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October 14, 2013
Why NY Office Hasn't Imploded
If the two biggest office demand drivers in any other market had been contracting for five years, "you'd hear a giant sucking sound and then investors would stop," Cassidy Turley tri-state prez Peter Hennessy says. But not in New York.
Financial services and government occupy 15% (and shrinking) of the city's office space, Peter tells us. Leasing has dropped from 40M SF in '11 to 32M in '12, and the market would need 14M SF of activity to reach 2012 levels. And yet sales prices are skyrocketing. At least part of the reason, he says, is a more multidisciplinary market. That means not just bubbling media, tech, and fashion growth (and the city has barely scratched the surface of biotech, he says). There's also mixing of uses. Consider Downtown, he says, which once was a ghost town after dark and where office, retail, and residential all now are thriving.
Peter got his start under tenant rep legend Roger Staubach, so he bought this collector's-item Wheaties box from Roger's days with the Cowboys, reissued six years ago. Crain's named Cassidy Turley one of this year's New York Top 50 Best Places to Work (Bisnow also made the list, if you'll allow us some horn tooting). Among Cassidy Turley's attributes are the open work space behind Peter, whom we snapped at top, and a culture that allows Patrick Leiser to photo bomb his own boss. Then there are the group activities. Peter expects a 75% turnout for the office's upcoming paintball trip, where he tells us, his first target will be Bryan Boisi.
NYers Love Dallas (Off the Gridiron)
Vickerman & Associates' John Vickerman (whom we snapped during a CREW national convention plenary session at the Omni Dallas last week) says nine of the 10 busiest ports are in Asia (six in China alone), including the two busiest: the Port of Shanghai and the Port of Singapore. The Port Authority of NY & NJ will have to spend $2.6B to get ready for the bigger vessels coming through the Panama Canal, he says; the biggest national competition for the ports is the Class 1 Rail Intermodal System.
We found the women from Studley's NYC and DC offices: New York operations director Valerie Carlise, DC managing director Wendy Feldman Block, New York chief economist Heidi Learner and event marketing director Rose Panos. Despite being in Dallas, they didn't have any cowboy hats (nor would they want to upset the Giants and 'Skins by hopping on the bandwagon).
We also caught up with four past national CREW presidents: Valerie Wood & Associates prez Valerie Wood ('97), QAV Partners' Deborah Quok ('04), White & Williams' Joan Rosoff ('03), and, from New York, globeDottingtravel's Dotti Cunningham ('98). Joan says CREW has grown to 9,000 members and this convention had record attendance.
At dinner Thursday night: (seated) Emerson International's Marla Lamb, Clifton Larsen Allen's Jill Klingon, The Situs Cos NY head Anne Jablonski, and Akerman's Beth Zafonte; (standing) Parking Cos of America's Susana Chavez, Old Republic National Title Insurance's Jan Fisher, C&S Cos' Barbie Schalmo, and Akerman's Heather Himes.
Now that thousands of women are back at their desks today and ready to work the stacks of business cards they accumulated, here's a big wave goodbye from Dallas. Seated are Butler-Burgher Group CEO Diane Butler, Norton Rose Fulbright US real estate head Jane Snoddy Smith, Shark Tank star and Barbara Corcoran of The Corcoran Group, HFF's Susan Hill, and Nitsch Engineering's Judy Nitsch; standing are Cassidy Turley's Beth Lambert-Saul, CREW CEO Gail Ayers, North American Title Co's Elissa Plotsky, and DFW Airport's Tiffini Miller.
Allied Partners & Brickman Get Lucky
What better way to celebrate the closing of the financing for the Brill Building, with its music history, than karaoke night? Thursday night, we snapped Ackman-Ziff president Simon Ziff and Starwood Property Trust COO Andrew Sossen, who worked on financing for the $185M deal (Allied Partners and Brickman acquired the legendary building from Stonehenge), singing Daft Punk's 2012 hit "Get Lucky" at Pulse on 41st Street.
We also snapped Brickman CFO and property management head Michael Esquenazi and Doug Barnes flanking Allied's Carl Omark. It appears they're singing "The Sound of Silence."
He Loves The Nightlife
Carl Schwartz (second from right), is practicing staying up late. We snapped the Hunton & Williams global real estate co-head with Muss Development's Jason Muss, Samy Mahfar, David Moussazadeh, and IDB Bank's Elena Dokianos at Hunton & Williams' recent evening party on the Empire Hotel Rooftop. And this coming Thursday, we'd love to see you at Real Estate Rockers in Relief at the Canal Room, where Carl and plenty more musicians whom you might know from their side jobs in commercial real estate will perform to raise money for Sandy victims via the Jewish Disaster Response Corps. Buy tickets here!
What's your karaoke go-to? We'd love to publish it, but we won't make you sing it, unless you're into that sort of thing. Email email@example.com.