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Real Estate Bisnow (NY)

Three Tenants That
Prove Midtown Isn't Dead;
ULI's Fall Meeting

No need to proclaim the death knell for Midtown office, even though Midtown South and Downtown are getting all the attention. There's a healthy pool of tenants for which only Midtown proper will do.

Trading Group Spinoffs & Boutique Hedge Funds

Proprietary trading groups spun off from the major banks to avoid Volcker Rule conflicts of interest, says Savills Studley's Dan Posy, and these companies, some with as many as 30 employees, are looking for space. They prefer trading-ready sublease space so they can hire right away. Plus, like tech tenants, they have no projection of where their business will go and how many employees they'll need in, say, two years. Hedge funds also are picking up talent from the larger banks. And like trading group spinoffs, they want Class-A space, Dan tells us. Demand from these two groups has created a shortage of such space.


CohnReznick (Field) MNY

Tech tenants priced out of Midtown South are moving into funky Midtown buildings, Dan says. Take Shutterstock's move to the Empire State Building,  eMarketer's relo from Downtown to 11 Times Square, and Deutsch advertising's upcoming move from Google's 111 Eighth to 330 W 34th. These tenants like prebuilt space to help keep costs down, Dan says. On Friday, several of Dan's colleagues (above) took advantage of Lee National Denim Day to dress like tech staffers themselves in exchange for a $5 donation: Owen Kimple, Raheel Goheer, Chris Volney, Jason Goode, Daria Gredysa, Jason Perla, Stephanie Grymes, firm president Michael Colacino, Lance Leighton, Brad Wolk, Matthew Barlow, and John Johnson. The event, for which Savills Studley has raised $150k since '05, launches Breast Cancer Awareness Month.

CBRE (350Park-2) NY
National Land (Oct9) NY

New Yorkers at CREW

We've been in Miami Beach this past week, making sure you had the most up-to-date news from CREW Network's national convention. NYC's own Emigrant Bank commercial real estate head Pat Goldstein (right, with CBRE's Cheryl Hardt of CREW NJ) was one of four CREW 2014 Distinguished Leaders honored. No women worked in finance when she started in the ‘70s; in fact, leadership told her that if she failed in the credit training program, it'd never let another woman in. Things have come a long way, but she's still disappointed in the fact that almost no women run commercial banks. Her advice: Find out what you can do like no one else, and play to that strength. Pat's daughter has followed her into real estate and was on hand for Mom's presentation.

Congrats to Crowell & Moring's Barbara Champoux and Akerman's Beth Zafonte, who won CREW's Impact Award for member-to-member business, having involved many of their CREW counterparts in the Gemological Institute of America's $51M purchase of an 80k SF condo in Extell's International Gem Tower. Barbara repped GIA through the entire process, starting in the late 2000s, and brought on CREW women for GIA's architecture and title (three firms split the policy). Beth brought in a colleague to help with non-profit tax exemptions ($95k savings a year). The IGT opened this summer.

The Port Authority is spending $2.6B to dredge the harbor and raise the Bayonne Bridge to accommodate post-Panamax ships, says Vickerman & Associates prez John Vickerman (snapped with Dow Golub Remels & Beverly's Debra Gilbreath and Rockefeller Group FTZ Services' Brandi Hanback). Seems worth it considering he reports that 98% of everything you consume, wear, eat, drive, and construct is shipped through the North American port system. John, a retired Civil Engineer Corps naval captain, says containers typically sit in port yards for six to eight days, and the ports that distribute those throughout the US the fastest may be the real Panamax winners.

Food and beverage revenue exceeds room revenue in the Dream Downtown hotel at 355 W 16th St and Dream New York at 210 W 55th St, says Dream South Beach GM Peggy Benua (second from right, with James Royal Palm Hotel's Michael Shaff, Bilzin Sumberg Baena Price & Axelrod's Suzanne Amaducci-Adams, and Driving ROI managing director Debbie Castillo). PH-D Lounge at the top of Dream Downtown alone brings in $20M a year. (Hotels are the only place we make our own waffles... and that's usually free. Potential trillion dollar business, in our opinion.)

There's no such thing as a born leader, says Forbes chairman Steve Forbes (with CREW prez Judy Nitsch). Even people with a natural knack for it still have to learn. You'll never have all the information you need or be prepared for every crisis; you'll often just have to rely on your gut, he says. Steve buys into Amazon CEO Jeff Bezos' policy that a team is too big if it requires more than two pizzas because smaller teams are more likely to care about each other than to play games. Steve felt right at home at the convention, as he and his wife of 43 years have five daughters and even the dogs are female.

Another 2014 Distinguished Leader, Butler Burgher Group CEO Diane Butler (right, with BBC World News America lead anchor Katty Katy) sold her valuation company and then reacquired it from the bankrupt owner in '09. She's since grown it from 65 to over 200 employees and expanded to NYC via the acquisition of Leitner Group. Your career is a marathon, not a sprint, she says, so don't worry about the occasional setback. Fun fact: She's golfed with Sugar Ray Leonard.

New York was all over the CREW convention. The org's president-elect, Hartman Simons partner Lori Kilberg (whom we snapped with husband, Plum Creek's James Kilberg), is working on BFC's Empire Outlets going up on Staten Island along with the New York Wheel. Lori's also a Bisnow Atlanta Power Woman.

ALTSO (Oct22) NY
RMA (App5) NY
Bisnow (video-debt)
Bury (Solve) NY
Bisnow (RawSpace-Pairs)

Big Players at ULI's Fall Meeting: Register Here

Jamie Dimon, the longest-tenured CEO among the major US banks, will speak about leading through crises during the opening general session of the 2014 ULI Fall Meeting in New York. Held Oct. 21-23, it will draw more than 7,000 decision makers. In addition to hearing from speakers like Jamie Dimon and author Walter Isaacson, attendees from companies like Tishman Speyer, Related, KKR, Northwood Investors, Hines, and Gensler will share their experiences, build relationships, and find out what's next for real estate. Through this Friday, Oct. 10, Bisnow readers can register and save $200 by entering code BISNOW14. Visit fall.uli.org to find out more and see who'll be there.

Dog of the Day

Honest Buildings' Peter O'Brien tells us his chocolate lab Martha (snapped last summer in the Adirondacks) is named for his late godmother and has done an incredible job living up to the name. Judging by this picture, she certainly knows how to live it up. Peter tells us his company's marketplace, which connects owners and developers to contractors and consultants, has just surpassed $300M of projects.

Rookie of the Year?

Bisnow NY biz dev head Miles Bloom and First Nationwide Title's Dorian Lam got their most exciting picture op of the year last week at First Nationwide Title's event at Citi Field. They're snapped with pitcher Jacob deGrom, a big contender for National League Rookie of the Year. First Nationwide Title employees and friends got in some batting practice, shagged balls, and then split into teams for nine innings of their own.

Don't Miss Bisnow's NYC Affordable Housing Summit

Bill de Blasio, the poor door, 80/20. How will New York City, its developers, and its denizens create affordable housing—and what does “affordable” mean in a market where land costs so much that developers can't “afford” to build even luxury rentals? Grab your ticket to hear from developers, lawyers, accountants, architects, and policy pros at Bisnow's NYC Affordable Housing Summit Oct. 14.

Some Sundays, you'd think couch manufacturers have built magnets into the seats. Email amanda.metcalf@bisnow.com.



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