June – Briefs/Leasing & Management
- May 29, 2014
White & Case Signs for 440 KSF in NYC
New York’s oldest law firm has signed a 440,000-square-foot lease with The Rockefeller Group for space at 1221 Avenue of the Americas. White & Case L.L.P. will call the space home starting in 2017. Principals at the firm won’t have to fret a new commute, as their new space is just three blocks north of the current office at 1155 Avenue of the Americas. The new office is located between W. 48th and W. 49th streets, and was developed by The Rockefeller Group in the modern expansion of Rockefeller Center to the west side of Sixth Avenue. JLL represented White & Case in the transaction, while The Rockefeller Group was represented by an in-house team and Cushman & Wakefield Inc. The building has now seen more than 1.5 million square feet of leasing activity over the past 36 months.
Kaufmann, Principal Secure 99-Year Net Lease from Extell
The Kaufman Organization and Principal Real Estate Investors have acquired four former Ring buildings in the NoMad and Flatiron districts of Manhattan from Extell Development Co. The four properties total 341,411 square feet and represent one of the largest blocks of vacant office space in New York. Kaufman and PREI secured a 99-year net lease for the properties, which are all slated for extensive capital improvements. Kaufman will rebrand the properties. The estimated investment is $100 per square foot. The renovation and rebranding should take roughly two years to complete.
Seyfarth Shaw Relocates to Willis Tower
Global law firm Seyfarth Shaw has inked a 200,000-square-foot long-term lease for space in Chicago’s Willis Tower. The move brings the 4.5 million-square-foot property, which is managed by U.S. Equities Asset Management, to 90 percent occupancy. Willis Tower is currently home to more than 100 different companies, and serves as the global headquarters of United Airlines. Mohr Partners represented Seyfarth Shaw in the transaction.
Neuberger Berman Takes 355 KSF at Vornado’s 1290 Avenue of the Americas
In one of Manhattan’s biggest new leases so far this year, the investment management firm Neuberger Berman is moving its headquarters to 1290 Avenue of the Americas under a long-term deal with Vornado Realty Trust. Beginning in the fourth quarter of 2016, the company will take about 355,000 square feet in the 2.1 million-square-foot office building, located between 51st and 52nd streets. At its new headquarters, Neuberger Berman will be able to host its 1,600-plus annual management meetings in a state-of-the-art conference center. The firm will have also have a dedicated visitor lobby, a dedicated client elevator and extensive branding.
FAA to Consolidate with 217 KSF Renewal in Georgia
The U.S. General Services Administration has renewed the Federal Aviation Administration’s 217,313-square-foot lease at its Southern Regional Office building in College Park, Ga. The renewal will help the FAA consolidate space and allow for as many as 10 years of continued occupancy in the asset, which is located a mile from Hartsfield-Jackson Atlanta International Airport. Approximately 330 employees will move into the office space from an expiring lease location in East Point. The agency has called the space home since 1993, and will reconfigure the facility to accommodate the additional employees, which will bring the total personnel on site to 1,000. Colliers represented the city of College Park in the long-term lease.
William Blair & Co. Inks Contract to Anchor New Chicago Development
The development at 150 N. Riverside in Chicago has taken a major step forward with news that global investment banking firm William Blair & Co. has signed a lease to move its world headquarters into the building. The riverfront asset is being built by O’Donnell Investment Co. in partnership with Wanxiang America Real Estate Group. The 318,000-square-foot lease will commence in 2017. Designed to meet LEED Gold standards, 150 N. Riverside will total 1.2 million square feet when complete. Its design caters to higher-density use, with highly efficient floor plans and substantial common conference facilities. JLL represented William Blair & Co. in the transaction, while U.S. Equities Inc. represented the developers.
CIM Group Leases 39,000 SF of Retail Space in Hollywood
CIM Group has leased a 39,000-square-foot, one-story retail building at the Hollywood and Western mixed-use redevelopment project in Los Angeles. The new tenants are Marshalls and Petco. Marshalls will take 24,000 square feet, while Petco will take the remaining 15,000 square feet. Both stores are expected to open in 2014. Things are really starting to shape up at the development, as CIM also recently signed Yogaworks to a 3,000-square-foot space at the 163-unit Gershwin Apartments, the first phase at the Hollywood and Western project.
Empire State Realty Trust Fills 25,000 SF of Pre-Built Space
Six tenants have leased a total of 25,000 square feet at the Empire State Building in Manhattan. Empire State Realty Trust and Newmark Grubb Knight Frank represented the six tenants: Qatar Airways with 6,152 square feet; Taursi Capital Management with 3,778 square feet; RKY Services with 3,272 square feet; BioSynthema with 2,987 square feet; Moses & Zie tgelman L.L.P. with 5,192 square feet; and Community Options with a 3,617-square-foot expansion. The Empire State Building was recently certified Platinum by WiredNYC for its level of internet connectivity and diversity, and access to fiber-based broadband.