Crain's New York - October 1, 2012 - (Page 12)

REAL ESTATE DEALS BARE BONES 32 OLD SLIP ASKING RENT; TERM: $46 per SF; n/a SQUARE FEET: 38,750 TENANT; REPS: Sentry Centers; Jared Freede, Rocco Laginestra of CBRE LANDLORD; REPS: Old Slip Prop., Beacon Capital Partners; Robert Alexander, Bruce Surry of CBRE BACK STORY: Conference firm will lease Goldman Sachs’ old training center after a $4M renovation, reports the NY Post. 666 THIRD AVE. ASKING RENT; TERM: Mid- to upper $60s; n/a SQUARE FEET: 18,500 TENANT; REPS: Robinson & Cole; Greg Taubin and Craig Lemle of Studley, and Andy Filler of RM Bradley LANDLORD; REP: Tishman Speyer Properties; in-house by Greg Conen BACK STORY: Hartford, Conn.-based 167-year-old law firm, which ranks among the top 200 in U.S., expands in shift 10 blocks south. 34 W. 33RD ST. ASKING RENT; TERM: $36 per SF; 10 years SQUARE FEET: 11,250 TENANT; REP: Handcraft Manu. Corp.; Michael Beyda of Benchmark Props. LANDLORD; REPS: Building Associates; David Levy and Brett Maslin of Adams & Co. BACK STORY: Maker of kids’ and adult accessories moves down the block to the Childrenswear Center, where it joins recently expanded Cutie Pie Baby and other industry peers. O Apparel firm re-ups in Times Square ne Step Up, an apparel manufacturer and wholesaler, has renewed the lease for its headquarters at 1412 Broadway.The lease was for 52,800 square feet. The building, just two blocks below Times Square, boasts several other apparel-company tenants, including Jones New York and Escada USA. Cushman & Wakefield brokers Mitchell Arkin and Michelle Walker represented building owner Harbor Group International, while Jesse Rubens of Murray Hill Properties represented One Step Up. The current asking rents in the building are about $47 per square foot.One Step Up was able to negotiate a lower rate. “Given that this is an important anchor tenant for the building, they did substantially better than that,” Mr. Rubens said. Harbor Group acquired the building two years ago and poured $10 million into a renovation, which included upgrading the electrical and fiber-optic infrastructure. The landlord also gave a face-lift to the lobby, hallways and entry façade. Mr.Rubens said Harbor Group’s improvements led One Step Up, which moved to the building in 2004, to decide to stick around for another 10 years. “They were obviously making the right commitment to the building, and so we thought they would be a good partner for a long-term rental,” he said. One Step Up specializes in clothes for children and juniors, as well as sportswear and maternity apparel. —ali elkin Dr. Martens boots up B’way store British footwear brand Dr. Martens is stepping out for a second time in the Big Apple. After leasing its first store here two years ago in SoHo, the company recently signed a 10year deal for 6,200 square feet at 868 Broadway. The lease includes about 2,000 square feet on the ground floor, a 1,700-square-foot storage basement and 2,500 square feet on the second floor, which will be used for a showroom and office space. Typical neighborhood asking rents are around $300 a square foot, brokers said. Union Square is increasingly becoming the footwear capital of the city—outposts from Geox, Steve Madden and Paragon are all nearby. Dr. Martens was drawn to the neighborhood for both the foot traffic and the number of other shoe stores, according to Christopher Schwart, the Cushman & Wakefield broker who represented the tenant. Andrew Epstein of Easy Street Properties represented landlord 868 Broadway Corp. “There’s always a lot going on there,” Mr. Schwart said, noting the Greenmarket and the new seating along the bikeway on Broadway. Dr. Martens is planning to open for business by the day after Thanksgiving, just in time for the crucial holiday selling season. —adrianne pasquarelli CAPITAL ONE BANK SMALL BUSINESS CLEAR ADVANTAGE MONEY MARKET ® SM A SMALL BUSINESS MONEY MARKET ACCOUNT THAT REALLY STACKS UP On account balances of $25,000 or more No monthly service charge when you maintain a balance of $5,000 Access your cash when you need it, while you earn Get the security and stability of a top-10 U.S. bank VISIT A BRANCH OR CALL TOLL-FREE 1-888-755-C1SB (2172) Annual Percentage Yield (APY) available only with balances of $25,000 – $500,000. Rate guaranteed for 12 months. Monthly service fee of $15 charged if average daily balance is less than $5,000. Monthly withdrawal limits may apply. Minimum of $50 required to open. Visit a branch for details. Offered by Capital One, N.A., Member FDIC. 12 | Crain’s New York Business | October 1, 2012

Table of Contents for the Digital Edition of Crain's New York - October 1, 2012

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

Crain's New York - October 1, 2012