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Wednesday July 24, 2013
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| Regus Adapts as Work Habits Change |
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BY GUS DELAPORTE
As co-working and temporary space increase in popularity for both start-ups and established businesses, office provider Regus has expanded its available options by opening two street-level business lounges offering short-term access in New York over the past six months, at 747 Third Avenue and 275 Seventh Avenue.
“We are meeting the demand of the increase of people using drop in access,” Grant Greenberg, spokesman, told The Commercial Observer.
To read the full story, click here
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| DZ Bank Renews 30,000 SF at 609 Fifth Avenue |
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BY AL BARBARINO
DZ Bank has signed a 10-year extension of its 29,524-square-foot lease at SL Green Realty Corp.’s 609 Fifth Avenue, The Commercial Observer has learned.
The bank, one of Germany’s largest leading international commercial financial institutions, will continue to occupy the entire 7th and 8th floors of the 13-story, 156,700-square-foot boutique office building.
To read the full story, click here
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| Brooklyn Retail Condo Up for Grabs |
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BY BILLY GRAY
Property shoppers looking to claim expansive frontage on one of Brooklyn's most active commercial strips should look into Eastern Consolidated's $9.95 million listing at 557-1 Atlantic Avenue.
The 7,745-square-foot commercial portion of the retail condo is currently leased to Memorial Sloan-Kettering Cancer Center and is a short walk from the Atlantic Commons Shopping Center, Barclays Center and a plethora of major subway lines.
To read the full story, click here
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| 100 Million: Lower Manhattan’s New Surplus |
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BY ROBERT SAMMONS
No, that’s not the number of people in Times Square right now—though it absolutely seems like it. (Trust me, I have to trudge through there twice a day.) And no, that wasn’t the temperature last week (though with the humidity, it felt like it). One hundred million is actually the square footage of office space Downtown Manhattan will have—102,048,274 square feet, to be exact—once the just-announced 3 World Trade Center opens, around the beginning of 2017.
Back in the mid-1990s, Downtown inventory (which Newmark Grubb Knight Frank classifies into three submarkets: City Hall/Insurance, Financial and World Trade) was a record 110,114,507 square feet. That number began to decline around 1996, due first to the conversion of numerous office buildings to residential use (made more popular by tax incentives for doing so) and then to the events of 9/11. The figure hit its recent low of 90,955,229 square feet in the first quarter of 2004, but has since increased as a result of to two completions—7 World Trade Center and 200 West Street. With the soon-to-be-completed 1 and 4 WTC towers, the market will grow to 99,186,872 square feet.
To read the full story, click here
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