Crains New York - March 11, 2013 - (Page 10)

REAL ESTATE DEALS Condé Nast grabs space downtown BARE BONES 220 36TH ST., BROOKLYN 335 ADAMS ST., BROOKLYN ASKING RENT; TERM: $20 per square foot; seven years ASKING RENT; TERM: $40 per square foot; 10 years SQUARE FEET: 3,500 SQUARE FEET: 4,400 148 W. 37TH ST. ASKING RENT; TERM: $35 per square foot; 10 years SQUARE FEET: 7,200 TENANT; REP: Colson Patisserie; in-house representation TENANT; REP: Brooklyn Chamber of Commerce; in-house representation TENANT; REPS: Bernard Chaus; Marc Schoen and Brian Neugeboren of Savitt Partners LANDLORD; REP: Industry City Associates; in-house representation LANDLORD; REP: Muss Development; inhouse representation by Stan Markowitz LANDLORD; REP: Fashion Associates Inc.; Jim Buslick of Adams & Co. BACK STORY: The bakery will open its second Brooklyn location, at Industry City, along the Sunset Park waterfront. BACK STORY: The chamber will move to the space from its current downtown Brooklyn location in the second quarter of this year. BACK STORY: The womenswear designer will move to a new studio in the garment district, following last year’s merger with Vince Camuto. M ore than a year before Condé Nast’s scheduled move into 1 World Trade Center, the media giant is already adding more space—at a far cheaper rent—in its new neighborhood. The media and publishing giant is in negotiations to take about 80,000 square feet at 222 Broadway, between Fulton and Ann streets, in a 10-year-plus lease. The transaction will allow the company to expand beyond 1 WTC,where it inked a lease for more than 1 million square feet in 2011.The asking rents at 222 Broadway are in the high $40s per square foot, versus the $60-plus The way millions of Boomers spend their retirement may shape the way you plan for your own. Every day, 10,000 Baby Boomers turn 65.1 That’s millions of retirees creating more demand in areas like travel, technology and healthcare, and that may mean investment opportunities for you. Speak with an HSBC Premier Relationship Advisor to see if today’s Boomer growth industries have a place in your retirement portfolio. Call 866.909.1272 or visit hsbcpremierusa.com/retirement 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 Source: Social Security Administration Report for Fiscal Year 2012 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 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. Deposit products in the U.S. are offered by HSBC Bank USA, N.A. Member FDIC. ©2013 HSBC Securities (USA) Inc. 10 | Crain’s New York Business | March 11, 2013 rates at the WTC site. L&L Holding Co., owner of the 32-story building at 222 Broadway, has been a major benefactor of the recent influx of tenants driven toward downtown by rising rents in midtown south and rents that have held stubbornly high in midtown despite slow leasing activity there. In January, L&L signed a 200,000-squarefoot deal with HarperCollins Publishers at another downtown tower it owns, at 195 Broadway. “Downtown has been going through this transition, and we made our bets on it a while back,” said David Levinson, chief executive of L&L. Mary Ann Tighe, the New York CEO of CBRE Group Inc., and Greg Tosko,a broker at the firm, represented Condé Nast in the deal. L&L was represented in-house by David Berkey, a leasing executive at the firm. —daniel geiger Textile maker knits deal on Fifth A Brazilian home-furnishings firm has found new digs on lower Fifth Avenue. Springs Global, which specializes in linens and other textiles, has inked a deal for a 10,700square-foot Manhattan showroom and headquarters at 100-104 Fifth Ave. The asking rent for the 10-year lease was $60 per square foot. Just a block west of Union Square, the 17-story building is popular with technology firms, including Yelp, Apple ID and Net-A-Porter. The tenant, whose brands include Springmaid, is moving from a nearby building. The lease brings the building’s occupancy to 98%,according to Grant Greenspan of the Kaufman Organization. “From my point of view, it diversified my tenant base,” said Mr. Greenspan, who noted that though the area is popular with tech companies, it has a longer history of attracting architects and designers. The Kaufman Organization owns the building in partnership with Invesco and was represented by Mr. Greenspan. Gil Ohls of Jones Lang LaSalle represented Springs Global. —ali elkin http://www.hsbcpremierusa.com/retirement http://www.hsbcpremierusa.com/retirement

Table of Contents for the Digital Edition of Crains New York - March 11, 2013

IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
BUSINESS PEOPLE
CORPORATE LADDER
OPINION
GREG DAVID
REAL ESTATE DEALS
REPORT: SMALL BUSINESS
STARTUP GUIDE
CLASSIFIEDS
NEW YORK, NEW YORK
OUT AND ABOUT
SNAPS

Crains New York - March 11, 2013