This Week's N.Y. Deal Sheet
Though there were few deals in New York City commercial real estate over the last week, some blockbuster transactions did cross the wire. Downtown's office market scored a massive lease, while the developers of Google's new campus locked down construction financing.
MDC Partners is taking just shy of 200K SK at One World Trade Center, the New York Post reports. The space is for the 64th through 69th floors, and asking rent is $69 per SF. The deal with the publicly traded media company means the country's tallest building is 93% leased. JLL’s Peter Riguardi, Howard Hersh, Michael Berg and Brad Lane arranged the lease for the tenant. The Durst Organization’s Eric Engelhardt, Karen Kuznick and Newmark Knight Frank’s David Falk, Jason Greenstein, Peter Shimkin, Hal Stein and Travis Wilson brokered the deal for the landlord, the Durst family and the Port Authority of New York and New Jersey.
Investment manager Fred Alger leased 50K SF at GFP Real Estate and Northwind Group’s 100 Pearl St. The company is moving from 360 Park Ave. South in the last quarter of next year. The lease is for three contiguous floors and asking rents were in the high $70s per SF, according to tenant broker Handler Real Estate Organization, which announced the deal. Newmark Knight Frank’s Hal Stein, Ben Shapiro, Andrew Peretz, Dan Appel and Travis Wilson represented the landlord, while the tenant was represented by Handler’s Scott Galin and Darell Handler.
Law firm Levy Konigsberg is taking 20K SF in a sublease deal at Fisher Brothers' 605 Third Ave. in space that is leased to Univision. CBRE’s Carl Eriksen, James Ackerson and James Einstein arranged the deal for Univision. Colliers International’s Michael Cohen, John Pavone and Jessica Verdi represented the tenant. Levy Konigsberg is moving from 800 Third Ave. and the sublease runs for nine years.
Amazon leased 300K SF of warehouse space at Rentar Plaza at 66-26 Metropolitan Ave. in Queens, according to TreppWire and multiple press reports. The deal is for 10 years, and the tech giant is filling vacant space and taking over the Metropolitan Museum of Art’s 109K SF spread, per The Real Deal. Rentar Development owns the complex.
Addepar, a fintech firm, is expanding at 335 Madison Ave., Commercial Observer reports. Its 10-year deal is for 40K SF, and grows it footprint from the 28K SF that it now has on the 28th floor. Asking rents in the lease were $115 per SF. CBRE’s Paul Amrich arranged the deal for the landlord, Milstein Properties.
Public Storage, a California-based self-storage company, paid $48.8M for 5002 Second Ave. in Sunset Park, PincusCo reports. The property, which was previously owned by Illinois-based Banner Real Estate Group’s Sunset Park Storage, is a recently built self-storage facility spanning 139K SF. The deal works out to be $350 per SF.
FBE Limited dropped $18.1M buying a parking lot at 1214 East 14th St. in Brooklyn’s Midwood area, according to records filed with the city. The seller was named as Lillo Bros. Holding Corp. in the sale documents, which were signed by Long Island businessman Edward Farbenblum. The deal reportedly includes two tax lots and was recorded last week.
Morgan Group sold 1515 Grand Concourse in The Bronx to an LLC based in Yonkers, The Real Deal reports. The property sold for $13.8M and is a six-story multifamily building with 75 units.
TOP FINANCING DEALS
Oxford Property Group and the Canadian Pension Plan Investment Board locked down a $973M construction loan for part of Google’s new campus in Hudson Square. Wells Fargo is taking the lead on the loan, with multiple other banks participating in the deal. Google’s new space will be split among three buildings, with the main hub of activity at Oxford's St. John's Terminal, the 1.3M SF redevelopment of a former rail car holding facility at 550 Washington St. CBRE’s James Millon, Tom Traynor and P.J. Finley arranged the construction financing.
JPMorgan Chase loaned $41.5M to Castro Properties, PincusCo reports. The financing is for 43 West 23rd St. in Flatiron. That building is home to Eataly’s corporate office, a 14K SF spread it leased in 2015, per the New York Post. The building spans 92K SF.