AMID CRISIS, DEALS KEEP COMING
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THERE are some big holes in the ground that might remain holes for a long time, and plenty of leasing deals in the works that have also pushed the “pause” button.
But, hey, it’s still New York, and there’s life in the old beast yet.
Here are some just-done deals that give hope it isn’t the end of the world.
* Merchant bank Rosenthal & Rosenthal has committed to a long-term renewal at 1370 Broadway, sources said.
The firm has 3½ years left on its lease and extended 10 years beyond that.
Rosenthal has 57,625 square feet, including a ground-floor retail space.
The asking rent for the office space was in the mid-$50s; no information was available for the retail.
The tenant was repped by Cushman & Wakefield’s Matthew Astrachan, Mitchell Konsker and Robert Gallucci, who would not comment.
The ownership was repped in-house by Ralph Sitt.
* At the Lefrak Organization’s 40 W. 57th St., two financial firms have taken up the last remaining chunks of 175,000 square feet that Bank of America either previously occupied or will soon vacate.
When BofA moves out by the end of the year to go to One Bryant Park, Cantillon Capital Management and Duquesne Capital Management will both expand at 40 W. 57th St., adding a total of 25,000 square feet on several floors.
* The Government of Flanders, which represents Belgians in that region, and technology outfit Autonomy Inc. signed for a total of 13,000 square feet on floors owned by Bruce Ratner at the New York Times tower.
CB Richard Ellis represented both tenants.
And, although CBRE wouldn’t confirm it, market sources said a third new tenant – First Solar Inc., an Arizona-based manufacturer of solar modules – has taken 24,376 square feet on the 44th floor, for its first New York office.
By our count, that would leave only about 6,500 feet unoccupied in the 1.2 million square-foot tower.
* The Empire State Building, undergoing a half-billion dollar capital improvements program, signed a new retail tenant: An AT&T Mobility store that will occupy 2,733 square feet.
CB Richard Ellis’ Andrew Goldberg, Matthew Chmielecki and Eric Gelber repped the landlord, W&H Properties.
Winick Realty’s Steven Baker repped the tenant.
* Even though the whole banking system looks to be on the verge of collapse, that didn’t stop Sovereign Bank from inking a 4,000 square-foot retail lease at W&H’s 1350 Broadway, where it will open a new branch in February.
CBRE’s Goldberg and Chmielicki repped the landlord.
* Duane Reade renewed its store lease for 5,500 square feet at 625 Madison Ave.
That’s interesting because sources have told us landlord SL Green once considered letting some retail leases expire in the shimmering tower at 58th Street, and combining small spaces into a single large one.
That notion has presumably been tabled.
* Jack Resnick & Sons’ 880 Third Ave. signed retail leases with two eateries, Pret a Manger and Crumbs Bake Shop.
At the same time, the tower got a new office tenant, Bevmax Office Centers, which took 18,000 square feet on two floors.
The 18-story tower is in the midst of a major capital improvements program.
* NOTE: Last week we inexplicably located the former Lehman Bros. headquarters at 750 Seventh Ave.
Of course, the tower that’s now owned by Barclay Capital is at 745 Seventh Ave., across the street.