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Deals & Dealmakers

LEASES: Cushman & Wakefield bring two to 575 Fifth, WeWork takes Bryant Park space

NEW YORK

Cushman & Wakefield secured a lease at 575 Fifth Avenue on behalf of the landlord, Beacon Capital Partners & MetLife Investment Management. The tenant, Balbec Capital LP, will take 6,113 s/f of new, prebuilt space on the 19th floor of the property.
• ICICI Bank, inked 9,151 rentable square feet of turnkey office space on the 26th floor in a carry-over lease handled by the property’s previous brokerage, CBRE. Both tenants will use the space for their New York offices.
• A Cushman & Wakefield team consisting of Executive Vice Chairman Josh Kuriloff, Matthias Li, Anthony LoPresti, Andrew Braver, and Jim McCaffrey represented the landlord, with Bruce Mosler, Chairman of Global Brokerage, providing executive oversight. David Stockel and Alex Erdos of CBRE represented the tenant, Balbec Capital LP. Roshan Shah of CBRE represented ICICI Bank in their leasing transaction.

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Cushman & Wakefield arranged a 5-year lease for Foley & Mansfield, a national defense law firm, at 86 Chambers Street located in Tribeca neighborhood. The firm established its initial New York City office in 2004 to service corporate clients in the defense of toxic and mass tort claims, and with a major expansion of staff in 2018, sought expanded space to accommodate its continued growth. A Cushman & Wakefield team consisting of Vice Chairman David Hoffman, Senior Director Jonathan Fein and Director Whitnee Williams represented the landlord, TH Real Estate in the transaction. Foley & Mansfield was represented by Luke Raimondo and Mike Mathias of Savills Studley. The tenant will occupy a total of 6,716 s/f at 86 Chambers Street, consisting of a portion of the 2nd floor of the building.

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New Street Realty Advisors announced the following leases:
• Acme Exterminating has the leased the entire 2nd floor office space at 460 West 35th Street comprising of 2,100 s/f. Matthew Gorman, Joshua Gettler and Christopher Bruggers of New Street Realty Advisors acted on behalf of the landlord and dealt directly with the principals of Acme Exterminating Corp.
• Petits Poussins Too, Inc., expanded to 2,800 s/f at 2235 Frederick Douglass Boulevard. Matthew Gorman and Joshua Gettler acted on behalf of ownership and dealt directly with the tenant, a bilingual day care and pre-school which will offer educational programs including music, art, dance and writing.
• At 50 Lexington Avenue, Broadway Bodies leased 1,500 s/f from Lex Tenants Corp. Broadway Bodies will be constructing a state‐of‐the‐art dance and fitness studio and relocating from 151 West 26th Street to the cooperative’s lower level. Christopher Bruggers, Joshua Gettler, and Matthew Gorman represented both parties in the transaction.
• At 129‐131 West 138th Street, Shugah Baybees CDC, Inc. leased space at 129 West 138th Street. A round floor space comprises 4,400 s/f and a lower level space of 1,450 s/f will be operated as a day care center. Matthew Gorman, Joshua Gettler and Christopher Bruggers acted on behalf of the landlord. Elizabeth Martin of E.L. Martin & Co., Inc. represented the tenant.
• At 76 Madison Avenue Seven Grams Caffe and landlord, LF/76 Madison Realty LLC, signed a lease for 1,400 s/f on the ground floor and approximately 500 s/f in the lower level. Seven Grams will take occupancy immediately and anticipates brewing this fall. This will be the cafe’s third location. Matthew Gorman, Joshua Gettler and Christopher Bruggers represented the landlord and handled negotiations directly with the tenant.
• At 196 Spring Street, St. Tropez Soho Wine Bar signed a lease with landlord, LF East 21st Street Property Co, LLC. The space comprises of 1,000 s/f on the ground floor and approximately 800 square feet in the lower level. St. Tropez will take occupancy immediately and anticipates pouring glasses of wine in time for the holiday season. This will be the second location for St. Tropez, its first location is located at 304 West 4th Street in the West Village. Matthew Gorman, Joshua Gettler and Christopher Bruggers represented the landlord while Compass represented the tenant.

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NAI Long Island announced the following leases:
Carmine Inserra, Principal, Paul Schneider, Senior Director, represented the tenant in the lease of 910 Franklin Avenue in Garden City. Hochheiser & Akmal, P.C. leased the 6,000 s/f office space from the landlord, 910 Franklin Realty, LLC, who was represented by Anthony Russo of Katz & Associates in this transaction.
Dennis McCoy, Senior Director of NAI Long Island, represented the tenant in the lease of 5505 Nesconset Highway in Mount Sinai, New York. C-Tech Solutions leased the 4,300s/f office space for a term of 10 years from the landlord, Sinai Properties, LLC.

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Jamie Schwartz, Executive Vice President of GHP Office Realty, LLC, an affiliate of Houlihan Parnes Realtors, LLC, the exclusive leasing agent for 399 Knollwood Road, White Plains, announced the building has completed six lease transactions totaling 14,058 S/F worth $2,250,000. The transactions were:
• Financial Planning Associates, LLC, a wealth advisory firm, renewed its lease for 1,160 s/f on the first floor for five years.
• The Ross Company leased 1,502 s/f on the third floor for seven years. The firm specializes in insurance benefits and wealth advisory services for individuals, Hedge Funds and other businesses.
• Jeffrey N. Allen CPA, a full service accounting and tax firm offering a diverse range of financial services throughout White Plains, NY and surrounding areas renewed in 1,808 s/f on the third floor for five years.
• Riker Danzig Scherer Hyland & Perretti LLP signed a 1,861 square foot lease for a five year term on the second floor. The firm is one of New Jersey’s oldest and largest law firms with many diverse practice areas. Amy Lerner of Choice Peterson Inc. represented the tenant.
• SMK Electronics Corporation USA, a supplier and manufacturer of electronic components, with over 80 years of manufacturing experience, renewed its lease for 3,432 s/f on the first floor for six years. Craig Ruoff of Cushman and Wakefield represented SMK.
• Goldenberg and Selker, LLP and Hoffman, Wachtell & Rao, LLP, renewed their lease for 4,295s/f on the first floor for five years. The firms’ practice areas are concentrated in Real Estate and Worker’s Compensation respectively. Rick Rakow of Rakow Commercial Realty Group, Inc. represented the firms.

