Jones Lang LaSalle
WFC NEARLY AT CAPACITY
By LOIS WEISS
May 24, 2006 -- THE World Financial Center is about to hang out the "No Vacancy" sign.
Current pending lease deals for space in the downtown complex total around 600,000 square feet, real estate sources said, effectively taking nearly every available inch off the radar.
Deals in process at One World Financial include insurance giant Willis looking for 200,000 feet through George Martin of Studley, and expansions of 50,000 feet each for Dow Jones and Cadwalader Wickersham & Taft.
Two World Financial has a 40,000- to 50,000-foot expansion pending for Deloitte & Touche.
The WFC buildings are all run and owned in part by Brookfield Properties, which did not comment before press time.
Meanwhile, the Royal Bank of Canada plans to relocate and expand from Brookfield's One Liberty to 270,000 feet at its more modern 3 World Financial, in a deal being handled internally by Brookfield.
Brookfield, sources said, has recently kicked up all its downtown rents to the mid-$40s a foot. CoStar Group data still shows some rents in the mid-$30s so if you want in, the time is now.
In another downtown relocation, Reliance Insurance will move from 5 Hanover Square to 50,000 feet on the entire 10th floor and about half the 8th floor at 75 Broad St.
The former telecom center was repositioned with a $35 million investment by owners JEMB Realty.
Mitchell Konsker, Frank Cento and Michael McKenna of Cushman & Wakefield represented JEMB. Wes Rudes of Murray Hill Properties brought over Reliance.
Rents are now in the high-$20s and low-$30s a foot. "It's a very large deal and legitimizes our repositioning," Konsker said.
Trend-setters Aby Rosen and Ian Schrager are collaborating on a brand new SoHo hotel at 350 W. Broadway, a site they bought last week for about $25 million.
Lighthouse Ventures had a 99-year lease from Sam Abram of Ciba Corp. on the property located between Broome and Grand streets - and smack in the middle of swank hotels, 60 Thompson and the SoHo Grand.
When Rosen called, Lighthouse exercised its $15.5 million purchase option, which was handled through Brian Ezratty and Scott Ellard of Eastern Consolidated Properties. The developers will add an adjoining parcel.
Rosen has teamed up with Hines to build a "very wavy, very soft" glass condo at 122 Greenwich. That building was designed by architect Gene Pedersen from KPF, and plans were just approved by the Landmarks Commission.
Meanwhile, Rosen and Schrager have been collaborating with quirky artist Julian Schnabel on the Gramercy Park Hotel which we've now learned is scheduled to open Aug. 8 with what Schrager describes as a "bohemian" look.
Yesterday, Schrager bumped his longtime president and partner, former Studio 54 busboy Michael Overington, to vice chairman and brought in Spectrum Community's Mitchell Hochberg as new president of Ian Schrager Co.
lois.weiss@nypost.com
WFC NEARLY AT CAPACITY
By LOIS WEISS
May 24, 2006 -- THE World Financial Center is about to hang out the "No Vacancy" sign.
Current pending lease deals for space in the downtown complex total around 600,000 square feet, real estate sources said, effectively taking nearly every available inch off the radar.
Deals in process at One World Financial include insurance giant Willis looking for 200,000 feet through George Martin of Studley, and expansions of 50,000 feet each for Dow Jones and Cadwalader Wickersham & Taft.
Two World Financial has a 40,000- to 50,000-foot expansion pending for Deloitte & Touche.
The WFC buildings are all run and owned in part by Brookfield Properties, which did not comment before press time.
Meanwhile, the Royal Bank of Canada plans to relocate and expand from Brookfield's One Liberty to 270,000 feet at its more modern 3 World Financial, in a deal being handled internally by Brookfield.
Brookfield, sources said, has recently kicked up all its downtown rents to the mid-$40s a foot. CoStar Group data still shows some rents in the mid-$30s so if you want in, the time is now.
In another downtown relocation, Reliance Insurance will move from 5 Hanover Square to 50,000 feet on the entire 10th floor and about half the 8th floor at 75 Broad St.
The former telecom center was repositioned with a $35 million investment by owners JEMB Realty.
Mitchell Konsker, Frank Cento and Michael McKenna of Cushman & Wakefield represented JEMB. Wes Rudes of Murray Hill Properties brought over Reliance.
Rents are now in the high-$20s and low-$30s a foot. "It's a very large deal and legitimizes our repositioning," Konsker said.
Trend-setters Aby Rosen and Ian Schrager are collaborating on a brand new SoHo hotel at 350 W. Broadway, a site they bought last week for about $25 million.
Lighthouse Ventures had a 99-year lease from Sam Abram of Ciba Corp. on the property located between Broome and Grand streets - and smack in the middle of swank hotels, 60 Thompson and the SoHo Grand.
When Rosen called, Lighthouse exercised its $15.5 million purchase option, which was handled through Brian Ezratty and Scott Ellard of Eastern Consolidated Properties. The developers will add an adjoining parcel.
Rosen has teamed up with Hines to build a "very wavy, very soft" glass condo at 122 Greenwich. That building was designed by architect Gene Pedersen from KPF, and plans were just approved by the Landmarks Commission.
Meanwhile, Rosen and Schrager have been collaborating with quirky artist Julian Schnabel on the Gramercy Park Hotel which we've now learned is scheduled to open Aug. 8 with what Schrager describes as a "bohemian" look.
Yesterday, Schrager bumped his longtime president and partner, former Studio 54 busboy Michael Overington, to vice chairman and brought in Spectrum Community's Mitchell Hochberg as new president of Ian Schrager Co.
lois.weiss@nypost.com
posted by Jones Lang LaSalle NJ News Blog at 3:07 PM
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