Crains New York - June 11, 2012 - (Page 9)

R E A L E S TAT E D E A L S Yammer comes East with jobs A social-networking site for firms checks in on W. 18th Street ammer is about to become the latest West Coast tech company to set up shop in the city. After a search of nearly eight months, the developer of social networks for companies will open an office at 218 W. 18th St. by the end of the summer. Yammer has signed a five-year lease for 13,500 square feet. The asking rent was in the mid-$50s per square foot. “Over the course of their search, their space requirement ended up doubling,” said CBRE Group Inc.’s Freddie Fackelmayer, who represented Yammer along with colleague Ben Friedland. Yammer expects to have 100 employees in the city, he added. “They wanted to be somewhere employees would be excited to be,” said Mr. Fackelmayer, adding that Google’s office around the corner was a plus. Peter Turchin and Gregg Rothkin, brokers at CBRE, represented landlord Atlas Capital Group. Since its founding, Yammer has raised $142 million in venture funding, according to its website. The firm, a Facebook for corporations, has a lot of things in common with the social-networking company that just went public. Sean Parker, Facebook’s founding president,is a member of Yammer’s board of directors. —amanda fung Y ated the other two deals on the partnership’s behalf. DSW was represented by Brian Katz of Katz & Associates and took a 10-year lease for 10,000 square feet on the second floor, the entire 20,000-square-foot third floor and a share of the 2,000-square-foot firstfloor lobby. Blink will also take about 16,000 square feet in the basement as well as a share of the lobby. The company has a 15-year lease and was rep- signed on for 1,000 square feet on the ground floor and 10,000 square feet on the second floor. The restaurant entered into a 10-year agreement. Mr. Rettaliata declined to comment. —adrianne pasquarelli resented by Peter Levine of Charter Realty and Development Corp. Joe’s, which was represented by Ripco Real Estate’s Tom Rettaliata, Tenant shifts to help landlord Law firm Levine Plotkin & Menin has inked a 10-year deal for 7,600 square feet at 888 Seventh Ave. The asking rent was $65 a square foot. The firm, which specializes in entertainment law, will move from 1740 Broadway. It is moving because landlord Vornado Realty Trust Inc. needs space to accommodate the growth of one of the building’s largest tenants, law firm Davis & Gilbert. Vornado also owns 888 Seventh Ave., which was a major part of the deal’s allure, said Josh Kuriloff, a broker at Cushman & Wakefield Inc. who represented the tenant with his colleague Jodi Roberts. Vornado represented itself in the deal. —theresa agovino Harlem building lands 3 retailers Big changes loom for the corner of West 125th Street and Frederick Douglass Boulevard. Three wellknown retailers—shoe discounter DSW, Equinox’s budget-friendly Blink Fitness and Ignite Restaurant Group’s Joe’s Crab Shack—have all inked leases for space at 301-303 W. 125th St., a new four-story development expected to be finished by year’s end. By mid-2013, all tenants are slated to move into the property, which is being developed by Aurora Capital, A&H Acquisitions and Sigfeld Group. The ground-floor asking rent is $150 a square foot. “This development site is at the corner of Harlem’s busiest intersection,” said Jared Epstein, the Aurora Capital vice president who ON RISE represented Avg. monthly the owner rent for onepartnership in bedroom apt. the DSW in Manhattan deal, noting the strong res2006 $2,514 idential and 2007 $2,634 student popu2008 $2,611 lations of the 2009 $2,426 neighbor2010 $2,453 hood. Morris 2011 $2,681 Harary, an as2012 $2,810 sociate at Source: CitiHabitats A&H, negotiJune 11, 2012 | Crain’s New York Business | 9

Table of Contents for the Digital Edition of Crains New York - June 11, 2012

Crains New York - June 11, 2012
Table of Contents
Local hospitals suffer growing pains
Meet two of the busiest property buyers in town
Sin City: Pot, pop and ponies, by the numbers
New York, New York
Brooklyn Heights morphs into retail hot spot
The Insider
Real Estate Deals
Greg David: Why city’s med centers must merge or die
Small Business
Plus: NY’s top hospitals list
For the Record
Tourists’ ticket to exclusive events
How to overcome the tech talent shortage
Executive Moves
Dewey partner down but not out
Hot and spicy at Singapura
The Weekahead

Crains New York - June 11, 2012