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Park Tower Group announces that Schlesinger Lazetera, Auchincloss LLP, a law firm specializing in Trusts and Estates, has extended the term of its lease and agreed to relocate larger premises at 535 Madison Avenue. The firm will move from the fifth floor to the 27th floor in the Plaza District office building and has been a tenant in the building since 2009. The new lease runs through 2025. Their new location will be 7,000 s/f. Brian Gell and Laurence Briody of CBRE represented Park Tower Group in the transaction, where the asking rent was $115 per square foot.

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Jack Resnick & Sons announced that workspace provider WeWork has signed a full-floor lease at 8 West 40th Street, in Bryant Park. The lease, which encompasses 6,667 s/f on the 2nd floor, brings the 162,658 s/f building to 100% occupancy. WeWork’s new space will feature high ceilings, new oversized windows, and views overlooking Bryant Park and the New York Public Library. Jack Resnick & Sons was represented by an in-house leasing team of Brett Greenberg and Fran Delgorio. The deal was led by Arash Gohari and Chris Grimaldi on WeWork’s side.

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Eric S. Goldschmidt, Senior Partner at Goldschmidt & Associates, announced that Yorktown Discount Liquors has leased space at the CVS Rt. 6 Shopping Center, Mohegan Lake, New York. The tenant for the 2,500 s/f space was represented by Eugene Berger of Aries Deitch & Endelson. Goldschmidt represented the owner, Celestial Route 6 Associates. The new wine and liquor store joins CVS, Verizon, IHOP, Pizza Hut, TCBY, and Apple Bank in this traffic lit corner location on northern Westchester’s most traveled corridor.

NEW JERSEY

Levin Management Corporation (LMC) announced the following leases:
• The United States Government for an Armed Forces Recruiting Office brings CVS Plaza in North Plainfield to full occupancy. LMC Leasing Representative Vanessa Fernandez arranged the 3,900 s/f long-term lease.
• Frutta Bowls, a Freehold, N.J.-based restaurant chain specializing in natural and nutritious bowls and smoothies,leased 2,375 s/f at Flemington Marketplace in Flemington. Levin Management Corporation (LMC). Senior Leasing Representative Andrea Kyriacou arranged the lease. Frutta Bowls, represented by Seth Katz of Legacy Commercial Realty in the Flemington Marketplace lease, offers natural acai, pitaya, kale and oatmeal bowls – topped with fruit, granola, and a choice of other toppings

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Cushman & Wakefield announced a new lease at The Winter Organization’s 200 Cottontail Lane in Somerset. Global communications company AudioCodes signed a long-term lease for 15,400 s/f. A
• Additionally, Sunbird Software has renewed and expanded its Americas headquarters lease at the property. The data center infrastructure management (DCIM) specialist grew from 5,000 to 10,000 s/f.
Cushman & Wakefield’s Paul Giannone, Todd Elfand and Kevin Carton, based in Iselin, N.J., head the 200 Cottontail Lane leasing team. Todd Ward from CBRE’s Saddle Brook office represented AudioCodes in that transaction.

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JLL completed a new transaction for Hudson Equities at 300 Tice Boulevard in Woodcliff Lake, with Volkswagen Group of America, Inc. The automobile manufacturer signed a lease renewal for approximately 12,000 s/f at the Class A, 230,000 s/f office building. The building owner was represented by Frank D. Recine, executive managing director; Blake Goodman, executive vice president; and Derek DeMartino, senior vice president, all with JLL. They worked closely with Ephraim Hasenfeld, president, of Hudson Equities. Volkswagen was represented by Thomas Reilly of JLL. Volkswagen inked a five-year lease renewal for the office space and will continue to occupy the 2nd floor at 300 Tice Boulevard.

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NAI James E. Hanson and Commercial Realty Group (CRG) announced a lease for 6,905 s/f of office space with Strategic Micro Systems, a regional IT company, at 111 Littleton Road in Parsippany. NAI James E. Hanson’s W. Joshua Levering, SIOR, and Nicholas DePaolera, represented the landlord, CRG 119, LLC, in the transaction. Currently under renovation, 111 Littleton Road is a 36,289 s/f three-story office building in Parsippany. The lease with Strategic Micro Systems together with CRG’s 8,000 s/f for their corporate headquarters brings 111 Littleton Road to over 40 percent leased ahead of a scheduled Q3 2018 renovation completion.

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The Goldstein Group placed Atlantic Health in Totowa New Jersey according to Chuck Lanyard, President of The Goldstein Group. The non-profit healthcare system filled a 5,362 s/f space at Totowa Village on Union Boulevard. Executive Vice President Lew Finkelstein, and Vice President, CJ Huter, brokered the transaction on behalf of the landlord. Atlantic Health was represented by Jim Baily and Bryn Cinque of Colliers.

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