theSkimm - Manhattan Office Space of the Week

This week we are featuring theSkimm for office space of the week. theSkimm is the daily e-mail newsletter that gives you everything you need to start your day. They do the reading for you - across subject lines and party lines - and break it down with fresh editorial content.

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Manhattan Q3 2013 Office Space Market Statistics

Lee & Associates recently published a report on the market for office space in New York City for the previous quarter. The report is rather interesting, but I really enjoyed their map of New York City with relevant statistics. The graphic shows the inventory, vacancy rate, availability rate, and direct asking rate compared to the ten year averages. What does all this mean to the average small business? I will tell you!

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NYC Office Space of the Week: Enterproid

This week's featured NYC office space is the home of Enterproid, the creators of an enterprise mobile platform called Divide. It is literally the greenest office I have ever been in. Their company color is green and it is everywhere from the walls to the bean bag chairs to the color of the cotton candy. In case there was any doubt how serious they are about their color scheme, everyone who works there is given a green watch. Nice company schwag!

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Salesforce.com seeks Pfizer's former office space

San Francisco-based company Salesforce.com is reportedly negotiating for 100,000 square feet of office space for lease at 685 Third Avenue, which was formerly inhabited by Pfizer. The transaction would more than sextuple the cloud computing company's New York presence, further confirming what this blog has already touched on in multiple occasions - the city's increasing attractiveness to technology firms.

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Normandy Partners invest in Lexington Avenue

Normandy Partners, a New Jersey-based real estate firm, added some more New York City office space to its portfolio, with its purchase at 575 Lexington Avenue, between 51st and 52nd streets in the Plaza District. The 35-stories of Midtown East office space was redeveloped in 1990 by the Koeppel Companies and was bought by Normandy and New York Life for about $360 million, according to sources.

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WeWork gains sixth location with Madison Ave. lease

Two family-owned buildings, across the street from one another, signed on new tenants to take advantage of the Midtown office space for lease, totaling 71,000 square feet. Located just three blocks from Grand Central Terminal, the two buildings, which are both in the midst of renovations set to include a new lobby and elevators, will be ideal locations for each of their respective new businesses.

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Developers announced soon for new Brooklyn hotel complex

Additional Brooklyn retail space to come online as part of a new hotel and residential complex that is slated for construction adjacent to Pier 1, just south of the Brooklyn Bridge. Early this week, the Brooklyn Bridge Park Corporation is expected to vote to select Toll Brothers City Living and Starwood Capital Group as the development team for the 1.3-mile-long New York commercial space.

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Bronx ready for first suburban-style mall in 40 years

Prestige Properties knows that it is a risk to break ground for the first suburban-style fashion mall to be built in New York City in nearly 40 years, but it's one that they are willing to take. Indoor malls have received mixed reviews, with shops at The Time Warner Center thriving, while outlets at the South Sea Seaport have struggled.

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Chelsea Market developers eye office space expansion

In a city full of them, Chelsea Market is one of the most widely known destination spots in all of New York City. With the more than 30 shops it has to offer tourists, the area has maintained most of the charm it has held since being constructed around the turn of the 20th century. This may explain why some New Yorkers and tourists alike are upset at a proposal to add two new buildings that would provide Chelsea office space to local businesses.

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Microsoft begins New York office space search two years before lease expires

Any business whose lease is up within the next few years needs to begin its office space search several years in advance, particularly if it is attempting to acquire a location in the highly competitive New York City market. When the largest software company in the world needs to plan for a new location that has at least 200,000 square feet of space, that search becomes all the more challenging.

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New York City financial markets affecting commercial real estate leasing

Real estate observers in New York City were encouraged by recent reports that financial services corporation Morgan Stanley would expand its commercial real estate lease at One New York Plaza in Manhattan. While that company's expansion may have been a sign of an improvement environment for New York office space leasing activity, experts say the local market has still been stifled by the challenges faced by several Wall Street businesses.

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