZO relocation to a full floor is consistent with the Empire State Realty Trust’s plan to consolidate and develop full floors at 250 West 57th Street,” Thomas P. Durels, the director of leasing and operations at ESRT, said in a prepared statement.

The music management company will relocate this fall.

ESRT’s Keith Cody represented ESRT in the deal, along with Cushman & Wakefield‘s Harry Blair, Sean Kearns and Heather Thomas. A C&W spokesman didn’t respond with a comment. RZO represented itself in the deal, according to ESRT, and no one from the company immediately returned a request for comment.

Other entertainment groups in the 26-story building include ASCAP, Universal Music Group and ML Management. Music rights nonprofit American Society for Composers, Authors and Publishers is a tenant as well.

ESRT renovated the 537,839-square-foot building with a particular focus on the lobby, which was unveiled in November 2017. It includes a large screen that spans the majority of the ceiling in the lobby, as CO previously reported.

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

Two Tenants Take Space on 50th Floor of Empire State Building

RaySearch and BTS USA have both signed leases with Empire State Realty Trust at the public company’s Empire State Building on the 50th floor, Commercial Observer has learned. The remaining 2,077 square feet on the floor, which is pre-built, is vacant.

Sweden-headquartered RaySearch, which develops software used in radiation therapy of cancer, took 12,800 square feet and BTS, a global professional services firm, signed for 11,600 square feet, at the iconic 102-story, 2.8-million-square-foot skyscraper at 350 Fifth Avenue between West 33rd and West 34th Streets. Their leases are each for 10 years with an asking rent of $72 per square foot, according to a spokeswoman for the landlord.

Both tenants will move in this summer. At the Empire State Building, RaySearch will be opening its first New York City office for its U.S. headquarters and BTS will be relocating from smaller digs at One Grand Central Place, the ESRT spokeswoman said.

Dan Schwartz and Peter Rosenlow of Winslow & Company represented RaySearch in the lease negotiations. JLL’s David Dusek and Simon Landmann of JLL worked on behalf of BTS in its deal. Shanae Ursini of ESRT represented the landlord in-house for both transactions along with JLL’s Paul Glickman, Jonathan Fanuzzi, Kip Orban and Harley Dalton. No one from Winslow responded to a request for comment and nor did JLL’s spokesman.

Thomas P. Durels of ESRT said in a prepared statement that the tenants opted for the Empire State Building because of its “worldwide brand recognition and urban campus amenities.”

Those amenities include a 15,000-square-foot tenant-only fitness center and a tenant-only conference center, as per CoStar Group.

Other tenants in the 1,454-foot building include 80-year-old architecture company Corgan in 11,500 square feet on the 54th floor and Vanguard Construction & Development Co. in a 15,150-square-foot sublease with Yahoo for part of the internet giant’s space on the 55th floor.

Update: This story has been edited to reflect that RaySearch and BTS USA have leased part of the 50th floor.

Source: commercial