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Thread: NYC Commercial Real Estate

  1. #256
    Forum Veteran krulltime's Avatar
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    Downtown here they come...


    Large Manhattan commercial blocks scarcer


    By Tom Acitelli
    October 3, 2005

    Large blocks of available Class A commercial space continue to dwindle in a tightening Manhattan market.

    Cushman & Wakefield released statistics Monday afternoon for the third quarter of 2005 that showed the number of spaces greater than 200,000 square feet shrinking markedly, especially in Midtown and Downtown. At the start of 2005, 23 Class A spaces greater than 200,000 square feet were on the market in Midtown; by the end of September, only 10 remained. In Downtown, absent the currently vacant 1.7-million-square-foot 7 World Trade Center, three blocks of Class A space greater than 200,000 square feet were available at the end of September. (In Midtown South, there's only one, but that area's commercial market is dominated by Class B space.)

    The dwindling availability of large blocks of space in market leader Midtown may spell good things to come Downtown.

    "As blocks of huge commercial space dwindle in Midtown and Midtown South," said Cushman & Wakefield COO Joseph Harbert, "companies may have to go Downtown."

    The Downtown vacancy rate for the third quarter was 11.5 percent, according to Cushman & Wakefield, a slight decrease from the second quarter and from the same time period in 2004. The Downtown decrease came during a quarter when the overall Manhattan commercial vacancy rate also decreased slightly, from 9.8 percent in the second quarter to 9.6 percent in the quarter ending Sept. 30.

    Midtown's vacancy rate was 9.3 percent and Midtown South's was 8.1 percent. Midtown South, in fact, with a Class B vacancy rate of 9 percent and a Class A rate of 7.1 percent for the third quarter, remains, according to Harbert, "the healthiest market in all of Manhattan." Midtown's Class A vacancy rate was 9.5 percent for the quarter.


    Copyright © 2003-2005 The Real Deal.

  2. #257
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    This is good news, as the market tightens it forces new development, thus more skyscrapers to discuss

  3. #258
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    A little more news on office space in decline....


    Real Estate Market Augurs Rebound in Financial Services


    By JANET MORRISSEY - Dow Jones Newswires
    October 11, 2005

    In a sign that financial services firms appear to be rebounding to their pre-September 11 days, Manhattan's commercial real estate market saw a sharp decline in the number of large blocks of space available for rent in September.

    A report, which is expected to be released later this week by real estate brokerage firm Colliers ABR, found that the number of blocks of available space that are 500,000 square feet or more stood at six in September, down from 10 at the end of 2004. Three of those six spaces are in buildings currently under construction: 7 World Trade Center, 1 Bryant Park (Bank of America Tower), and 620 Eighth Ave. (the New York Times Tower).

    The biggest downtick came in downtown Manhattan.

    "A somewhat striking fact is that downtown, which had been almost written off as a viable commercial market not that long ago, has only two blocks available that are 500,000 square feet or greater," the director of research at Colliers, Robert Sammons, said.

    The results mark the biggest decline in large blocks of available class A space in Manhattan since the late 1990s, Mr. Sammons said. "It's kind of shocking that suddenly there's the realization that - Oh my God, there isn't as much space left as we might have thought there was," Mr. Sammons said.

    Financial-services firms appear to be driving the tighter market conditions, which is different from late 2003 and 2004, when law firms were the major force in the leasing market.

    "Financial-services firms are the hot ticket again," said Mr. Sammons, who noted that they've been most active in the market - either leasing new space or withdrawing space that they had previously placed on the market.

    Mr. Sammons cited JPMorgan Chase and Citigroup as companies that have been particularly active. JPMorgan Chase pulled two blocks, encompassing about 850,000 feet of space, off the market while Citigroup has signed or is in negotiations to sign leases amounting to about a million square feet of space, he said.

    This is a big change from the past few years when financial-services firms were consolidating, laying off workers, and placing some of their existing space on the market. This is an indication that they're getting ready to hire again.

    "A lot of these deals appear to be taking space ahead of hiring," Mr. Sammons said. "They seem to be jumping into the market and taking space before prices increase too much."

    Mr. Sammons sees the surge in leasing activity as a good sign - but not a definitive one. "My only problem is that they haven't actually hired all the people to fill up the space yet," he said. "But I think a lot of this hiring will take place."

