The American Language Communication Center signed a 65,000-sflease at 229 W. 36th St. ALCC will relocate its Manhattanfacilities, which are currently situated within the HotelPennsylvania at 401 Seventh Ave. A CBRE source tells GlobeSt.comthat average asking rents at 229 W. 36th St. are in the mid-$40sper sf.

|

The CB Richard Ellis team of David Hollander and Sacha Zarbanegotiated the 20-year lease on behalf of the building ownership,Real Estate Capital Partners. Howard Simson and Jarod Stern ofStudley represented ALCC.

|

[IMGCAP(2)]ALCC plans to house classrooms and offices from thesecond through the sixth floor of the 12-story property. "Inaddition to the property's ideal location in the heart of the PennPlaza District, the ownership's hands-on approach andresponsiveness were instrumental in ALCC's decision to bring theschool to 229 W. 36th St.," Hollander says.

|

The School of Visual Arts will be adding a new campus locationat 335 W. 16th St. The fully accredited college offeringundergraduate and graduate degrees, committed to a subleasetotaling 54,000 sf at the property to meet the growing demand foradditional classroom and office space. The source tells GlobeSt.comthat the property is 100% occupied and that in February, averageasking rent was around $45 per sf.

|

Mike Scimo and Henry Johnson of CBRE's Los Angeles office,worked closely with CBRE colleague Dirk Hrobsky from the firm's NewYork City operations, in arranging the sublease on behalf of thesublessor, ADT Security Services, a division of Tyco International.Henry Johnson and Mike Scimo co-lead an exclusive tenantrepresentation account across the Americas for Tyco International,and all subsidiaries, including ADT Security Services. NeilLipinski of Colliers ABR acted on behalf of SVA.

|

SVA inked a 14-year sublease for the entire, 54,000-sf,five-story building located at 335 W. 16th St., between Eighth andNinth avenues. The college plans to house classrooms and officesfor its undergraduate fine arts department.

|

In an unrelated transaction, SVA also committed to a 26-yearsublease for 20,000 sf at 333 W. 23rd St., a two-story property,which holds two movie theaters. SVA plans to utilize the theatersfor lectures and special screenings.

|

Kobre & Kim LLP, a litigation firm specializing ininstitutional plaintiffs' litigation and government enforcementdefense, has doubled its presence here, leasing 40,000 sf at 800Third Ave. The high-profile, boutique law firm previously occupied20,000 sf in the property through a short-term sublease. The sourcetells GlobeSt.com that the building is 100% occupied. "If spacewere to be available, the average asking rent would be somewhere inthe mid-$60s-per-sf range," the source says.

|

The CB Richard Ellis team of Ben Friedland and Sacha Zarbarepresented Kobre & Kim in direct lease negotiations withlandlord, Joseph P. Day. "Kobre & Kim was able to avoid futurerisk by proactively renewing their existing space and securing acontiguous floor for expansion" says Friedland.

|

Sacha adds that the "transaction also allowed Kobre & Kim topreserve the investment they made on the sixth floor when theymoved into the building three years ago." Kobre & Kim willhouse its practice on the entire sixth and seventh floors of the526,124-sf, 41-story office tower located at East 49th Street.Built in 1970 and known as the North American Plywood Building, 800Third Ave. is owned Joseph P. Day.

|

The CB Richard Ellis team of Dirk Hrobsky and Jon Schulmannegotiated the long-term lease on behalf of Gaiam. Colliers ABRacted for the ownership. "Over the past few years, Gaiam has grownrapidly through the aggressive acquisition of companies that shareits unique philosophy," says Hrobsky. "The space at 350 MadisonAve. provided our client with the ideal platform to continue togrow its brand." Asking rents at 350 Madison are around $90 persf.

|

The Ms. Foundation for Women will be relocating its headquartersto the Forest City Ratner-owned MetroTech Center, from 120 Wall St.Suzanne Sunshine, VP of CBRE's Practice Group, along with CBRE'sBruce Surry, EVP, and Joan Meixner, SVP, represented the Ms.Foundation for Women. Mary Ann Tighe, CEO of CBRE's New YorkTri-State Region, Keith Caggiano, SVP, Tim Dempsey, SVP, andMichele Freeman, first VP, worked closely with Joanne Minieri,president and COO of Forest City Ratner Cos., and MaryAnneGilmartin, EVP of FCRC, in negotiating the 15-year lease. Thesource says that average asking rents at 12 MetroTech are $38 persf.

|

Tighe says that "this transaction is a testament to Brooklyn'sgrowing allure, specifically for nonprofit organizations. Theeconomic incentive packages available for tenants relocating fromLower Manhattan, as well as the superb office space we haveavailable at MetroTech, made this deal a win-win situation. Inaddition to the incentives attracting tenants from Manhattan toDowntown Brooklyn, the area also boasts one of the mostcomprehensive transportation hubs in New York City."

|

After analyzing its real estate at 120 Wall St. as well as itsfuture requirements, the Ms. Foundation concluded that its presentspace was no longer cost-efficient. With offices spread throughthree separate floors and rents expected to climb considerably whenits lease term was fulfilled, the organization made the decision torelocate to Brooklyn after forming a 13-person board and seeing thetremendous potential the move offered. The Ms. Foundation plans torelocate its corporate offices to the 26th floor of TwelveMetroTech Center in August. Twelve MetroTech Center is part of a16-acre corporate campus known as MetroTech Center. The Centersurrounds two acres featuring rotating art exhibitions, sidewalkdining, entertainment and cultural events.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.