Crain's New York - March 18, 2013 - (Page 13)

R E A L E S TAT E REPORT INSIDE Deals Expansion on Park Avenue, and other transactions PAGE 15 The List CoStar’s top NYC commercial landlords PAGE 16 Niche brokering boosts profits Landlords coming up empty Specialization in specific markets can reap dividends Tenants sitting pretty as prime office space goes begging BY STEVE GARMHAUSEN SURPRISE, SURPRISE: Durst’s Thomas Bow has observed some big spaces around town struggling to find fresh tenants. Brokering real estate deals for nonprofits requires, among other things, a little extra patience: Rather than answering to an executive or two, brokers such as Suzanne Sunshine must keep a whole stable of stakeholders happy. “She really understands the board, staff and donor dynamic,” said Alexander Sanger, chair of the International Planned Parenthood Council, Western Hemisphere, which Ms. Sunshine repped in its 2010 move from Wall Street to Maiden Lane. “And she’s willing to put in the time for organizations she believes in.” As the daughter of SQUARE prominent real FOOTAGE estate maroccupied by city’s keter Louise commercial Sunshine, and condos as someone who has served on a number of COMMERCIAL nonprofit CONDOS’ share boards herself, of total city Ms. Sunshine office stock has parlayed her experience into a formidable business. Initially she did so as a broker at CBRE, beginning in 2004, and then at her own eponymous firm—which now boasts one staffer—four years ago. Ms. Sunshine said her specialization, working with a few choice clients each year, allows her to fulfill her life mission of “doing well by doing good.” A small but growing number of others also are doing well by specializing. Among them are Paul Wexler, who focuses solely on filling the property needs of the health care industry, and Michael Rudder, who handles only commercial condominiums. All have become undisputed masters of their markets. The downside is that focusing on a 10M <2% BY DANIEL GEIGER buck ennis Nearly three years ago, when Société Générale announced it planned to move over to 245 Park Ave., leaving behind its huge 400,000-square-foot office at 1221 Sixth Ave., few people expected that space to sit around on the market for long. Yet more than two years later, with the big French bank finally set to make its move by year’s end, Rockefeller Group Inc., owner of the 52-story Sixth Avenue tower, has yet to find any takers for that acreage. “When that space hit the market in 2010, looking back you would not have thought it would be available in 2013,” said Thomas Bow, a leasing executive at the Durst Organization, which owns several office towers on Sixth Avenue. “That was around the time when Condé Nast did a million-square-foot See COMING UP on Page 14 deal at 1 World Trade Center, See NICHE on Page 14 March 18, 2013 | Crain’s New York Business | 13

Table of Contents for the Digital Edition of Crain's New York - March 18, 2013

IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
BUSINESS PEOPLE
OPINION
STEVE HINDY
GREG DAVID
REPORT: REAL ESTATE
real estate deals
THE LIST
FOR THE RECORD
CLASSIFIEDS
SMALL BUSINESS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS

Crain's New York - March 18, 2013