    The vacancy rate for class A space in Manhattan fell to 9% in September from 9.4% in August and 10.1% a year ago. In Midtown, the vacancy rate was 8.8% in September, down from 9.3% both in August and a year earlier. The vacancy rate in Midtown South slipped to 6.4% from 6.8% in August and 7.8% a year ago, while the rate in downtown Manhattan dropped to 10.2% from 10.4% in August and 13.2% a year earlier.


    © 2005 The New York Sun, One SL, LLC.

  4. #259
    Forum Veteran krulltime's Avatar
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    A little more news on office space in decline....


    Real Estate Market Augurs Rebound in Financial Services


    By JANET MORRISSEY - Dow Jones Newswires
    October 11, 2005

    In a sign that financial services firms appear to be rebounding to their pre-September 11 days, Manhattan's commercial real estate market saw a sharp decline in the number of large blocks of space available for rent in September.

    A report, which is expected to be released later this week by real estate brokerage firm Colliers ABR, found that the number of blocks of available space that are 500,000 square feet or more stood at six in September, down from 10 at the end of 2004. Three of those six spaces are in buildings currently under construction: 7 World Trade Center, 1 Bryant Park (Bank of America Tower), and 620 Eighth Ave. (the New York Times Tower).

    The biggest downtick came in downtown Manhattan.

    "A somewhat striking fact is that downtown, which had been almost written off as a viable commercial market not that long ago, has only two blocks available that are 500,000 square feet or greater," the director of research at Colliers, Robert Sammons, said.

    The results mark the biggest decline in large blocks of available class A space in Manhattan since the late 1990s, Mr. Sammons said. "It's kind of shocking that suddenly there's the realization that - Oh my God, there isn't as much space left as we might have thought there was," Mr. Sammons said.

    Financial-services firms appear to be driving the tighter market conditions, which is different from late 2003 and 2004, when law firms were the major force in the leasing market.

    "Financial-services firms are the hot ticket again," said Mr. Sammons, who noted that they've been most active in the market - either leasing new space or withdrawing space that they had previously placed on the market.

    Mr. Sammons cited JPMorgan Chase and Citigroup as companies that have been particularly active. JPMorgan Chase pulled two blocks, encompassing about 850,000 feet of space, off the market while Citigroup has signed or is in negotiations to sign leases amounting to about a million square feet of space, he said.

    This is a big change from the past few years when financial-services firms were consolidating, laying off workers, and placing some of their existing space on the market. This is an indication that they're getting ready to hire again.

    "A lot of these deals appear to be taking space ahead of hiring," Mr. Sammons said. "They seem to be jumping into the market and taking space before prices increase too much."

    Mr. Sammons sees the surge in leasing activity as a good sign - but not a definitive one. "My only problem is that they haven't actually hired all the people to fill up the space yet," he said. "But I think a lot of this hiring will take place."

    The vacancy rate for class A space in Manhattan fell to 9% in September from 9.4% in August and 10.1% a year ago. In Midtown, the vacancy rate was 8.8% in September, down from 9.3% both in August and a year earlier. The vacancy rate in Midtown South slipped to 6.4% from 6.8% in August and 7.8% a year ago, while the rate in downtown Manhattan dropped to 10.2% from 10.4% in August and 13.2% a year earlier.


    © 2005 The New York Sun, One SL, LLC.

  5. #260
    Disgruntled Optimist lofter1's Avatar
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    Default The NEW 350 West Broadway

    The long-empty two-story commercial building at 350 West Broadway in SoHo is finally getting a much needed renovation.

    http://www.350westbroadway.com/

    http://www.sinvin.com/listings/print...21511d88bae78e


    Some interesting history about this building site: http://www.sohojournal.com/Show_Story.cfm?StoriesID=127


    Rendering showing the proposed exterior for 350 W. Broadway:




    350 W. Broadway as it has looked for far too long:


  6. #261
    Forum Veteran krulltime's Avatar
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    ^ Thats kind of cool...

    Ok some good news with leasing in Downtown...


    Good News, Bad News

    Lately, “good news” at Ground Zero has really just been the undoing of bad news: Goldman Sachs, Freedom Tower. At a lunch before the New York Building Congress today, the Governor delivered the first truly good news in a while: American Express is taking another 200,000 square feet in the World Financial Center.

    Of course, there is still more than 4 million square feet of office space going up across the street at the World Trade Center, looking for a tenant--many tenants.


    -Matthew Schuerman

    copyright © 2005 the new york observer, L.P.

