Jones Lang LaSalle
Sports Illustrated building puts up some solid scores
Veteran expanding at sidelined property; more frozen treats for Manhattan
Published on June 12, 2006
The 23-story tower at 135 W. 50th St., known as the Sports Illustrated building, is finally seeing action.
The property has been plagued by vacancies ever since the American Management Association's lease for 275,000 square feet expired in 2001. The 800,000-square-foot building remained half empty, with only four tenants, until late last year, when NBC leased all 28,500 square feet on the ninth floor.
Things have been looking up since then.
One of the few longtime tenants, accounting and consulting firm Weiser, has exercised an expansion provision. It will take an additional 28,000 square feet--the entire 14th floor--for a total of 90,000 square feet. Asking rents in the building, which is between Sixth and Seventh avenues, are $60 a square foot.
"Weiser's expansion tied into its existing lease that we restructured two years ago," says Arthur Draznin, an executive managing director at Newmark Knight Frank, which represented the tenant. The firm is building out the space and expects to take occupancy in the fall.
Less than 300,000 square feet--including one 154,000-square-foot space--remain vacant, according to Peter Turchin, a senior vice president at CB Richard Ellis.
"We have a number of deals that are pending," says Mr. Turchin, whose firm was hired as a co-agent several months ago by landlord Murray Hill Properties.
Other tenants include Time Inc., publisher of Sports Illustrated, which last year renewed its lease and expanded to a total of 240,000 square feet. Alliance Capital Management and accounting firm Berenson also have offices at 135 W. 50th St.
It was known as the American Management Association building until the group moved out in 1998. A year later, Time Warner leased 220,000 square feet and renamed the tower for its sports magazine.
Dr. Laszlo Tauber, a Hungarian-born surgeon and philanthropist, owned the building until his death in 2002. It was put on the market for $160 million the same year, and Norman Sturner of Murray Hill Properties bought it in 2004.
--Julie Satow
Sports Illustrated building puts up some solid scores
Veteran expanding at sidelined property; more frozen treats for Manhattan
Published on June 12, 2006
The 23-story tower at 135 W. 50th St., known as the Sports Illustrated building, is finally seeing action.
The property has been plagued by vacancies ever since the American Management Association's lease for 275,000 square feet expired in 2001. The 800,000-square-foot building remained half empty, with only four tenants, until late last year, when NBC leased all 28,500 square feet on the ninth floor.
Things have been looking up since then.
One of the few longtime tenants, accounting and consulting firm Weiser, has exercised an expansion provision. It will take an additional 28,000 square feet--the entire 14th floor--for a total of 90,000 square feet. Asking rents in the building, which is between Sixth and Seventh avenues, are $60 a square foot.
"Weiser's expansion tied into its existing lease that we restructured two years ago," says Arthur Draznin, an executive managing director at Newmark Knight Frank, which represented the tenant. The firm is building out the space and expects to take occupancy in the fall.
Less than 300,000 square feet--including one 154,000-square-foot space--remain vacant, according to Peter Turchin, a senior vice president at CB Richard Ellis.
"We have a number of deals that are pending," says Mr. Turchin, whose firm was hired as a co-agent several months ago by landlord Murray Hill Properties.
Other tenants include Time Inc., publisher of Sports Illustrated, which last year renewed its lease and expanded to a total of 240,000 square feet. Alliance Capital Management and accounting firm Berenson also have offices at 135 W. 50th St.
It was known as the American Management Association building until the group moved out in 1998. A year later, Time Warner leased 220,000 square feet and renamed the tower for its sports magazine.
Dr. Laszlo Tauber, a Hungarian-born surgeon and philanthropist, owned the building until his death in 2002. It was put on the market for $160 million the same year, and Norman Sturner of Murray Hill Properties bought it in 2004.
--Julie Satow
posted by Jones Lang LaSalle NJ News Blog at 12:05 PM
<< Home