Leases: HomeRiver takes penthouse at 263 W. 38th, QSS MGMT expands at Highpoint

NEW YORK

Handler Real Estate Organization announced that it has arranged a 1,650-square-foot lease at its 263 West 38th Street property, with national residential real estate property management firm HomeRiver Group taking the entire penthouse floor.

Formed in 2016 and now leasing its first New York office, HomeRiver Group utilizes cutting-edge technology to provide full-service property management services for acquisition, renovation, leasing, management, maintenance, and disposition in the single-family home and multifamily rental markets across the U.S.

Farley added that HomeRiver Group was drawn to 263 West 38th Street property because of the building’s central location, easy access to mass transportation, scheduled upgrades to the lobby and elevator, ability to control the entire penthouse floor, and stable ownership.

Steve Marvin and Samuel Friedfeld, of Olmstead Properties, represented the tenant in the transaction.

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BFC Partners, the Local Development Corporation of Crown Heights (LDCCH) and CAMBA announced that six non-profit organizations will secure new, permanent and affordable office space at the revitalized Bedford-Union Armory, a mixed-use development that will provide much-needed recreational facilities, affordable office space and affordable housing for the Crown Heights community.

Non-profit tenants at the new Armory will include the Brooklyn Community Pride Center; Digital Girl, Inc.; Ifetayo Cultural Arts Academy; the James E. Davis Stop the Violence Foundation; New Heights Youth and the West Indian American Day Carnival Association.

All of the non-profits will now receive long-term leases at the Armory with rents at a fraction of the market rate, ensuring they can have permanent homes and continue serving residents of Crown Heights and Central Brooklyn for many years to come. Each non-profit will provide free or low-cost programing to the local community.

All six non-profit institutions will take affordable space in the Armory’s historic head house, which will be updated and modernized to best serve each organization’s diverse programming needs. The head house, which fronts on Bedford Avenue, adjacent to the Armory’s iconic drill hall, will also be home to a new community event space with seating for up to 500 guests.

BFC Partners, LDCCH, CAMBA and the New York City Economic Development Corporation are continuing to gather community feedback on the Armory plan, which is expected to enter the City’s land use review process in the coming months.

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 The Lipstick Building has  announced lease renewals, office expansions and new leases. To date, companies expanding square footage and/or extending their tenancies at the office tower at 885 Third Avenue include international German broadcast royalties firm GWFF; European law firm Noerr; private investment firm RTP Ventures; hedge fund sponsor Alden Global Capital; and private investment firm Colchestor Global Investors. In addition, GasLog, formerly a subtenant of global markets company SBS Partners, signed a direct lease.

Brokers representing the tenants for the renewals included: Douglas Dolgoff of Cushman & Wakefield for the GWFF/Noerr renewal; Carri Lyon of Cushman & Wakefield and David Valdez of Mohr Partners for the Colchester Global Investors renewal; Randy Abend and Kurtis Gibbs of JLL for the RTP Ventures renewal; and Brad Needleman and Evan Fiddle of CBRE for the Alden Capital renewal.

Dan Turkewitz of JLL represented Gaslog for its new lease. CBRE’s Chris Hogan and Michael Movshovich represented Multi Packaging Solutions last year on the full-floor lease. The landlord was represented in all transactions by its representatives Scott Klau and Erik Harris of Newmark Grubb Knight Frank.

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Adams & Co. Real Estate, LLC, recently completed a 4,716-sqaure-foot new lease for Colortree US Inc. at The Contemporary Fashion Center in the Garment District. The contemporary apparel tenant will utilize the eighth-floor space as an office and showroom for the sale of fashion items.

James Buslik and Jeffrey Buslik of Adams & Co. represented the landlord, 231/249 West 39 Street Associates, while Donny Moskovic and Brian Katz of Katz & Associates represented the tenant. Although the full details of the eight-year lease were not disclosed, asking rent was $49 per square foot.

Built in 1908, the Contemporary Fashion Center is conveniently located at 231 West 39th Street, within a few blocks of Penn Station, the PATH, Port Authority and all major subway lines. The Energy Star certified building offers 24/7 access, a street level freight elevator, and basement storage. Notable tenants and fashion brands include Hudson Jeans, Shoshanna, Milly, Autumn Cashmere and Joe’s Jeans.

Colortree US, Inc. is a contemporary apparel provider that specializes in clothing, footwear and headgear. The company trademarks brands including DJ & JuJu.

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California-based InvestCloud, Inc., a provider of cloud- based solutions for the financial services field, is expanding into Manhattan.

The company, which was founded in 2010 and is headquartered in Beverly Hills, has leased 10,500 square feet comprising most of the 17th floor at Charles S Cohen’s Tower 57, at the northwest corner of Lexington Avenue. InvestCloud expects to move into its first New York office during the third quarter this year.

Marc Horowitz, Senior Vice President and National Director of Office Leasing at Cohen Brothers Realty Corporation, represented both the tenant and landlord in the 6-year leasing transaction. Asking rent at Tower 57, which is best known for its spectacular curved façade and breathtaking entranceway, is in the mid-$80 range.

This was not the first leasing experience for InvestCloud at a Cohen Brothers property. Mr. Horowitz had earlier brokered an office lease for the company at Mr. Cohen’s Green Building at the Pacific Design Center in West Hollywood, CA.

Providing cloud-based front and middle-office solutions focused on digitizing customer experiences and internal operations, InvestCloud services the securities industry, financial services firms and global investment advisors.

According to Mr. Horowitz, some full floors, ranging from 7,000 to 13,500 square feet, as well as a striking duplex unit, are still available in the building.

NEW JERSEY

More than 35,000 square feet in new lease commitments and an expansion by an existing tenant signify notable progress for Highpoint Corporate Center in Fairfield, announced Colliers International Group Inc.

Twelve months after its appointment as exclusive leasing agent for the 162,000-square-foot office property, located at 695 Route 46, the global commercial real estate services firm has increased occupancy from 38 to 60 percent.

New tenants at Highpoint Corporate Center include Combustion Group, Leif J Ostberg, Homecare RX, Soyventis, Rubin Employment Law, IBEW and Premiere Energy. Additionally, long-time tenant QSS MGMT extended and expanded its commitment at the property.

Colliers’ Rich Mirliss, who leads the Highpoint Corporate Center leasing team with Alex Vitro out of the firm’s Parsippany, New Jersey, office, credits this robust activity to a recently completed, building-wide upgrade initiative combined with an aggressive marketing program. The ownership renovated the property’s four-story atrium lobby and common areas, and introduced new amenities including a fitness center with locker rooms and showers, cafeteria and conference center. Tenants also benefit from a 5/1,000 parking ratio.

Highpoint Corporate Center is conveniently located on Route 46, near interstates 80 and 287, and easily accessible from the Garden State Parkway.

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