Crains New York - September 17, 2012 - (Page 16)

REPORT REAL ESTATE DEALS Golden Lioness bags big tenant to spearhead its new commercial brokerage division, helped Golden Lioness in the deal. —amanda fung BARE BONES A XA Advisors, an arm of the behemoth AXA Financial Inc., is coming to downtown Brooklyn. The financial services provider to individuals and small businesses has taken almost 5,500 square feet at 32 Court St., a prewar office building near Remsen Street. The 10th-floor space is currently under construction and will be completed at the end of October. A spokeswoman for AXA Advisors said the new space will be a sales office connected to a retail location on Long Island. It’s unclear if it’s the company’s first-ever office in Brooklyn. “We’ve been in business 150-plus years, so we may have had a Brooklyn office at some time in our history,” she said. AXA Advisors signed a five-year lease, according to Brad Leader of Golden Lioness Corp., the owner and manager of 32 Court St. The asking rents, which depend on the floor and view at the 23-story building, are in the low to mid-$30s per square foot. “In the past, we had attorneys and nonprofits; now we have some young hedge funds, real estate and architecture firms, media and public relations firms,” said Mona Gora, head of Golden Lioness. “The building’s [tenant roster] has really diversified over the past two to three years.” Since the beginning of the fourth quarter of 2011, the landlord has leased 18,497 square feet in the building.With AXA Advisors moving in shortly, the 115,000-squarefoot building will be 95% occupied. Ms.Gora said she continues to invest in upgrading the building. That includes exposing the ceiling beams in spaces that become available to give the property more of a loft-like feeling.“It’s a fabulous boutique building in downtown Brooklyn,” she said. William O’Brien of Brooklyn commercial brokerage M.C. O’Brien Inc., along with Jones Lang LaSalle, represented AXA Advisors in the deal, while Christopher Havens, who recently joined residential brokerage Aptsandlofts.com Law firm extends 22-floor lease Davis Polk & Wardwell will be extending its stay at 450 Lexington Ave., where it occupies 22 floors, by five years. That means it will remain at the 40-story tower, which RXR Realty officially bought last week for about $700 million, for 15 years instead of 10. The deal was a coup for RXR because the 675,000 square feet occupied by Davis Polk account for about 73% of the 920,000-square-foot property. The extension came as RXR was negotiating to close its deal to buy the building and as Davis Polk was working to resolve its litigation against the building’s former owner, Dubai-based Istithmar World Capital.RXR settled on the details of the new lease, and the litigation was subsequently settled. RXR Chief Executive Scott Rechler declined to say how much Davis Polk would pay under the new deal. CBRE broker Lewis Miller represented Davis Polk. —theresa agovino 1301 SIXTH AVE. ASKING RENT; TERM: Undisclosed; 20 years SQUARE FEET: 200,000; 22nd through 27th floors TENANT; REPS: Chadbourne & Parke; Moshe Sukenik and Chris Mongeluzo of Newmark Grubb Knight Frank LANDLORD; REPS: Paramount Group; inhouse by Ted Koltis and Heather Kahn BACK STORY: Law firm will replace bankrupt Dewey & LaBoeuf and has also secured expansion rights in the tower, according to the Commercial Observer. 589 FIFTH AVE. ASKING RENT; TERM: Undisclosed SQUARE FEET: 57,000; ground through fifth floor and basement TENANT; REP: H&M; Thomas Citron of Cushman & Wakefield LANDLORD; REP: Western Management; Jedd Nero of CBRE BACK STORY: The trendy fast-fashion retailer is taking the space for its new flagship store in one of the largest retail deals this year. 350 FIFTH AVE. (Empire State Building) ASKING RENT; TERM: $55; 15 years SQUARE FEET: 42,000 on 70th and part of 71st floors TENANT; REPS: Kaltex North America; Michael Goldman and Chip Conklin of Studley LANDLORD; REPS: W&H Properties; William Cohen and Ryan Kass of Newmark Grubb Knight Frank BACK STORY: After more than 30 years in building, the unit of Mexican textilemaker Grupo Kaltex has added 35,000 square feet, starting in 2013. GLOBAL CITIES RETAIL GUIDE C U S H M A N & WA K E F I E L D YOUR RETAIL PASSPORT HAS ARRIVED www.cwglobalretailguide.com GLOBAL REACH STARTS WITH LOCAL KNOWLEGE Global Cities Retail Guide brings local market retail real estate experience and knowledge to your fingertips. Erase borders, learn business customs, and find new retail hot spots with one click. Visit cwglobalretailguide.com to learn more. 16 | Crain’s New York Business | September 17, 2012 http://www.Aptsandlofts.com http://www.cwglobalretailguide.com http://www.cwglobalretailguide.com http://www.cwglobalretailguide.com

Table of Contents for the Digital Edition of Crains New York - September 17, 2012

IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
BUSINESS PEOPLE
OPINION
GREG DAVID
SMALL BUSINESS
REPORT: REAL ESTATE
THE LIST
REAL ESTATE DEALS
FOR THE RECORD
CLASSIFIEDS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS

Crains New York - September 17, 2012