Crains New York - October 29, 2012 - (Page 14)

REAL ESTATE DEALS BARE BONES 100 PARK AVE. ASKING RENT; TERM: $85 per square foot; 12 years SQUARE FEET: 6,500 TENANT; REP: New York Golf Center; Peter Liptrot of Bernstein Real Estate 250 W. 57TH ST. ASKING RENT; TERM: $54 per square foot; 10 years SQUARE FEET: 8,000 TENANT; REP: Distinguished Concerts International New York; not disclosed 132 W. 36TH ST. ASKING RENT; TERM: Mid-$30s per square foot; seven years SQUARE FEET: 8,000 TENANT; REP: Benartex; Jeff Zund of Kenneth Zund Realty Associates Inc. ong the lifeblood of the city’s commercial office market, the financial industry has struck a more cautious approach in its real estate decision-making in recent months. LANDLORD; REPS: Kaufman LANDLORD; REPS: SL Green Realty Corp.; LANDLORD; REPS: Malkin Holdings; Swiss banking giant UBS, for instance, is in talks to renew its Organization; Barbara Raskob, who with Harry Blair and Sean Kearns of Cushman Jeffrey Roseman and Benjamin Birnbaum New York headquarters at 1285 Sixth Ave. in what will be a roughcolleague Steven Kaufman served as the & Wakefield of Newmark Grubb Knight Frank Retail ly 700,000-square-foot lease.That deal follows several other large recent rein-house representative for the landlord BACK STORY: The producer and incubator BACK STORY: The golf center, which newals by financial firms—including Morgan Stanley at 1 New York Plaza for classical music concerts and recitals is BACK STORY: Benartex, a supplier of already has two Manhattan locations, is and Citibank at 601 Lexington Ave.—in what appears to be a growing prefcotton fabrics for quilts, is moving to new expanding from 3,000 square feet into an teeing up a Grand Central-area store. offices in the garment district. erence to stay put rather than cough up big money to relocate. additional 5,000 square feet. “Banks don’t know what lies ahead, and until they get some clarity they will take a much more cautious approach on large capital decisions like taking new space,” said John Cushman, a top executive at brokerage Cushman & Wakefield. One major uncertainty: the impact of regulations that call for separating investment banking from traditional banking.Just last week,UBS announced it would shed 400 jobs in At Trump Parc Stamford you DON’T have to pay $2,000 per square foot to live in the lap of luxury. its investment-banking operations, following past job cuts, including a 2,000-person layoff last year. “Certainly, there has been pressure on financial institutions generally,both domestic and foreign,to diWe offer Manhattan quality vest the large web of different Average size services that were built up over the with incomparable amenities last 20 years,” said Mark Ravesloot, a and unparalleled white glove vice chairman at CBRE who was not SF service starting at only $400 involved in the UBS deal.“The message was clear when the new chairper square foot. These spacious SF man of the board at Citibank said apartments offer spectacular that’s the direction that he wants Citi SF panoramic views of the New to go in—to reduce its size.” Relocating in Manhattan is also York City skyline and Long Island expensive, costing between $200 Sound. Conveniently located in and $300 per square foot to conthe heart of downtown Stamford, struct a new office installation and move into it, said Brian Waterman, Trump Parc is only 40 minutes to $ a leasing executive at Newmark Grand Central Station on Metro Grubb Knight Frank. No top execNorth. Experience the best for utive wants to spend that kind of money only to have to shed the space less at Trump Parc Stamford. in a few years and take a big write-off. Consider the outcomes for some of those that did move in the past TrumpParcStamford.com year. Nomura, the Japanese financial firm, signed a 900,000-squarefoot lease last year but more recently exercised clauses in its deal to give back 200,000 square feet of that. French financial institution Société Générale also moved last year, from 1221 Sixth Ave. to 245 Park Ave., where it took 440,000 square feet. Earlier this year, the company put nearly 100,000 square feet of that on the sublease market. The new cautiousness can be seen in the latest leasing statistics. CBRE data released in early October showed five relocation deals of more than 250,000 square feet in midtown during the first three quarters of last year, compared with none in the same-size category so far this year. Just two relocations over 100,000 square feet have been done in midtown this year, compared with 10 during the same period in 2011. Newmark’s Mr. Waterman said financial companies were simply Another RICH residential experience. A LEED Qualified Green Building. being prudent.“There’s nothing the This advertisement is not an offering. No offering can be made without a Public Offering Statement. The Declarant, 33 Broad Street Associates, LLC will provide a Public Offering Statement prior to any sale or any offering for sale. The Declarant, 33 Broad Street matter with fiscal responsibility,” he Associates, LLC is registered as a New Home Construction Contractor under Connecticut Registration Number 11411. As to New York Residents, the complete offering terms are in an Offering Plan available from Sponsor; File No. CD10-0047. Any offering, when made is not intended for residents of any other jurisdiction where governmental approval or registration is required. © 2010 Trump Parc is a registered trademark of Donald J. Trump. Trump Parc® Stamford is not owned, developed or sold by Donald J. Trump, noted. The Trump Organization or any of their affiliates. 33 Broad Street Associates II, LLC, the owner and developer of the property, uses the “Trump” name and mark under license from Trump Marks Stamford LLC, which license may be terminated or revoked according to its terms. In addition, the Trump Corporation was retained to manage the operations of Trump Parc® Stamford pursuant to the terms of a management agreement, which agreement may be terminated according to its terms. —daniel geiger L Shaky finance firms wary of office moves Priced out of the Manhattan market for new construction? 1BR 2BR 3BR 1,109 1,613 1,844 Prices starting at 495,000 203.878.6766 14 | Crain’s New York Business | October 29, 2012 http://www.TrumpParcStamford.com http://www.TrumpParcStamford.com

Table of Contents for the Digital Edition of Crains New York - October 29, 2012

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

Crains New York - October 29, 2012

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