Friday August 10, 2012
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| Check Out R. G. Vanderweil's Furniture Plan |
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BY CARL GAINES
When R.G. Vanderweil, an engineering consulting firm, decided to move from its current location at 499 Seventh Avenue to new digs at 1001 Avenue of the Americas due to growth, the firm sought what’s become top of the list for many tenants these days: an open, collaborative environment.
Through a 10-year lease in which ABS Real Estate Partners repped the owner of the 87,021-square-foot building, R.G. Vanderweil, thanks to representation by Bret Varricchio and Garett Varricchio of Murray Hill Properties, was able to achieve this goal by working with ABS and a common architect to come up with a build-out for the space, which represents the entire 21st floor.
Douglas Regal, a managing director at ABS, told The Commercial Observer that the floor’s previous build-out was done away with when the tenant at the time moved out.
After the jump, the furniture plan for R.G. Vanderweil.
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| All the Lawyers You Call, in Handy Chart Form |
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BY CARL GAINES
With some of the largest commercial real estate deals happening right here in our own back yard, it’s no surprise that New York is home to a bevy of law firms with real estate departments vying for a piece of that action.
Leases, sales, land use and loans are all the beginning for many of these firms, whose New York offices can be the nerve center for a lot of their worldwide real estate practices.
The Commercial Observer touched base with some of them to get an idea of how real estate fits in to the overall picture in terms of metrics. Though some weren’t included because they didn’t respond in time, the numbers for those that did show some firms surviving on New York real estate alone while others—large and small—devote a big percentage of their firm-wide workforce to the area.
To see our handy chart of the city's largest real estate law firms, click here
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| Class C Net Absorption Saves Manhattan |
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BY ROBERT SAMMONS
Through the first seven months of 2012, the Class C segment of the Manhattan office market has been responsible for 90 percent of the net absorption. Class A has had a bit less than 30,000 square feet of net absorption, while Class B has had approximately 128,000 square feet.
Class C rang in at just over 1.4 million square feet. Midtown South, with Class C absorption at 831,000 square feet thus far in 2012, has been the primary reason for the big number at the lower end of the scale, with leasing activity strong from tech/media firms. Another reason has been Midtown, where Class C net absorption now stands at slightly more than 546,000 square feet.
To read the full story, and see our pie chart click here
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| 399 Park Avenue Snags The Jordan Company |
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BY DANIEL GEIGER
Private equity firm the Jordan Company signed a 15-year, 25,000-square-foot lease at 399 Park Avenue, Cassidy Turley, the company’s leasing broker in the transaction announced today.
The Commercial Observer first reported the transaction in early June, one among three recent leases that got signed at the 1.75-million-square-foot skyscraper.
Epoch Investment Partners, another investment company, did a two-floor deal and First Manhattan Company, an investment advisor, is in talks for two floors as well.
The 39-story 399 Park Avenue had six vacant floors, 27 through 32, which are each about 25,000 square feet in size. The space opened when the law firm WilmerHale recently relocated from the property to go to 7 World Trade Center.
To read the full story, click here
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