Articles of the week ending October 30th
Takenaka Under Contract to Buy One Broadway for $170M
By Cathy Cunningham, Commercial Observer
Japan’s Takenaka Corporation is under contract to acquire the 230,000-square-foot, fully leased 1 Broadway office building in Lower Manhattan for $170 million from Rockwood Capital and Midtown Equities, with Fiserv occupying approximately 92% of the property and Citibank leasing the retail space.
Savanna, Deutsche Bank Pushing Off 521 Fifth Avenue’s Foreclosure Sale
By Andrew Coen, Commercial Observer
Savanna and Deutsche Bank are seeking another 90-day extension on the foreclosure sale of 521 Fifth Avenue, a 495,636-square-foot Midtown office tower backed by a $242 million defaulted CMBS loan, as both parties continue jointly marketing the property after a potential $265 million sale fell through.
Ramp expands Manhattan headquarters for third time
By Andria Cheng, CoStar News
Financial software firm Ramp signed a lease for an additional 175,000 square feet at 28-40 W. 23rd Street, expanding its Manhattan headquarters to 460,300 square feet and occupying floors six through 12, highlighting strong demand from technology tenants in Midtown South.
BXP is running out of premium office space as demand surges
By Katie Burke, CoStar News
BXP is benefiting from surging demand for premium office space as limited new construction drives trophy-office vacancy to approximately 8% and pushes rents to record highs, with New York City facing more than twice as many large tenants seeking 100,000-plus square feet as available spaces, strengthening landlords’ pricing power and leasing prospects.
Leasehold at 71 Fifth Avenue Sells to Namdar Realty Group for $62M
By Emily Davis, Commercial Observer
Namdar Realty Group acquired the leasehold at 71 Fifth Avenue, an 11-story Class B office and retail building at Fifth Avenue and East 15th Street, for $62 million from a joint venture of Madison Capital and Lubert-Adler Partners, with approximately 90 years remaining on the ground lease and tenants including WeWork, Adyen and Captions.