This week we are featuring Kettle for office space of the week. Kettle is an independent New York based design firm that works with leading brands to create outstanding interactive experiences. Their office at 180 Varick Street in Soho, which is prime location for technology and design companies.
Today's Office Space of the Week is NYC based Food52. Food52 helps people become better, smarter, happier cooks. Personally, I am a huge fan of the company and am always finding new things to cook up from their site and newsletter--two great places to check out some serious food porn to boot. After reading about their office in a second, you'll see exactly how their space plays into their needs as a company.
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!
Check out our new interactive infographic of Coworking spaces in New York City. If you are interested in learning more, click a space to see additional pictures and more information.
The 2013 Entrepreneur Roundtable Accelerator Summer Class launched this month at Microsoft's New York City office in midtown on 52nd and 6th Ave. It took place at Microsoft's office at 1290 Avenue of the Americas, which was very impressive. It had a sleek design and was very welcoming and warm. The look and feel of the midtown office space were about what you would expect from the tech giant, surprise meeting and collaborative areas around every corner-sprawling richly illuminated corridors, and simplistic finishes throughout.
We are obviously big fans of both startups and New York City commercial real estate here at TheSquareFoot. Take the HELM is an awesome opportunity put on by our friends at the New York City Economic Development Corporation and we encourage anyone thinking about moving space in the next year to apply...a quarter of a million bucks to the winners ain't too shabby!
Another high-end department store is set to join the ranks of Saks Fifth Avenue by taking advantage of Manhattan retail space. Nordstrom has searched for a perfect Manhattan retail spacefor two decades and finally settled on a deal with Extell Development this week to open a 7-story, 300,000 square-foot retail monster, on the north side of 57th Street, east of Broadway.
Trevi Retail, an 8-month-old real estate investment firm, acquired its 13th property this week for $13.5 million in an all-cash deal. Located at 189 Eighth Avenue and West 20th Street, the 9,000 square feet of New York City retail space also has a $6 million commercial mortgage-backed security loan, which Trevi Retail also acquired.
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.
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.
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.
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.
As previously reported on in this blog, New York is the new place to be for technology companies, and Sony has no intentions of being left behind in the search for New York City office space as it hopes to bounce back from a record $5.7 billion loss in the last fiscal year, which ended in March.
After the dot-com bubble burst in the early 2000s, many of the technology startups that had come to call Midtown South home no longer had the ability to remain in the area. As the vacancy rate of Midtown office space climbed, new technology companies sought more favorable locations for their needs. Now, many new startups are again flocking to Midtown South in search of affordable NYC office space for lease.
New York City is hardly a destination spot for aspiring farmers - despite the likely demand for these initiatives, there is not nearly enough open space in many parts of the city for farm land to be cultivated.
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.
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.
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.