BY GUS DELAPORTE

Boutique financial services firms have recently secured over 20,000 square feet at 540 Madison Avenue, where asking rents range from $80 to over $100 per square foot.

“Boutique financial firms are still the sweet spot for the building,” Cynthia Wasserberger of Jones Lang LaSalle, told The Commercial Observer. The majority of the spaces at the property are prebuilt or that the landlord, Boston Properties, is building for the tenant.

The individual leases, spread out across six firms, were all recently closed. The largest leases include a 4,227 square foot deal for Waterfront Capital Partners and 3,950 square feet for Oak Circle Capital Partners. Both firms were represented by Newmark Grubb Knight Frank in their respective transactions.

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BY AL BARBARINO

ASA College has signed a long-term lease expansion for nearly 160,000 square feet at the Herald Center in Herald Square, paving the way for a separate 50,000-square-foot retail flagship opportunity.

JEMB REALTY CORPORATIONThe college will vacate the first three floors of the 10-story, 245,000 square-foot mixed-use property, doubling its existing space to 112,000 square feet in a move to floors four through seven.

The move clears the way for landlord JEMB Realty Corporation to create a more prominent retail presence.

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BY BILLY GRAY

Silverstein Properties has secured financing for a 926-foot, 82-story Financial District tower at 30 Park Place that will house a Four Seasons hotel and condominium. The Children’s Investment Fund Management provided financing for the $950 million project with a $660 million loan to Silverstein and the California State Teachers’ Retirement System (CalSTRS), a co-owner. 30 Park Place will be the tallest residential building in lower Manhattan.

The luxury hotel portion of the property will include 185 rooms. There will be 157 branded private residences. Robert A.M. Stern Architects will design “every aspect of the private residence floor plans and interiors.” Construction will begin this fall and the grand opening is tentatively scheduled for 2016. A source who wished to remain anonymous said that CalSTRS was partners with Silverstein when the firm purchased the building, the former Moodys headquarters, which is also known as 99 Church Street, and stayed involved.

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BY MICHAEL EWING

The Commercial Real Estate Women associations of New York, New Jersey and Connecticut will be joining together for fun and fund-raising at the MetLife Building to benefit the CREW Network Foundation, the philanthropic arm of the network.
CREW Crosses State Lines for Business and Charity, MetLife Building, 200 Park Avenue, 6:30-8:30pm; contact Debra Hazel at (201) 332-1212 or debhazelcomm@comcast.net for more information.

BTEA will host a roundtable to discuss what the construction industry needs to do to build more effectively in New York. Terri Coffel of Citrin Cooperman will moderate.
BTEA: An Owners View, Scandinavia House, 58 Park Avenue, 8-10:30am; contact Joel Park at (212) 450-7300 or jpark@bermangrp.com for more information.