Crain's New York - November 5, 2012 - (Page 12)

REAL ESTATE DEALS PLUS BARE BONES 11 W. 42ND ST. ASKING RENT; TERM: $55 per square foot; 10 years SQUARE FEET: 9,000 TENANT; REP: Michael Kors; Glenn Markman of Cushman & Wakefield LANDLORD; REP: Tishman Speyer; Greg Conen in-house BACK STORY: The fashion designer expands in the building where its headquarters now spans nearly 120,000 square feet. 1407 BROADWAY ASKING RENT; TERM: $250 per square foot; 15 years SQUARE FEET: 1,400 ground, 300 mezz. TENANT; REP: Pie Face; Robert Bonicoro of CBRE Group LANDLORD; REPS: Lightstone Group; Joshua Gettler and Matthew Gorman of New Street Realty BACK STORY: Australian meat and fruit pie company Pie Face is lured to a busy street by the opportunity to serve customers seven days a week. 135 W. 50TH ST. ASKING RENT; TERM: $40 per SF; seven yrs. SQUARE FEET: 41,000 TENANT; REPS: Fareportal; Corey Abdo and Kristy Park of Winoker Realty SUBLANDLORD; REPS: AllianceBernstein; Bob Alexander and Scott Bogett of CBRE BACK STORY: The online travel group is moving its headquarters and will consolidate three offices, according to The Commercial Observer. C Office landlords pick up the pieces ommercial office landlords in lower Manhattan continued to mop up floodwaters late last week as they tried to assay the damage wrought by Hurricane Sandy. Some owners in the scores of affected buildings expected to have their properties up and running as soon as Con Edison could restore power. Others are likely to be uninhabitable for weeks. The city’s largest office building, 55 Water St., as well as both 1 and 4 New York Plaza at Manhattan’s southern tip, could be offline for weeks, according to sources, because the flood of salty water has compromised power and building systems. As of Thursday morning, Rudin Management Chief Executive Bill Rudin said workers at his four large downtown office towers had spent Wednesday pumping them dry. “Now we’re in the assessment phase,” he said. “Engineers and our operations team as we speak are inspecting the damage and reporting back on the timelines it’s going to take to make repairs.” Mr. Rudin said several feet of water collected in the basements of a few of his downtown buildings in the wake of the 14-foot storm surge, and that some—including 1.1 million-square-foot 80 Pine St.— could be closed for weeks. Sensitive equipment, including electrical and elevator systems as well as heating and ventilation equipment, is often housed below ground. “It looks like weeks, but we just don’t know yet,” Mr. Rudin said. “Hopefully, we will find out the damage wasn’t as extensive as we initially thought and we can open up sooner.” —daniel geiger LinkedIn doubles New York space LinkedIn, the popular social network for business professionals, is expanding its office in the Empire State Building. The Mountain View, Calif.based company has signed a 10-year lease for 40,780 square feet of space at the tower, bringing its total footprint to 73,000 square feet.The asking rent for the 23rd-floor space was $51 per square foot. “The Empire State Building provides them with the best campus environment in the middle of the city,” said Anthony Malkin, president of Malkin Holdings, which is an owner of the property and its asset manager. Late next year, tenants will get two new amenities, a tenant-only fitness center and a conference facility. LinkedIn moved into the building’s 25th floor last year, establishing a corporate office mainly for sales staff. The company was represented by Sacha Zarba, a broker at CBRE Group Inc., while the building was represented by William Cohen and Ryan Kass, brokers at Newmark Grubb Knight Frank. —amanda fung CAPITAL ONE BANK SMALL BUSINESS CLEAR ADVANTAGE MONEY MARKET ® SM A SMALL BUSINESS MONEY MARKET ACCOUNT THAT REALLY STACKS UP On account balances of $25,000 or more No monthly service charge when you maintain a balance of $5,000 Access your cash when you need it, while you earn Get the security and stability of a top-10 U.S. bank VISIT A BRANCH OR CALL TOLL-FREE 1-888-755-C1SB (2172) Annual Percentage Yield (APY) available only with balances of $25,000 – $500,000. Rate guaranteed for 12 months. Monthly service fee of $15 charged if average daily balance is less than $5,000. Monthly withdrawal limits may apply. Minimum of $50 required to open. Visit a branch for details. Offered by Capital One, N.A., Member FDIC. 12 | Crain’s New York Business | November 5, 2012

Table of Contents for the Digital Edition of Crain's New York - November 5, 2012

IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
BUSINESS PEOPLE
EDITORIAL
GREG DAVID
REAL ESTATE DEALS
REPORT: EDUCATION
CLASSIFIEDS
FOR THE RECORD
DIGITAL NEW YORK
SMALL BUSINESS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS

Crain's New York - November 5, 2012