Several large office leases — including a major consolidation and a major expansion — closed in New York City last week as the office market continues its slow recovery.
TOP LEASES
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Proptech company Orchard Technologies inked a 107K SF lease at 195 Broadway, four times the size of its previous office, which was in a coworking space. The deal came with significant free rent concessions, the New York Post reported, with asking rent below $60 per SF. Cushman & Wakefield’s Peter Trivelas and Gary Ceder arranged the deal for the tech company, while Andrew Wiener brokered the deal in-house for the landlord, L&L Holding Co.
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BDO USA is consolidating its Midtown offices into a 145K SF space at Tishman Speyer and The Irvine Co.’s 200 Park Ave. It plans to move employees from 100 Park Ave., 622 Third Ave. and 135 West 50th St. into the new space by 2024. The lease term is for 15 years. Mitti Liebersohn, Mark Robbins, Keith Caggiano, Jeff Lindenmeyer and Jeff Burger of Avison Young brokered the deal for BDO, while Tishman Speyer’s Gus Field and Megan Sheehan negotiated the deal in-house for the landlord.
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SPJ Properties’ healthcare tenant at 11 Times Square renewed its lease and expanded its footprint. AI-powered biotechnology company Paige signed a deal to take up 24K SF, Commercial Observer reports. Neil Goldmacher and Josh Friedman of Newmark brokered the deal for the tenant, while Paul Glickman, Mitchell Konsker, Daniel Turkewitz, Diana Biasotti and Kristen Morgan of JLL brokered the deal for the landlord, per CO.
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A Midtown Manhattan-based tenant is moving to Queens. Environmental testing firm EMSL Analytical has leased 10K SF at Maxim Holding Co.’s 10-39 45th Road in Long Island City, Cushman & Wakefield announced. The company is currently located at 307 West 39th St. Garett Varricchio and Joseph Grotto of C&W brokered the deal.
TOP SALES
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Another Midtown hotel has changed hands. Concord Hotels offloaded the Cambria Hotel New York at 30 West 46th St. for $88M, property records show. Real estate attorney Gregory Weingarten signed for an unknown LLC, which lists 250 West 55th St. as its address. The hotel has been closed since the coronavirus pandemic hit, The Real Deal reported.
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Queens industrial investment sales keep rolling in. Everwest Advisors bought a Queens warehouse at 55-30 46th St. from Wharton Equity Partners for $57M, property records show. The 71K SF, Class-C industrial building was developed in 1961, according to CommercialCafé. Mo Beler, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Taylor Geiger of Walker & Dunlop arranged the deal, the firm announced in a release.
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The Reuben Brothers, British billionaires who have been increasingly betting big on Manhattan, dropped $30M to buy a commercial condo at 40 East 66th St. from Vornado Realty Trust, property records show. The condo is for the retail space that anchors the 33-unit residential condominium building developed in 1929, per StreetEasy. The brothers have been buying up commercial property throughout Manhattan for years, but have ramped up those efforts recently.
TOP FINANCING DEALS
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Aurora Capital Associates scored a $300M refinancing for 40 10th Ave. from German bank Deutsche Pfandbriefbank, The Real Deal reports. Situated near the High Line, the 160K SF office building, completed in 2019, is known for its unique facade. Ackman-Ziff Real Estate’s Simon Ziff and Jason Krane arranged the debt, per TRD.
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Invictus Real Estate Partners bought an $88M nonperforming loan from Prophet Capital, JLL announced. The debt was backed by 157 Kent Ave., a luxury apartment development. JLL’s Brett Rosenberg, Scott Aiese, Steven Rutman and Bill Butler brokered the deal. Invictus immediately moved to foreclose on the borrower, CW Realty, The Real Deal reported.
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HF Capital secured $60M from H.I.G Capital to acquire 12 apartment buildings on the Upper East Side, PincusCo. Media reports. The portfolio includes: 1411 York Ave., 441 East 75th St., 422 East 77th St., 423 East 77th St., 305 East 75th St., 439 East 74th St., 327 East 75th St., 442 East 75th St., 309 East 91st St., 418 East 77th St. and 1409 York Ave., property records show. There is heavy competition to lend on multifamily deals, giving borrowers the ability to put less equity into deals.
