Crains New York - November 12, 2012 - (Page 12)

REAL ESTATE DEALS PLUS BARE BONES 49 W. 27TH ST. ASKING RENT; TERM: high $30s per square foot; five years SQUARE FEET: 8,700 TENANT; REP: Codecademy; Bernard Weitzman of Newmark Grubb Knight Frank LANDLORD; REP: Jonathan Wiener; Mark Furst of Cassidy Turley BACK STORY: The fast-growing, year-old company offering a free online curriculum of programming courses is quadrupling its space in the move, following a $13M injection of venture capital. EMPIRE ST. BLDG. ASKING RENT; TERM: $55 per SF; 10 years SQUARE FEET: 15,000 TENANT; REPS: Clifton Budd & DeMaria; William Fressle and Franklin Speyer of Cushman & Wakefield LANDLORD; REPS: Empire State Building; William Cohen and Ryan Kass of Newmark Grubb Knight Frank BACK STORY: Firm specializing in labor and employment law moves to the 61st floor of the Empire State Building. 434 SIXTH AVE. ASKING RENT; TERM: $336 per square foot; 10 years SQUARE FEET: 375 TENANT; REP: Elixir Juice Bar; Charles Rapuano, Winick Realty Group Law firm leases dry ground in two days fter scores of office buildings downtown were walloped by Superstorm Sandy’s flood surge last week, Fried Frank Harris Shriver & Jacobson, like many tenants, was left temporarily homeless and LANDLORD; REP: Harran Holding Corp.; had to hustle to line up short-term quarters.In one of its first steps, in-house the big 1 New York Plaza-based law firm signed up for nearly 30,000 BACK STORY: Juice bar moves into lowsquare feet of space at the tony Seagram Building on Park Avenue. cal dessert shop space in West Village in a In an ironic twist, some of that space had just been vacated by Sullivan building also housing several yoga & Cromwell, a law firm that is now scrambling for temporary offices as it classes, a ballet school and oodles of young, health-focused professionals. grapples with the closure of two downtown office towers, at 125 Broad St. and 55 Water St., where it bases its operations. “Fried Frank is a very valued tenant of ours, and we felt awful for them,” said Steve Morrows, a leasing director at RFR Realty, the owner of the Seagram Building, where the firm already had a small Commercial Banking Group office. “A lease was drawn up in about two days.” Fried Frank has signed on for two months with the option to extend if it needs to. Meanwhile, the firm is also moving some staffers into open offices at Kaye Scholer’s headquarters at 425 Park Ave. Originally, Fried Frank sent out feelers for about 100,000 square feet of space but last week decided to make do with less because its 400,000-square-foot 1 New York Plaza head office looked like it will not take long to restore. As of early last week, a source familiar with the Brookfield Properties-owned tower said that the outlook had brightened, and that the property could reopen within about two weeks— less than half the original estimate. Just four blocks north, a tenant at hard-hit 180 Maiden Lane also lined up a temporary space last week. Law firm Stroock & Stroock & Lavan leased about 60,000 square feet at 601 Lexington Ave. in midtown, a footprint about a third the size of its downtown headquarters. Leonard Boxer, a senior partner at the firm, said Stroock decided to take the space because it was uncertain when 180 Maiden Lane would again be habitable and the firm needed functioning space to continue operating. “They’re working on it desperately, but I don’t think it’s clear yet just when the problems will be fixed,” Mr. Boxer said of the building’s landlord, SL Green. “Everyone is doing the best they can, but we can’t gamble; we need a place to work.” —daniel geiger 180 Maiden Lane A There’s no substitute for experience. At Capital One Bank® we make it our business , to work alongside companies like yours every day. Backed by the strength of a top-10 U.S. bank, we’ve got the industry experience to help give your business a lift. Ellen Marshall, Commercial Banking Executive ellen.marshall@capitalone.com, (212) 764-8315 Products and services offered by Capital One, N.A., Member FDIC. © 2012 Capital One. Capital One is a federally registered service mark. All rights reserved. 12 | Crain’s New York Business | November 12, 2012 http://www.quarters.In

Table of Contents for the Digital Edition of Crains New York - November 12, 2012

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

Crains New York - November 12, 2012