Manhattan’s leasing market showed new strength after a mostly weak first quarter.
The $130 million capital improvement program at 1155 Sixth Ave. continues to pay off for the Durst Organization. Around 200,000 square meters of leases have been signed in the past twelve months. Now, a just-signed contract for an additional 77,000 square feet at the “apex” of the 740,000-square-foot tower has boosted occupancy to over 70%.
Global Relay USA, a division of a Canada-based company that provides technical services to financial firms, exits a small office at 286 Madison Ave. for the 1155 Sixth Apex – a five-story block on floors 38-42 is designed as a penthouse pavilion and features a wraparound outdoor deck and a thirteen-foot-tall glass curtain wall that is automatically tinted during the day to reduce glare.
The asking rent was $150 per square foot for the top floor and $115 per square foot for floors 38-41.
The pavilion on the top floor was previously a mechanical room. Durst did it by creating a new double-height lobby entrance that allowed the floor space to be moved to the top of the tower, explained Durst Leasing honchos Tom Bow and Rocco Romeo.
You represented the landlord in the house along with Tanya Grimaldo. The tenant was represented by Michael Cohen, Howard Kaplowitz and John Brasier of Colliers.
Cohen said Global Relay was drawn to the Apex’s “200-seat, pillar-free auditorium,” outdoor space, and “commercial-quality cuisine just a stone’s throw from Bryant Park.”
1540 Broadway gets new funding
The owners of 1540 Broadway, formerly the Bertelsmann Building, have secured $590 million in financing for the 44-story tower’s office floors. The new loan reinforced confidence in the future of the tower and the entire 31 million square foot Times Square office market.
A Newmark team led by Jordan Roeschlaub and Dustin Stolly represented 1540 Broadway owners Edge Fund Advisors and HSBC in landing the Apollo, MSD and Monarch loan.
According to a prospectus, $427 million in legacy debt will be paid off and $99 million set aside for leasing campaigns, future home improvements (in addition to $40 million in upgrades already completed), and interest reserves.
The loan applies only to the office floors; Vornado owns retail space at the base of the tower, which includes the Disney Store for lease.
The 907,000-square-foot office floor — technically a condominium, like Vornado’s share — is 66% leased to 19 tenants, the largest of which is pharmaceutical software developer Schrodinger Inc. at 108,000 square feet. The loan offer cites starting rents at 1540 Broadway as between $75 and $90 per square foot.
The building was opened in 1992 as the headquarters of the German media group Bertelsmann, which sold it in 2004.
Time Warner to Deutsche Bank
The transformation of Related Companies’ mega-project Columbus Circle from a media center to a financial center is almost complete.
Hedge fund PDT Partners, founded by math wizard Peter Muller, has leased 110,000 square feet in the office section of the two-tower skyscraper formerly named after Time Warner but now the Deutsche Bank Center.
Though the deal is signed and sealed, it’s shrouded in silence. No one we reached out called back or commented: CBRE brokers representing PDT (Ben Shapiro and Silvio Petrillo), JLL’s team for Related (Peter Riguardi, Frank Doyle, Clark Finney and Ben Bass) and a Representatives from Related themselves.
But it’s clear that PDT’s lease is eating up almost all of the available office space previously owned by Time Warner, which they sold back to Related Square Feet at Columbus Circle in 2014. Asking rents are expected to be in the $130 per square foot range.
The move marks an expansion for PDT, moving from about half the space at 1745 Broadway from SL Green.
Bill’s deal might not be quite done yet
The deal we recently reported on to revitalize the Bill’s restaurant townhouse at 57 E. 54th St. may not be quite final after all.
Though we wrote on Feb. 27 that Hunt & Fish Club partner Christian Pascal is renting the site for nearly $40,000 a month to open a new restaurant, a sign is still hanging announcing the three-story building’s availability , at the awning.
Meridian Capital broker James Famularo said the lease was indeed signed. However, potential issues have emerged regarding Pascal’s ability to fund the project amid market fears over Ukraine and a surge in Covid-19 cases.
Everyone wants to see the long dark place come back to life – but stay tuned.
https://nypost.com/2022/04/03/lease-deals-signed-at-1155-sixth-ave-and-throughout-midtown/ Leases at 1155 Sixth Ave. and signed all over Midtown