Crains New York Demo - (Page 12)

R E A L E S TAT E D E A L S BACK IN GEAR New tenants bring 7 WTC to capacity Telemetry, Casey Family Services are sold on the location Year-end average asking rent per square foot Upper Madison Ave.1 Upper Fifth Ave.2 A British technology firm opening its first permanent U.S. office and a nonprofit centered on improving children’s lives signed deals for a total of 12,400 square feet at 7 World Trade Center, scooping up the last available smaller spaces at the tower. Those two leases follow a 2011 deal for 125,000 square feet that claimed the last of the sizable acreage in the 52-story, 6-year-old tower owned by Silverstein Properties. The two newest tenants have a couple of things in common. Both will move onto the 46th floor in the summer, and the asking rent on each deal was $70 a square foot. One of the differences between them is that one wanted to be downtown while the other did not. Telemetry, a London-based firm that measures the effectiveness of digital ads, signed a seven-year lease for 5,400 square feet, or 13% of the floor. Originally, Telemetry wanted to locate in midtown south, near many other tech firms, but it also wanted to occupy recently built space, according to the company’s broker, Sam Seiler of CBRE Group Inc. An extensive search turned up nothing that fit the bill. However, when Telemetry executives visited 7 World Trade and saw the design and the views, they were hooked. “It is their first permanent office in the U.S., so they wanted something that made a statement,” Mr. Seiler said. “They wanted something splashy.” In contrast, Casey Family Services, which provides family advocacy, adoption and foster care services, wanted to stay downtown. With its lease at 1 Liberty Plaza nearly up and no additional room available there, the agency signed a six-year deal for 7,000 square feet. It, too, was drawn to the views,as well as the building’s LEED status,said its broker Bill Iacovelli, also of CBRE. Silverstein Properties was represented by CBRE brokers Brad Gerla and Christie Harle. —theresa agovino Designer pushes the envelope The fashion hub of the meatpacking district is drifting northward onto altogether artier ground. Designer Steven Alan inked a 10-year deal for 2,600 square feet at 144 10th Ave. (right), at West 19th Street. The asking rent for the space, which is a new building just down the street from the High Line, was $99 a square foot. A small storage basement was included in the deal. “We think it stretches the bounds of the fashion district up into the art district,” said Rafe Evans, the Walker Malloy & Co. broker who represented landlord Highline 19.“It kind of unites meatpacking with gallery.” This will be the fifth Manhattan outpost for the 13-year-old Steven Alan brand. It should open for business in early summer, according to Keith Fencl, the McDevitt Co. broker who represented the tenant in negotiations. —adrianne pasquarelli 2008 2009 2010 2011 $1,016 $769 $778 $1,013 $1,874 $1,553 $2,200 $2,550 1-From 57th to 72nd streets. 2-From 49th to 59th streets. Source: CBRE Group Inc. Media outfit roosts in financial area Journal Register Co.is getting its first official Manhattan office. The Yardley, Pa.-based local news and information provider has signed a sevenyear lease for 9,800 square feet at 5 Hanover Square. The asking rent was $37 per square foot. The tenant plans to take over the entire top floor of the 25story, 50-year-old building by July. Journal Register currently subleases space at 590 Madison Ave. and occupies a fully outfitted office suite that it rents in a workspace center operated by Regus in the Helmsley Building, said Gordon Ogden, a broker at Byrnam Wood. Mr. Ogden and his colleague Benjamin Mohr represented the tenant. “The top-floor presence was great, and they found affordable space,” said Mr. Ogden, adding that Journal Register looked at midtown south, where rent is more expensive. Frank Cento, a broker at Cushman & Wakefield Inc., represented the landlord, Savanna. —amanda fung BUILDING MEASUREMENTS are more art than science P. 46 12 | Crain’s New York Business | March 26, 2012 http://www.crainsnewyork.com/events-healthcare2012 http://www.crainsnewyork.com

Table of Contents for the Digital Edition of Crains New York Demo

Crains New York Demo
Contents
Sweet project in danger of a total meltdown
More red ink on the books at Reader’s Digest
Bank in the tank: Bad bet on rates sinks Hudson City
Neighborhood Journal
The Insider
Small Business
Viewpoint
Really dumb move, Upper West Side
Real Estate Deals
Classifieds
Business Lives
Hot Jobs
Executive Moves
The Week Ahead

Crains New York Demo