Crains New York - May 13, 2013 - (Page 5)

REAL ESTATE DEALS Tenant bids sad farewell to Chelsea A growing title insurance firm is moving to 6 E. 39th St., with some regrets. Yes, Insignia National Title Agency desperately needed more space, and it likes its new, tastefully appointed 5,600square-foot office—it’s just that the firm hates to leave Chelsea, where it has a mere 1,800 square feet at 207 W. 25th St. “They were bursting at the seams,” said Jeff Nissani of JSN Properties, the broker who represented the tenant in its search and subsequent seven-year deal 14 blocks north, where the asking rent was in the $40s per square foot. Mr. Nissani said the new office needs few, if any, modifications to pre- pare it for Insignia, which plans to move in this month. “It is a beautiful space,” Mr. Nissani said. “They weren’t in love with that part of town, but when I saw this space I told them, ‘This is it.’ ” Elissa Patterson of EJMB represented 6 E. 39th St.’s landlord,Marc Bengualid. Insignia had about two years left on its old lease that Mr. Nissani is now marketing for sublease. The tenant is one of a number of firms that have opted in recent months to leave midtown south for the garment district or the adjacent office neighborhood just south of Bryant Park—areas that offer greater availability and cheaper rents. In Chelsea, average rents for Class B office space are nearly $62 per square foot, according to Cushman & Wakefield. —daniel geiger 283 BLEECKER ST. 11 BROADWAY 650 FIFTH AVE. ASKING RENT; TERM: $208 per square foot; 15 years ASKING RENT; TERM: $35 per square foot; nine years ASKING RENT; TERM: Undisclosed; 11 years SQUARE FEET: 750 SQUARE FEET: 2,500 SQUARE FEET: 11,300 Real Estate TENANT; REPS: Goldstein Hill & West Architects; Michael Rouzenrouch, Abe Saks of Miyad Realty TENANT; REP: Metropolitan Real Estate; Paul Kotcher of Brinkman & Associates LANDLORD; REPS: Whistlepig Associates; Steve Asch and Cara Rosenbloom of City Connections Realty LANDLORD; REP: Bowling Green Associates; Mendy Braun of Braun Management Inc. LANDLORD; REPS: 650 Fifth Ave. Co.; Paul Haskin and Robert Stillman of CBRE Group Inc. BACK STORY: The shop will open its first store, on Bleecker Street, and is looking to open locations in the financial district, midtown and the Upper West Side. BACK STORY: The architecture firm will expand its headquarters to occupy space on the 15th floor, in addition to the offices it already has on the 17th floor. BACK STORY: The international investment advisory firm will move its Manhattan headquarters to the 29th floor of the building. TENANT; REP: Bantam Bagels; Steve Rappaport of Sinvin GET YOUR BUILDING IN THE BEST SHAPE EVER The Green Team can get your 5- to 75-unit building energy ﬁt. GET BIG Electronics store plugs in on Mad. REBATES on most high efﬁciency light ﬁxtures in common areas ©2013 Consolidated Edison Company of New York, Inc. Ad: Arnell Group Harman International has inked a lease for its first retail store in the U.S., an 8,500-square-foot flagship at the 11-year-old, 26-story tower at 527 Madison Ave. The shop will showcase everything from the company’s JBL speakers and Harman/Kardon tuners to its dashboard GPS systems. “This flagship will show off everything Harman has to offer in a space that will be very, very cutting edge,” said Patrick Breslin, head of Studley’s National Retail Group. The move was an off-market deal arranged with retailer Talbots and the landlord, Mitsui Fudosan America. Mr. Breslin and his Studley colleague Steve Walbridge looked everywhere from SoHo to the West Side for the right spot before picking 527 Madison. “Farther up Madison, you’d be paying twice as much. On Fifth, you’d be paying five or six times as much,” Mr. Breslin said. With no available locations, Mr. Breslin contacted Talbots and asked if it would move ahead of its 2015 lease expiration. “We arranged a buyout, which improves our rent roll and completes the repositioning of the building,” said Cassidy Turley broker James Frederick,who along with Peter Occhi represented Mitsui. The shop is expected to open sometime this fall, and the lease runs through 2025. The asking rent was $600 per square foot. —matt chaban BARE BONES GET $115 for each thermostatic radiator valve you install GET UP TO $20,000 when you install an energy management system EN ER G Y EF F I C I EN C Y EXP ERT S 1-877-870-6118 conEd.com/GreenTeam SAVE BIG ON LIGHTING, HEATING AND COOLING UPGRADES. CALL TODAY FOR YOUR FREE ENERGY SURVEY. May 13, 2013 | Crain’s New York Business | 5 http://www.conEd.com/GreenTeam http://www.conEd.com/GreenTeam

Table of Contents for the Digital Edition of Crains New York - May 13, 2013

Crains New York - May 13, 2013
IN THE BOROUGHS
IN THE MARKETS
REAL ESTATE DEALS
THE INSIDER
BUSINESS PEOPLE
OPINION
STEVE HINDY
GREG DAVID
SMALL BUSINESS
REPORT: TECHNOLOGY
THE LIST
CLASSIFIEDS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS

Crains New York - May 13, 2013