This Week's NY Deal Sheet
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The latest big Hudson Yards lease is at the spec 55 Hudson Blvd, where law firm Boies, Schiller & Flexner became the first tenant, signing a 15-year lease for 83k SF. We spoke with Avison Young Tri-State president Arthur Mirante, who repped the tenant.
Arthur says the search for a new HQ was extensive, with serious consideration given to Lower Manhattan. He points out that all recent big law firm leases in town have been for smaller footprints, even as firms grow. The D-word (densification) came up, although Arthur says law firms fit well into the category of tenants that still value space for some separate, individual workspace. Arthur says Tishman Speyer’s reported buy of a full-block development site across the street from the Javits Center for $185M represents Hudson Yards’ foothold on the far West Side pushing ever farther north as the new neighborhood takes shape.
EXECS
Related Cos announced that Timur Galen will join as an EVP, working on developing the buildings at 10, 30, 50 and 55 Hudson Yards. Timur most recently served as global co-head of Corporate Services and Real Estate at Goldman Sachs, where he led the development of the firm’s global HQ, among other big projects.
Faithful + Gould has named Saeid Garebaglow as a VP and lead for its corporate real estate sector. Saeid joins the firm from Morgan Stanley, where he led institutional project management for the Americas.
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Gregory Sullivan will leave his position as New York REIT’s CFO/COO to pursue “other interests.” The company issued a press release saying he’d be around to ensure a “smooth transition” but that no successor has been named.
SALES
Kirkland, a Brazilian investment firm, sold 45 East 53rd St for $120M. The Commercial Observer reports the buyer as Mikeone Ek East 53 LLC. No info on brokers is publicly available.
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Extell paid $15.4M for a two-story retail building at 25 West 47th St in Midtown’s Diamond District. The seller was Toback Realty.
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The Gemological Institute of America paid Extell $13M for a 50th floor office condo at the International Gem Tower at 50 West 47th St.
LEASES
Bank of America signed a 115k SF lease at 1095 Sixth Ave. The tenant was repped by CBRE Tri-state chairman Bob Alexander as well as CBRE’s Ramneek Rikhy and Emily Jones. The landlord was repped in-house by the Durst Organization’s Tom Bow and Rocco Romeo.
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GIC, a financial firm owned by the government of Singapore, took 50k SF at 280 Park Ave. JLL’s Frank Doyle, Clark Finney and Barbara Winter repped the tenant. CBRE’s Mary Ann Tighe, Peter Turchin, Gregg Rothkin, Eric Deutsch and Sam Seiler repped the ownership, a JV between SL Green and Vornado. Vornado’s Glen Weiss and Andrew Ackerman, as well as SL Green’s Steve Durels, David Amsterdam and David Kaufman, also repped the ownership.
The Gap signed a 10-year, 34k SF office lease at NY REIT’s 1440 Broadway. NGKF’s David Falk, Eric Cagner and Jason Greenstein repped the landlord.
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Prometheus Global Media signed a 33k SF lease at 1 Worldwide Plaza and will leave an 80k SF space at 770 Broadway. NGKF’s Chris Mongeluzo and E.N. Cutler repped the tenant. George Comfort & Sons’ Peter Duncan and Matt Coudert repped the landlords, George Comfort & Sons, RCG Longview, DRA Advisors and New York REIT.
Cushman & Wakefield is moving its Downtown NY office to 10k SF in 1 WTC. Cushman reps the Durst Organization for the leasing at the building. C&W repped itself on the tenant side, and C&W’s Tara Stacom, Alan Stein, James Searl and Justin Royce, alongside JRT Realty’s Jodi Pulice, repped Durst in the deal.
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Maison Kayse signed a 4,500 SF lease at 210 Joralemon St in Downtown Brooklyn. JLL’s Paul Berkman repped the tenant, and Ripco’s Jason Pennington repped the landlord, United American Land.
