LVMH shuffles Midtown office, retail spaces

LVMH Shuffles Midtown Office, Retail Spaces

French luxury goods conglomerate LVMH is making office and retail moves in Midtown.

There’s a lease out for the company to move its American headquarters to Olayan Group’s 550 Madison Avenue, the New York Post reported. It will be relocating from its digs at 19 East 57th Street.

Should a long-term lease be finalized, LVMH will occupy 150,000 square feet of Olayan’s redesigned tower with an asking rent of $190 per square foot.

Read More

Joele Frank Relocating to 22 Vanderbilt With 78K-SF Lease

Joele Frank Relocating to 22 Vanderbilt With 78K-SF Lease

Public relations firm Joele Frank is leaving its current digs at 622 Third Avenue in favor of 78,353 square feet at Milstein Properties’ 22 Vanderbilt, formerly 335 Madison Avenue.

The move represents an expansion of about 18,000 square feet for Joele Frank, which signed a 16-year lease with an asking rent of $95 per square foot. Joele Frank plans to open its new office by the end of the year.

Read More

StubHub Consolidates NYC Offices to 44K SF at 3 World Trade Center

StubHub Consolidates NYC Offices to 44K SF at 3 World Trade Center

This office is now a big-ticket item.

StubHub has found a new assigned seat for its New York City offices at 3 World Trade Center. The ticket sales platform signed a lease for 44,000 square feet on the 59th floor to consolidate several of its Manhattan locations. The asking rent was $125 per square foot

Read More

Engineering Company STV Heads to Empire State Building

Engineering Company STV Heads to Empire State Building

STV, an engineering firm that does architecture, contracting, and construction management, is moving to the Empire State Building.

The company will leave 225 Park Avenue South for 65,248 square feet on the 11th floor of the 102-story Art Deco skyscraper at 20 West 34th Street, according to landlord Empire State Realty Trust. The asking rent in the 16-year lease was $69 a square foot.

Read More

Fashion Brand Esprit Opening 38K-SF HQ in Hudson Square

Fashion Brand Esprit Opening 38K-SF HQ in Hudson Square

The fashion brand Esprit will bring its stylings to a new 38,257-square-foot headquarters for its creative and marketing teams at 160 Varick Street.

Esprit stitched together a 10-year lease for part of the 11th floor and the entire 12th floor of the Hudson Square building, according to landlords Trinity Church Wall Street, Norges Bank Investment Management and Hines. The owners declined to disclose the asking rent.

Read More

 

Pearlmark’s Tower 56 starts forced selling for Manhattan offices

Pearlmark’s Tower 56 Starts Forced Selling for Manhattan Offices

With the mortgage due on its Tower 56 building in the Plaza District, Pearlmark Real Estate is negotiating a deal to sell the property at a price that will just about cover its debt, sources told The Real Deal. The Blackstone Group holds the mortgage on the 1980s-era tower and has been working with Pearlmark to allow for an orderly sale.

It’s the first major case of what many expect will be a long line of forced sales in New York and around the country this year, as owners of outmoded office buildings face the hard truth of trying to refinance in the high interest rate environment.

Read More

Tech Office Leasing Plummeted in Fourth Quarter

Tech Office Leasing Plummeted in Fourth Quarter

Big tech once appeared to be a savior in the office market. A year later, it’s more of a harbinger of doom.

Leasing by tech companies fell drastically in the fourth quarter, down 57 percent across the country from the previous quarter, according to Savills data reported by Bisnow. The report noted that the 2.2 million square feet leased in the fourth quarter was barely a quarter of the 8.5 million taken a year earlier.

Read More

Manhattan’s ‘Commodity’ Office Space Might Be on the Mend

Manhattan’s ‘Commodity’ Office Space Might Be on the Mend

There is a revival of leasing activity in the more “commoditized” space, not just the Class A trophy space that heretofore has been the hallmark of the post-pandemic semi-recovery — one that has had owners of Class B and C buildings worried that a comeback at their level might never happen, meaning they will have to consider converting their buildings to another property type, like residential.

Read More