News
A NEW MHP; ROCK-ING VIEWS
December 15, 2010
| Murray Hill Properties doesn't want to be known as just an owner-landlord anymore. It's been a year of change for the firm, which is vigorously growing its third-party brokerage services. (Many people don't know that MHP is one of the city's top tenant rep firms and handles 3M SF of third-party management services.) |
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| We stopped by MHP's new 277 Park Ave offices to meet with president of commercial brokerage services David Greene and partners David Sturner, Patrick Jennings, and Kamyar Haimof. It looks like their New Year's resolution is expansion—the firm's in recruiting mode to increase its roster of 25 brokers by another 10("aggressive" with "real experience" should be on your resume). MHP has added more structure to the brokerage side and invested significantly in marketing and analysis support, they tell us. During the past year, it promoted AJ Camhi to managing director, Roxana Girand, and Eric Levy to senior managing director, and Esther Zar to director as the new faces of the firm, while Norman Sturner, Patrick, and Kamyar are getting ready to come out with Real Estate Fund V, raising $500M. |
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| What a difference a year makes on the leasing side. Tenants are making decisions again, they say, and landlords are becoming more confident and beginning to raise rents and decrease concessions. The Midtown and Midtown South markets are particularly lively, especially the Penn Station area where they own, manage, and lease more than 2.5M SF, including 1412, 1250 (pictured), 1441, and 1410 Broadway and 485 Seventh Ave—institutional capital is committed to the market, and the city lacks modern office space, making it tighter than most. MHP recently repped Escada's 35k SF lease at 1412 Broadway and the EPA's 21.5k SF lease at 1250 Broadway; sold 1412 Broadway for $150M and 236 Second Ave for $10.7M; and picked up the leasing agencies for 417 Fifth Ave (41k SF), 485 Seventh Ave (275k SF), 461 Park Ave South, and 530 W 25th St, among others. |
