Crains New York - July 16, 2012 - (Page 14)

R EAL ESTATE DEALS BARE BONES 666 FIFTH AVE. ASKING RENT; TERM: In the $80s a square foot; undisclosed SQUARE FEET: 48,000 on 19th and 20th floors TENANT; REP: Akerman Senterfitt; Frederick Marek of Vortex Group LANDLORDS; REPS: Vornado Realty Trust and Kushner Cos.; Tom Costanzo, Jared Solomon and Glen Weiss BACK STORY: This is the first major office deal for the building since Kushner Cos. recapitalized it with Vornado in December 2011. 1350 SIXTH AVE. ASKING RENT; TERM: $65 to $85 a square foot; undisclosed SQUARE FEET: 24,700 on eighth floor TENANT; REPS: Amazon; Justin Halpern and Marcus Rayner of Cresa Partners LANDLORD; REPS: SL Green Realty Corp.; Gary Rosen and Howard Tenenbaum BACK STORY: The Internet retailer now occupies three and a half of the 35 floors at the 585,000-square-foot tower on West 55th Street, according to the New York Post. 641 SIXTH AVE. ASKING RENT; TERM: Undisclosed; undisclosed SQUARE FEET: 15,600 on ground floor and lower level TENANT; REP: Staples; Chase Welles of SCG Retail LANDLORD; REPS: Atlas Capital; Gary Alterman, Ross Berkowitz and Robert Futterman BACK STORY: Staples plans to move from its current location at 699 Sixth Ave., between West 22nd and West 23rd streets, by December. L LinkedIn boosts size of NY office inkedIn, the popular social-networking site for professionals, is adding 10,000 square feet to its office in the Empire State Building. The California-based tech company, which already occupies the entire 25th floor, has signed a six-year lease for a portion of the floor below.That will bring its total footprint to 41,000 square feet when it expands in February. “They were outgrowing their space,” said Sacha Zarba, a broker at CBRE Group Inc., who represented LinkedIn, which moved in only last year. “They are being smart about real estate, making sure they take what they need and not taking more space too soon.” In New York, LinkedIn has about 190 employees, mostly salespeople. The increased acreage at the Empire State Building will allow the tenant to add another 60 staffers, according to Mr. Zarba. “LinkedIn is a terrific tenant. It’s a profitable, established company that is doing well and growing nicely,”said Anthony Malkin, president of Malkin Holdings, an owner of the property and its asset manager. “Everyone is talking about how hot tech and new media are, but the reality is that a tremendous number of these tenants are not profitable.” Mr. Malkin said the asking rent for the new space was $51 per square foot. The building was represented by Newmark Knight Frank brokers William Cohen and Ryan Kass. —amanda fung Savvy investors are going places – namely Indonesia, Vietnam and Turkey. You don’t have to be on the trading floor to know that the emerging markets are changing the world economy. HSBC has global expertise and local solutions, which allow you to access opportunities in the developed, 1 emerging and soon-to-be emerging markets. Does your portfolio cover these growing markets? Fund an investment account as an HSBC Premier client2 today. Call 866.959.8657 or visit hsbcpremierusa.com/wealth. Finance firm adds to Times Sq. HQ IIG Capital is nearly doubling the size of its headquarters office in Times Square. The trade-related financialservices firm has taken an additional 5,700 square feet on the 17th floor at 1500 Broadway, between West 43rd and West 44th streets,where it had previously occupied 7,200 square feet. The asking rent for the 10-year lease, which now covers the entire floor, was about $60 per square foot. “The tenant was happy in the building, and ownership was happy with them,” said Patrice Meagher, a broker at CBRE Group Inc., who along with colleague Paul Amrich represented IIG.“They were in need of space for growth, and we were lucky [that the building was able] to accommodate them.” The landlord, Tamares Realty, was represented by Erik Schmall, a broker at Studley. Founded in 1996, IIG provides short-term financing for small to medium-size merchants, traders and processors working in the domestic and international markets. According to the firm’s website, it has financed more than $7.5 billion in trade-related transactions in the past 15 years. —amanda fung HSBC Securities (USA) Inc. Investments and Annuity products are provided by Registered Representatives and Insurance Agents of HSBC Securities (USA) Inc., member NYSE/ FINRA/SIPC, a registered Futures Commission Merchant, a wholly-owned subsidiary of HSBC Markets (USA) Inc. and an indirectly wholly-owned subsidiary of HSBC Holdings plc. In California, HSBC Securities (USA) Inc., conducts insurance business as HSBC Securities Insurance Services. License #: 0E67746. Investments and Annuity products: ARE NOT A BANK DEPOSIT OR OBLIGATION OF THE BANK OR ANY OF ITS AFFILIATES ARE NOT FDIC INSURED ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ARE NOT GUARANTEED BY THE BANK OR ANY OF ITS AFFILIATES MAY LOSE VALUE All decisions regarding the tax implications of your investment(s) should be made in connection with your independent tax advisor. 1 International investing involves a greater degree of risk and increased volatility that is heightened when investing in emerging or frontiers markets. Foreign securities can be subject to greater risks than U.S. investments, including currency ﬂuctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. 2 To qualify for an HSBC Premier relationship, you need to open a Premier checking account and maintain $100,000 in combined U.S. personal deposits and/or investment balances. Business owners may use their commercial balances to qualify for a personal Premier relationship. A monthly maintenance fee of $50.00 will be incurred if minimum balance requirements are not maintained. You have up to 90 days after account opening to meet the full $100,000 balance requirement. United States persons (including U.S. citizens and residents) are subject to U.S. taxation on their worldwide income and may be subject to tax and other ﬁling obligations with respect to their U.S. and non-U.S. accounts — including, for example, Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts (“FBAR”)). U.S. persons should consult a tax advisor for more information. Deposit products in the U.S. are offered by HSBC Bank USA, N.A. Member FDIC. ©2012 HSBC Securities (USA) Inc. 14 | Crain’s New York Business | July 16, 2012 http://www.hsbcpremierusa.com/wealth http://www.hsbcpremierusa.com/wealth

Table of Contents for the Digital Edition of Crains New York - July 16, 2012

Crains New York - July 16, 2012
In the Boroughs
In the Markets
The Insider
Business Peopl
From Around the City
Opinion
Greg David
Real Estate Deals
Report: Small Business
For the Record
Classifieds
Source Lunch
Out and About
Snaps

Crains New York - July 16, 2012