NEW YORK CITY—Two technology tenants are relocating to 275 Seventh Ave., a 600,000-square-foot, 29-story office tower in Midtown South. ClassPass will lease 28,019 square feet for its corporate headquarters while MaxPoint Interactive is leasing 10,044 square feet. ClassPass is moving from 114 W. 26th Street while MaxPoint Interactive is moving from 505 Eighth Ave. is taking the partial 17th floor. ClassPass was represented by Lee & Associates' Dennis Someck and Justin Myers; MaxPoint Interactive, Inc. was represented by Savills Studley's Daniel Posy and Jason Roberts. CBRE's Brian Dooley, Ivan Hillman and Ross Zimbalist are the building's agents and they worked with the owner's representative, Tishman Real Estate Services, in negotiating the transactions. Joseph Simone, James Fitzgerald and Andrew Kaminsky, acted for Tishman.
CBRE Group has represented landlord Boston Properties in three office leases totaling 45,300 square feet at 250 W. 55th St.? The team of Peter Turchin, Christie Harle, Sam Seiler and Caroline Merck are the exclusive agency representatives for the trophy tower that offers 988,000 square feet in Midtown. Watson Farley & Williams will occupy 30,400 square feet in a 15-year relocation and expansion lease. CBRE's Mark Ravesloot, Bill Iacovelli, Michael Wellen and Cara Chayet, represented the law firm, which will move from 1133 Ave. of the Americas in first quarter 2016. Gamut Capital Holdings will occupy 7,500 square feet in a five-year relocation lease. CBRE's Michael Movshovich and Ben Friedland represented the new fund, which will move in fourth quarter 2015. Lion Point Capital will occupy 7,400 square feet on in a seven-year relocation lease. DTZ's Jonathan Schindler and Conor Kenny represented this new fund, which will move in fourth quarter 2015.
CPEX Real Estate is killing it in Brooklyn. The brokerage firm has sold a development site for a record per-buildable-square-foot price while also completing its fourth industrial sale in the borough over the last six months. In the Greenwood Heights/South Slope neighborhood, a 10,017-square-foot site—comprised of two adjacent lots at 186-190 21st St.—was sold for $6 million, or $300 per buildable square foot, to Sterling Town Equities, which is planning a condominium project on the site. CPEX managing director Sean Kelly and associates James O'Neill and Sean Sears represented the seller and procured the buyer in the all cash transaction. The previous neighborhood record of $257 per buildable square foot was set in the trade of 323-325 20th St. In the Borough Park area, 660 McDonald Ave. was sold for $4.5 million, or $400 per square foot. The building consists of a one-story warehouse and a retail showroom measuring approximately 11,350 square feet on a 15,000 square foot lot. It also has a 2,500 square foot parking lot. Kelly and Jacob Tzfanya, associate director, represented the seller in the sales transaction. They also procured the purchaser, an industrial user. The seller is not being disclosed.
A partnership of two joint ventures that purchased Gotham Court (152 Ludlow St. and 149-151 Essex St.) on the Lower East Side for just over $19 million in 2013 has sold the properties for slightly more than $29 million. The buyer was HUBB, NYC. The principals of one of the joint venture's firms include Nathan Halegua and Josh Halegua of Jonis Realty, and Martin Newman, an independent real estate investor. The principals of the other joint venture partner are David Schneiderman and Joshua Landau of Four Winds Real Estate. A JLL team of Glenn Tolchin, Yoav Oelsner, Anthony Ledesma, Jason Gold and Richard Baxter represented the partnership in the sale, along with attorney Eric Hoberman of law firm Kriss & Feurstein.
Two new leases have been signed at the Factory in Long Island City, with one of the agreements marking one tenant's relocation from Manhattan. Women's online clothing rental subscription service Gwynnie Bee leased a 12,702 square foot pre-built suite on the fifth floor. Meanwhile, market research firm Applied Research & Consulting is moving to the building from West 13th Street in Manhattan. ARC inked 3,567 square feet on the fourth floor to take advantage of abundant light and air, as well as the flexible open space the Factory offers its tenants. ARC was represented by Haley Fisher and Michael Blanchard from Cushman & Wakefield. Owners Atlas Capital Group and Square Mile Capital were represented by Howard Kesseler, Brian Waterman, Jordan Gosin and Brett Bedevian from Newmark Grubb Knight Frank.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