  7. #262
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    Wasn't really sure where to put this:

    From http://cityrealty.com:

    Extell acquires Tenth Avenue site for hotel/condo project 12-OCT-05

    Extell Development, which is headed by Gary Barnett, has acquired the low-rise building occupied by Stuart Dean, the building façade restorers, at 366 Tenth Avenue between 30th and 31st Street for $23 million.

    Eric Anton, senior director of Eastern Consolidated Properties, who handled the transaction with Ron Solarz and Paul Nigdio of the same firm, told CityRealty.com today that because the site lies within the Hudson Yards district the new owner may be able to develop a mixed-use building containing a hotel and residential condominiums on the site. He said such a building could well be 50 stories or so by acquiring air rights under the zoning.

    The city rezoned much of the Hell’s Kitchen area to accommodate a plan by the Bloomberg Administration to build a new football stadium over the exposed train yards that run into Penn Station. The plan, which was promoted by Deputy Mayor Dan Doctoroff, was designed to tie into an expansion of the No. 7 subway line, an expansion of the nearby Jacob K. Javits Convention Center and the creation of a new north-south boulevard with high density development of both offices and apartments.

    The stadium plan fell through, but the rezoning was enacted and it permits the highest development FARs (floor-to-area ratios) in the city: 21.6. (In contrast much of the development on the Upper East Side and the Upper West Side is limited to a maximum of FAR of about 10 and in downtown areas like Chelsea and TriBeCa FARs are considerably lower.

    Mr. Anton said that Extell had not yet selected an architect for the project and that he did not have further details on the number of hotel rooms, apartments and stories.

    Extell has become one of the city’s most aggressive acquirers of property in recent years.

    It is converting the former Stanhope Hotel at 995 Fifth Avenue to residential condominiums and is building the 60-story condo tower known as the Orion on West 42nd Street.

    In addition, in June it and The Carlyle Group agreed to acquire three apartments buildings and land between 59th and 65th Streets near the Hudson River from a consortium of Hong Kong investors and Donald Trump for $1.76 billion. Carlyle and Extell at that time also agree to allow Equity Residential acquire the three apartments in the transaction.

    Extell is also building Ariel East and and Ariel West across from one another at Broadway and 99th Street, and it made an offer to develop high-rise towers and a Nets stadium over railyards in Brooklyn, a giant project that was subsequently awarded to Forest City Ratner. Extell’s bid offered smaller buildings and did not invoke the use of eminent domain.

  8. #263
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    Computer Associates Takes Chunk of Midtown Space
    By Barbara Jarvie
    Last updated: October 17, 2005 07:37am

    NEW YORK CITY-In order to have a presence here that is closer to a number of clients, Computer Associates signed on for 67,167 sf in Midtown. The software giant also has a sales office at 140 Broadway in Lower Manhattan.


    Computer Associates, which is headquarter in Islandia, on Long Island, will occupy three floors at 520 Madison Ave. The firm will be on the 21st, 22nd and 23rd floors of the one-million-sf building located between 53rd and 54th streets.


    Jones Lang LaSalle’s Kenneth Siegel, managing director, William Korchak, executive vice president, and Cynthia Wasserberger, senior vice president, represented CA. Calvin A. Farley and Ed Gargiulo represented building owner Tishman Speyer Properties in-house. Additional information about the lease was not released. Space at 520 Madison is advertised at $85 per sf. Others on the tenant roster include Jefferies & Co., TC Group and Oracle.


    “CA headquarters is in Islandia, NY, and our client remains committed to that location,” Siegel explains. “The additional office space in Manhattan will help CA facilitate interaction with a number of major customers, business partners and the investor community.”


    Computer Associates recently selected JLL to be its exclusive representative to provide real estate transaction services worldwide. The company handles transaction management, portfolio management and lease administration services for CA’s real estate portfolio. Founded in 1976, CA and serves customers in more than 140 countries.

  9. #264
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    Ropes & Gray, a national general service law firm that acquired intellectual property specialist Fish & Neave last year, today signed a 20-year lease for 250,000 square feet at 1211 Sixth Ave.

    Ropes & Gray occupies nearly 80,000 square feet at 630 Fifth Ave., while Fish & Neave has more than 140,000 square feet at 1251 Sixth Ave. Both offices will be vacated and the operations consolidated in the new space, brokers say. The asking rent at 1211 Sixth Ave., which is between West 47th and West 48th streets, is about $60 a square foot.

  10. #265

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    They should start building more!

  11. #266
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    The Toy Industry Association announced Sunday that it is moving from its home at 200 Fifth Ave. in the Flatiron District to a building in Lower Manhattan.

