This week’s featured NYC office is the SoHo office space of Quartz and their sister company Atlantic Wire. Quartz just launched and we are already avid readers and big fans over here at TheSquareFoot.
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.
Financial services heavyweight Morgan Stanley is already a large tenant at One New York Plaza in Manhattan, but the corporation may lease more New York city office space in that building, according to The New York Post.
Though it may have previously been known for a high volume of industrial tenants, Brooklyn's 17-building Industry City at Bush Terminal complex along Third Avenue has seen increased office leasing activity from a diverse array of business, including creative and technical professionals.
Office leasing in New York City climbed in February from the previous month, though the square feet of commercial real estate leased during the first two months of 2012 was down on a year-over-year basis, according to a recent report.
Real estate experts have long tied the industry's fortunes to the strength of the nation's job market, and now many say the right type of growth is occurring to positively effect several corners of the market - including commercial real estate.
The always awesome Mark Suster posted on New Years his new year's resolution to spend more time on "the right side of the Haimish line" which is a term that was coined by David Brooks here. I highly recommend reading both Suster and Brooks in their entirety as this notion of the hamish line it is a great way to have a more fulfilling year. I agree whole heartedly in getting out in the mix. It's why I try to strike up conversations with those around me where ever I am. There is always something new and interesting to learn from others.