News
NYC'S NEWEST SUPERHERO
April 11, 2012
| The tech industry "saved New York” by bringing 10,000 jobs in two years after 2008’s Lehman collapse says Newmark Knight Frank NY Tri-State president David Falk. It shows "we’re not just reliant on the financial services industry." David will talk about this and more atBisnow’s Silicon Alley/Tech Real Estate Summit on May 1. (Register here.) |
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| Google’s $1.8B purchase of 111 Eighth Ave cemented Midtown South as the place tech companies and their young employees want to be, says David (right, at nearby 15 Little West 12th St with Taconic Investment Partners’ Christopher Balestra). They’re looking for creative space that helps recruit and retain employees—think big windows, high ceilings, and unique architecture. For example,Palantir Technologies, which moved to 55k SF at 15 Little West 12th for its first NYC location. “They all want to be near Google,” David says. (Google is the cool, popular older brother of the tech industry.) Bonus for landlords: these tenants have strong balance sheets,venture capital to back them up, and are making money. |
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| David, along with colleague Jason Greenstein, also just repped digital media company Havas in its 15-year, 260k SF lease at Trinity Real Estate’s 200 Hudson St, above. And he’s helping a JV of The Kushner Cos and CIM Group in the multimillion-dollar repositioning of its recently purchased 200 Lafayette St into a new, edgy Class-A office. “There’s been tremendous activity for every stitch of space there,” says David, who’s heading leasing. But the big question on everyone’s minds: Where will these firms go once this space in Midtown South is all leased up? |
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| Go west, young techies. Manhattan’s westward expansion will play a huge role as tech companies grow, says Brookfield Office Properties VP David Cheikin, who’s also speaking at the event. “It has the best pipeline of new construction,” he points out. And Lower Manhattan, which has never been a bastion for tech companies, has also seen some more inquiries from these tenants. “We’re seeing a mix of populations now,” he says. “You no longer have buildings that are just financial-based. As a landlord and developer, you have to build out dynamic space and make sure you can balance a building to attract all different types.” |
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| Here’s the 1.6M SF 450 W 33rd St, where we’ll be holding the event. Brookfield, which recapped the building with Broadway Partners last year, is in the midst of repositioning the asset, and the building features the open floorplates tech companies are looking for. In fact, it can put a couple 100k SF spaces together and even more big blocks over the next few years, David says. Come see for yourself: join both Davids, Thrillist Media Group CFO Eric Ashman, Cushman & Wakefield chairman of global brokerage Bruce Mosler, View The Space founder Nick Romito, and Arent Fox partner Jackie Weiss to learn more about this hot industry. More speakers to be announced;sign up now! |