    The trade association is leasing more than 400,000 square feet at 100 Church Street, between Barclay Street and Park Place. The building’s asking rent is $25 a square foot.

    The lease comes four months after Albany voted to boost the incentives package meant to lure companies downtown. Concerns about construction delays and confusion over the schedule for rebuilding the World Trade Center site continue to prevent companies from signing leases in the area, industry experts say.

  12. #267

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    I admire Citicorp for its huge expansions in midtown and the outer boroughs, its much more than you can say about J.P. Morgan Chase.

    NYPOST:

    CITI GETS A NEW LEASE

    By STEVE CUOZZO

    Realty Check

    CITIGROUP'S dizzying realignment of people and property went into overdrive this week with a just-inked lease signing for 300,000 square feet at SL Green's 485 Lexington Ave.

    The news comes just days before the world's largest bank breaks ground on Court Square Two, a new 475,000 square-foot office tower in Long Island City.

    The deal at 485 Lexington is Citigroup's second big Midtown expansion in a month, on the heels of the 250,000 square feet it gobbled up at 787 Seventh Ave. Citigroup has 25,400 employees in 9.3 million square feet in the city.

    Both new leases and the new building are part of a reshuffling that will see some back-office jobs moved to Queens, New Jersey and Long Island, but more front-office jobs created in Manhattan — all adding up to what the bank said is a net growth of 600 jobs in the city. The 485 Lexington deal had kept brokers guessing for months.


    As we reported a few weeks ago, Citigroup committed earlier in the year to a 500,000-foot chunk at 485 Lexington, but the lease remained in escrow pending the bank's board approval.

    Upheaval at Citigroup — rattled by regulatory scandals and executive turmoil — put things on hold.

    Sources said Green, eager to negotiate leases with other prospective tenants in the soon-to-be-vacant tower, pushed Citigroup "for some finality" last month.

    A few days ago, Citigroup and Green agreed on an "amended" lease — smaller than first planned, but still one of the year's largest.

    Paul Glickman, leader of a Cushman & Wakefield team that also included Tara Stacom and I. Mitti Liebersohn, represented SL Green.

    "Green and Citi collectively decided to consumate the 300,000 feet now, leaving open the possibility for Citi to have a larger presence in the building," Glickman said.

    He said a capital improvement plan at 485 Lexington will include new windows, storefronts, lobby and enough facade changes that will "make it look like a new building."

    Publicly traded SL Green is expected to announce the Citigroup lease during an investor conference call today. Green bought the 920,000 square-foot tower from TIAA/CREF last year as part of package with adjoining 750 Third Ave.

    The teachers fund will leave behind 1 million square feet in the two-building complex, now called Grand Central Square, at the end of the year, but will retain a presence via a just-signed lease for 85,000 feet at 750 Third.

    Asking rents at 485 Lexington are $57-$60, according to online database Mrofficespace.com.

    Citigroup was repped by Newmark's Neil Goldmacher, who could not immediately be reached.

  13. #268
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    Midtown is truly filling up as the only large spaces are those under construction in the NYT and BOA towers.

    this may spur some new development soon

  14. #269
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    Thumbs up

    October 27, 2005

    Fitzpatrick plans new 250-room Midtown hotel
    by Lisa Fickenscher

    The Fitzpatrick US Hotel Group on Thursday announced plans to build a new Midtown hotel, a step that may help meet growing demand for rooms in Manhattan.

    The $500 million hotel and residential project at West 29th Street and Sixth Avenue is being developed by J.D. Carlisle Development Corp. The site is currently a parking lot.

    The 250-room hotel will be managed by the Ireland-based Fitzpatrick group, which owns and manages two other properties in Manhattan. It is expected to open in 2009 and will include a 7,000 square foot outdoor terrace with a swimming pool.


    With hotel occupancy rates rising to 90% in September, up from 87% a year ago, the project will help but not alleviate the need for more hotel rooms in the city.

    An investor group put together by Cathal McGinley, managing director of KMS Commercial, is raising the funds for the building and will handle the sale of residential units.

    Mr. McGinley said this joint venture represents the beginning of a five-year expansion plan of the Fitzpatrick hotel brand in the United States.

    “We are looking at opportunities in Washington, Boston and another location in New York,” he said.

    ©2005 Crain Communications Inc.

  15. #270

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    What's with all the Irish hotel chains? They seem to be popping up everywhere. A decade or two back, were they even on the radar?

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