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Within the past year, there’s been an increased interest in sustainability and energy efficiency among New York-area landlords, thanks to Local Laws 84 and 87 and a competitive Class-A landscape, says CodeGreen Solutions managing director Christopher Cayten, who'll be speaking at Bisnow’s Sustainability Summit on June 17.
CodeGreen Solutions' Christopher Cayten
Christopher, whose firm assists building owners in energy efficiency, including LEED and Energy Star certification (helping more than 10M SF of NYC office buildings achieve LEED-EB, including Monday Properties’ 230 Park Avenue), says that owners of Class-A buildings need to look at these certifications in order to attract tenants. Even Class-B buildings, where tenants historically go for cost savings, are seeing increased demand. He says CodeGreen’s software tool,ProAct, helps owners track and report building energy efficiency and sustainability for compliance and marketing. Another case for LEED:exemption from Local Law 87, which requires energy auditing and retro commissioning in each building. Learn more by joining Christopher, Vornado’s Suki Paciorek, Jonathan Rose Cos’ Nathan Taft, CBRE’s David Pogue, Malkin Properties’ Tom Durels, Con Ed’s David Pospisil, TLR Energy’s Michael Thaler, Israel Berger & Associates/Viridian Energy & Environmental’s John Hannum, and WSP Flack+Kurtz’s David Choy to hear the latest in sustainability trends. Great schmoozing too! Sign up here.
Empire State BuildingA beautiful deal for the Empire State BuildingCoty leased an additional 102k SF at the iconic tower in order to consolidate its North American HQ. It already occupies 86k SF on the entire 14th and most of the 15th floor, and will expand to the entire 16th and 17th floors in ’12, when it relocates from One and Two Park Avenue. Cassidy Turley’s Ralph Giordano and Richard Bernstein repped the tenant, while Newmark Knight Frank’s Ryan Kass, Billy Cohen, and Lauren Davidson repped owner W&H Properties.***

Government Properties Income Trust purchased the 187k SF 305 E 46th St for $114M, the REIT announced yesterday. The office building is 100% leased by the United Nations. There aren’t many single-tenant properties in Manhattan, so this was a unique opportunity, Stan Johnson Co’s Ken Hedrick, who repped the buyer, tells us. “We’re not seeing enough product with credit tenants and good leases. The government is an outstanding tenant to have and has the propensity to stay in a building, with high renewal rates.” Williamson, Picket, Gross’ James Gross repped the seller.

Sales Transactions Brack Capital Real Estate and InterContinental Hotels Group acquired 180 Orchard St for $46M in an all-equity buy. BCRE will own 51% of the shares in the JV, while IHG will own the remaining shares. IGH’s investment in the project will be up to $30M; the team plans to develop a multi-use property, which will include a 290-room Hotel Indigo with a retail component and parking. The hotel will open in ’13. Brunello Hospitality helped arrange the partnership between BCRE and IHG.***

An affiliate of Brick Realty Capital purchased a $2.7M non-performing loan for a multifamily building with 25 units and five stores located on the Upper East Side. Helios Capital’s Josh Malka advised the buyer, and the lender was a regional bank.

Lease Transactions

Dick’s Sporting Goods netted a 59k SF lease at The Source in White Plains, the first step of the redevelopment of the former Fortunoff store directly adjacent to the Westchester Mall. SRS Real Estate Partners’ Alex D’Alessandro and Greenwood Realty’s Tim McDougall repped the tenant, while New England Development’s Carol Carbonaro repped owner Bloomingdale Road Investors.


254 W 35th St saw two deals: A Better Chance’s 10-year, 9,600 SF lease and USA Studios’ 10-year, 9,600 SF lease. Concrete Stories’Lisa Holyfield and Majorie Torres repped the tenant, while Adams & Co’s Alan Bonett and Nicholas Zagar repped owner Shulsky Properties.


Rothman’s Men’s Clothing inked a long-term lease to relocate, expand, and redesign its iconic menswear boutique to 11k SF at 222 Park Ave South, where it will open in early ’12. ABS Partners Real Estate is Rothman’s current and future landlord; ABS recently purchased 222 and invited the relocation, buying out the retailer’s lease at 200 Park Ave South. CBRE’s Gary Trock repped the tenant.


ProMed Personnel Services inked a three-year, 5,200 SF lease at 18 E 41st St. Adams & Co’s Jeffrey Buslik and Matthew Lorberbaum repped the tenant, while Walter & Samuels’ James Gladstone repped the landlord.


Commentary Magazine inked a long-term, 4,000 SF lease at 561 Seventh Ave. Signature Partners’ Mike Penny and Robert Frost repped the tenant, while Handler Real Estate Org’s Scott Galin and Peter Simel repped the landlord.


GCP Capital Group arranged over $41M in financing, including:$17M for a portfolio of seven buildings totaling 165 units and four stores, located throughout NYC (arranged by Paul Greenbaum); a $10M non-recourse mortgage for the construction of a condo on Greenwich St (arranged by Adam Hakim); $6.3M for the construction of a single-story apartment building with 42 units in Brookhaven, Long Island (arranged by David Sessa); and $5.4M for a 24k SF office building on 45th St (arranged by Greenbaum).


Platinum Properties opened a new Midtown office at 1441 Broadway, a 5,000 SF office that can accommodate up to 45 agents. This is the firm’s third branch; it also has offices at 30 Wall St and in Paris, France.

Executive Moves

Joel Bayer joined O’Connor Capital Partners as president and COO, heading new acquisitions and business development, particularly in the retail sector. He was previously CIO at General Growth Properties and held a position at Equity Financial. He’s a University of Illinois and University of Michigan grad.


Giorgio Versea joined UGL Services as VP in brokerage. He was previously with George Comfort & Sons, and held positions at Walter & Samuels and GVA Williams. He’s a Mercy College grad.


David Simon joined Winoker Realty Co as director, working on both tenant and landlord rep, as well as spearheading the growth of the firm’s social media platform. He previously worked with the NY Yankees on a multimedia project for four years and was the founder of a global multi-billion dollar buying group for 24 years. He’s an NYU grad, and is earning his MS from NYU Schack.


Avi Fisher joined Cogswell Realty as VP of acquisitions, responsible for the financial analysis and underwriting for the company’s acquisitions, development, leasing, and asset management activities. He was previously with Lane Capital Partners and PN Hoffman Construction. He’s a University of Maryland and Columbia grad.


Alan Calderon, Hazy Malcolmson, and Anthony Bains joined Realty Capital Securities’ due diligence team. Alan joins as co-head of due diligence, and was previously director of investment research for the firm and held positions at Morgan Stanley, European Investors, Berdon, and Arthur Andersen. He’s a Lehigh and Columbia grad. Hazy joins as assistant general counsel, and was previously with Proskauer Rose. Anthony joins as SVP of finance and was previously with LandCap Partners, Nestle USA, Forest City Development, and Deloitte.