Tuesday October 30, 2012
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| Brooklyn Buzz: From Spike Lee to Etsy, C&W’s Glenn Markman Has the Borough Cornered |
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BY DANIEL GEIGER
Glenn Markman first began to pay attention to Brooklyn long before there was a Barclays Center to crystallize the borough’s rise.
Like so many success stories in real estate, buying in early was key.
Having done deals in Brooklyn for 20 years, Mr. Markman by now is known as an expert in office leasing in the borough, though he is also prolific in Manhattan. From his résumé, there’s no mistaking his prominence as a Brooklyn dealmaker.
In 2008, he represented Spike Lee in finding a Dumbo office for the film director’s advertising company, Spike DDB.
Earlier this year, when the Brooklyn Nets decided to relocate the team’s executive offices from New Jersey to be closer to the new Barclays arena, Mr. Markman, who is a leasing executive at Cushman & Wakefield, led a C&W team that brought the Nets into 35,000 square feet at 15 MetroTech Center in Downtown Brooklyn.
To read the full story, click here
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| Sorgente Rents 32 Greene Street Retail to CITE |
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BY ALESSIA PIROLO
The Soho furniture and accessory showroom CITE—that’s short for “Commercial Interiors and Trade Show Exhibits”—is moving down the road from its current space at 131 Greene Street to 32 Greene Street, at the corner of Grand Street.
The international real estate investment firm Sorgente Group of America, which owns several trophy building across the U.S. including the iconic Flatiron Building, rented the 5,520-square-foot, two-story space to CITE for $150 per square foot.
CITE features exclusive collections of contemporary furniture from Cecchini, Italy; Palau, Holland; the Verner Panton lighting collection; mid-century modern collectors' pieces from Saarinen; and young designers from around the world.
Veronica Mainetti, president of the Rome-based Sorgente Group of America, told the The Commercial Observer that renting 32 Green Street to a showroom that sells Italian design was just coincidence.
To read the full story, click here
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| SL Green Sells Stake in 521 Fifth Avenue |
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BY CARL GAINES
After hiring Eastdil Secured earlier this year to help it sell a stake in 521 Fifth Avenue, REIT SL Green announced last week that a joint venture between Quantum Global Real Estate and LaSalle Investment Management has agreed to buy a 49.5 percent equity interest.
Plaza Global Real Estate Partners, the JV, agreed to buy the stake for $72 million in a deal that is expected to close by the end of 2012.
SL Green plans to refinance the existing $150 million mortgage—from United Overseas Bank, according to data from Real Capital Analytics—with a new $170 million mortgage. All told, this will leave $86 million in net proceeds.
“The partial sale unlocks proceeds we intend to use to fuel our continued growth and allows us to benefit from the potential of this well located, top-quality asset,” SL Green President Andrew Mathias said in a prepared statement.
“We look forward to continuing our successful track record of building value for joint venture partners with Quantum Global and LaSalle. This investment again highlights Manhattan’s extraordinary appeal to leading institutional investors.”
To read the full story, click here
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