BY JOTHAM SEDERSTROM

Conventional wisdom suggests that being named an Olympics host city is a guaranteed economic stimulant, but most real estate professionals know that the reality is far more complicated.

From the rousing success generated by Sydney to Athens, where the city’s Olympics Village literally wound up under water, real estate success is anything but a sure thing, no matter what city the Games end up in.After the jump, a sampling of past events and real estate forecasts for London and the 2014 Olympics in Sochi.

BY DANIEL EDWARD ROSEN

Media3, a tech company that offers facilities for global broadcasters and their on-air guests, has signed a 7-year lease for a 7,300 square. foot space at 535 Fifth Avenue, The Commercial Observer has learned

The company will be taking the entire 13th floor at the 36-story class A office building.

Andrew Sachs, Ben Shapiro, Jonathan Fales and Myles Fennon, all of Cushman & Wakefield, represented The Moinian Group, the owner of 535 Fifth Avenue, in the deal.

Asking rent for the space was $56-per-square-foot.

In an interview with The Commercial Observer, Mr. Sachs believed Media3's lease is a sign that tech tenants are realizing "there's better value in Grand Central."

"While it may not be as hip and cool as going to Shake Shack [in Madison Square Park] for lunch, there's just tremendous opportunity and value in Midtown proper," he added. "Literally around the corner you have Twitter and Facebook," said Mr. Sachs. Twitter has an 11,119 square foot office at 340 Madison Avenue, while Facebook has a 40,220 square foot office at 335 Madison Avenue.

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BY DANIEL GEIGER

Microsoft has been bumped from 250 West 55th Street, leaving it with two likely space possibilities: a renewal deal at its current home at 1290 Avenue of the Americas or a relocation to 11 Times Square several sources familiar with the company say.

The company had been in advanced talks to take space at the tower, which is being built by Boston Properties, but was pushed aside when the law firm Kaye Scholer committed to take 260,000 square feet there in recent weeks. Kaye Scholer and another tenant that previously leased space at the building last year, the law firm Morrison Foerster, will occupy lower floors and space in the one million square foot building’s midrise, leaving only the top floors available, which are out of Microsoft’s price range.

For months Microsoft has been searching the office market for around 250,000 square feet for its Manhattan headquarters, considering several sites including 51 Astor Place, a new development being built south of Union Square. In recent weeks however, it had seemed to whittle its options to either 1290 Avenue of the Americas or 250 West 55th Street, a choice that boiled down several competing factors.

Vornado, the owner of 1290 Avenue of the Americas, was said to be offering Microsoft a compelling economic deal to keep the company in place. 1290 Avenue of the Americas is also located closer to the heart of Midtown than 250 West 55th Street, a tower that sits along Eighth Avenue. On top of that, Vornado has committed to updating 1290 Avenue of the Americas, recently beginning a complete renovation of the 2.1 million square foot property’s lobby.

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