Crains New York - July 9, 2012 - (Page 11)

R EAL ESTATE DEALS Financial firm is trading up BARE BONES 32 W. 18TH ST. ASKING RENT; TERM: $75 a square foot; 10 years SQUARE FEET: 4,400 on ground floor and in basement TENANT; REP: Lithe Method; Alan Bonett of Adams & Co. LANDLORD; REP: YHD 18; Jeffrey Roseman and Amy Zhen of Newmark Grubb Knight Frank Retail BACK STORY: This is the first New York City outlet of the Philadelphia-based fitness center that uses cheerleading methods to get members in shape. 399 PARK AVE. ASKING RENT; TERM: $312,495 a month; 11 years SQUARE FEET: 39,500 on ground and second floors TENANT; REP: Epoch Holding Corp.; Ira Schuman of Studley LANDLORD; REP: Boston Properties; CBRE Group Inc. BACK STORY: The investment company will use the space as its new corporate headquarters and will relocate from 640 Fifth Ave. in February 2013, according to CityBizList. 450 NINTH AVE. ASKING RENT; TERM: $120 a square foot; 10 years SQUARE FEET: 1,800 square feet on ground floor and in basement TENANT; REP: Albano Salon; Julia Maksimova of Square Foot Realty LANDLORD; REP: Noam Management; Howard Aaron and Aaron Gavios of Square Foot Realty BACK STORY: This is the first New York business venture for Venezuelan beautician Enrique Albano, who operated his own salon in his native country. A t least one financial company is getting ready to do some hiring. London-based commodities trading firm ED&F Man has signed a 22,000-square-foot deal at 2 Grand Central Tower, between Lexington and Third avenues, sources said.That is nearly six times more space than the company currently rents at 33 Whitehall St. An emergency generator left behind by the midtown space’s former tenant was a key factor in the company’s decision to rent in the building, sources said. The asking rent for the 10-year lease, which covers the entire 42nd floor and about a quarter, or 4,000 square feet, of the 41st floor, was $75 a square foot.The trading firm plans to move into the 44-story building, also known as 140 E. 42nd St., in the fall. CBRE Group Inc. brokers Paul Amrich and Neil King represented the landlord, Rockwood Capital. CBRE brokers Brian Hay and Matt Saker negotiated on behalf of ED&F Man. All the brokers declined to comment. —theresa agovino Merger leads to a new HQ Newly formed construction and project-management consultancy Turner & Townsend Ferzan Robbins has completed an important project: signing the lease for its new headquarters office. The firm inked a sevenyear lease for 12,000 square feet at 11 E. 26th St. The asking rent for the entire fifth-floor space was $40 per square foot. The firm will move into its new space on Sept. 1. In October, Ferzan Robbins & Associates, a project-management firm, merged with the New York operations of Turner & Townsend, a construction consultant. Because Ferzan’s lease for its office at 220 Fifth Ave. was expiring this year, the combined firm took the opportunity to look for larger space, said Daniel Kahn, a broker at the Kaufman Organization who represented the tenant. Turner & Townsend didn’t have a New York office before the merger. “They were focused on the Flatiron district and lower Chelsea to have the cachet of the new tech corridor,” Mr. Kahn said. At first, the company also wanted an office with a roof deck to entertain clients, but it compromised, Mr. Kahn added. “They are a little [more] north than they wanted to be, but they do have a view of Madison Square Park.” Mr.Kahn did not disclose the taking rent but noted that the tenant got the right price by agreeing to build out the space itself.“They do interior space engineering and planning, so it was an easy decision,” he said. The landlord, East Twenty Sixth Associates, was represented by James Buslik of Adams & Co. —amanda fung July 9, 2012 | Crain’s New York Business | 11 http://merchant.bankofamerica.com/paymentum http://merchant.bankofamerica.com/paymentum

Table of Contents for the Digital Edition of Crains New York - July 9, 2012

Crains New York - July 9, 2012
Contents
In the Markets
The Insider
Small Business
Business People
Executive Moves
Real Estate Deals
Opinion
Greg David
For the Record
Classifieds
From Around the City
New York, New York
Source Lunch
Out and About
Snaps

Crains New York - July 9, 2012