Contact Us
News

This Week’s N.Y. Deal Sheet: TPG Finalizes 300K SF Lease At The Spiral

Global alternative asset manager TPG is taking most of the remaining space at Tishman Speyer’s The Spiral tower near Hudson Yards.

Placeholder
The Spiral, Tishman Speyer's office tower on the Far West Side of Manhattan.

The private equity firm is consolidating its offices at 888 Seventh Ave. and 245 Park Ave. into eight floors in the skyscraper, the New York Post reported. TPG has been in talks for the space since June.

The deal, which is a 20K SF expansion for the investment giant, will bring the roughly 3M SF building to 94.9% leased, Crain’s New York Business reported. Asking rents are estimated between $122 to $149 per SF, per CoStar data reported by Crain’s. 

Other tenants in the building include Pfizer, AllianceBernstein and Turner Construction.

TOP LEASES

Urban Atelier Group has signed 25K SF lease for office space at Rudin’s 41 Madison Ave., according to a release. The 15-year lease, covering the whole 12th and 13th floors, represents an expansion from the 18K SF the construction company occupies at 85 Fifth Ave. Urban Atelier Group plans to move in the second quarter of next year, joining tenants including Kensington Vanguard, Clarick Gueron Reisbaum and Polar Asset Management Partners at the 42-story, 560K SF office tower. Rudin’s Robert Steinman represented building ownership in-house, while RDE Advisors’ Ross Eisenberg represented Urban Atelier Group.

***

The New York State Executive Chamber, which is also known as the Office of the Governor, signed a 53K SF lease at 919 Third Ave., Commercial Observer reported. The building is co-owned by SL Green and the New York State Teachers Retirement System, which split ownership 51% and 49% respectively, Crain’s New York Business reported. The lease, which began Friday, runs for seven years and will be used for Gov. Kathy Hochul’s personal office, a press office and for the governor’s staff. The NYSEC had been looking for a new space after the expiration of its 40K SF lease at Time Equities’ 633 Third Ave. The deal is a significant rent reduction, per Crain’s: The state is set to pay $62 per SF in the new space, which is around a third less than what it paid at 633 Third. 

***

SL Green has signed global consulting firm Berkeley Research Group to 52K SF at 810 Seventh Ave., CO reported. The tenant, a consultant for finance and economics organizations, already had 35K SF in the building but signed a five-year extension on that space and added a further 17K SF to its footprint. Both leases have a nine-year duration. Brian Goldman, Ryan Harding and Matthew Lorberbaum of Newmark repped the tenant, while SL Green had in-house representation from Larry Swiger and Jeremy Bier. 

***

Design studio Staged To Sell Home has signed for 24K SF at Industry City, according to a release. Staged To Sell is moving from the Brooklyn Navy Yard in the deal and joins a tenant roster including the Brooklyn District Attorney’s Records Management Division, B Live and Color Atelier, CO reported. Compass’ Noah Jay represented the tenant, while Industry City’s owners, a joint venture of Jamestown, Belvedere Capital, Cammeby’s International, FBE Limited and TPG Angelo Gordon, were represented in-house by Brad Blum. 

***

Steinberg & Pokoik Management has signed law firm Kozusko Harris Duncan to a 15K SF lease at 575 Madison Ave., CO reported. The deal represents a 6K SF expansion for the law firm, which was already a tenant in the 385K SF office tower. Other tenants in the building include financial services firm The Garnet Group and asset management firm Corbin Capital Partners. Zachary Price, Christopher Mansfield and Tara Rhodes of CBRE represented the tenant in the deal. William Hooks, David Hollander, Gregg Rothkin, Brad Auerbach and Maxwell Tarter, also of CBRE, represented the landlord. 

***

Wasserstein Enterprises has signed specialty food importer and distributor Roland Foods to 29K SF at 115 West 18th St. Roland Foods is relocating from its previous headquarters on West 23rd Street to the building that was once WeWork’s headquarters. Other tenants in the building include tech company Attentive Mobile and travel management company Navan. Asking rents were $62 per SF in the deal, where CBRE’s Joseph DeRosa and John Isaacs repped the tenant and ABS Partners repped the building’s owner.

***

Law firm Hecker Fink is expanding its office space at the Empire State Building. Empire State Realty Trust signed the firm to a 54K SF lease, doubling its footprint, Commercial Observer reported. Asking rents weren’t disclosed in the deal, but were $88 per SF in June, the New York Post reported. Savills’ Ira Schuman and Stephan Steiner repped the tenant, while Shanae Ursini and Kerry Lavelle repped ESRT in-house along with Newmark’s Scott Klau, Erik Harris and Neil Rubin.

TOP SALES

Placeholder
56-11 94th St., a multifamily rental in East Elmhurst that changed hands this week in a two-building deal worth $33M.

Benedict Realty Group has acquired two East Elmhurst multifamily rental buildings, PincusCo reported. Align Management sold 56-11 94th St. and 40-40 79th St., known as The Martinique and The Alameda, respectively, for $33M. The deal was financed by a $24.8M loan from CBRE Capital Markets.

***

Sentry Realty, the real estate investment arm of American Exchange Group, and 60 Guilders have acquired 292 Madison Ave. for $90M, Commercial Observer reported. Vanbarton Group acquired the 26-story art deco tower in 2016 for  $180M, then renovated the building in 2018 and took out a $87.5M loan with Deutsche Bank the next year. Vanbarton defaulted on the loan this year, The Real Deal reported, prompting the German lender to begin sale proceedings for the 200K SF building, per CO. Adam Spies, Adam Doneger, Josh King, Marcella Fasulo, Avery Silverstein and Doug Harmon of Newmark negotiated the sale. 

***

Stonehenge NYC has acquired a seventh luxury multifamily rental on the Upper East Side, Commercial Observer reported. The firm bought 165 E. 66th St., known as The Hanley, from CIM Group. Gary Phillips, Daniel Parker and Will Silverman of Eastdil Secured negotiated the sale. Grant Frankel and Ethan Pond, also of Eastdil, lined up financing from Acore Capital. Stonehenge paid $128M for the 150-unit building after CIM paid $200M for it in 2019.

TOP FINANCING DEALS

Placeholder
The Atlantic Terminal Mall in Brooklyn, where Madison Realty Capital scored a $93M refinancing deal this week.

Madison International Realty has refinanced the Atlantic Terminal Mall in Downtown Brooklyn for $93M, PincusCo reported. The retail property is at 139 Flatbush Ave., next door to the Atlantic Center shopping mall that was refinanced in March this year. The funding for Atlantic Terminal came from Citibank and Goldman Sachs and retired a $105M loan from Voya Financial. 

***

Hudson Bay Capital provided a $110M loan to Davean Holdings and Meadow Partners to refinance an 18-property multifamily portfolio, according to a release. The portfolio includes 112 multifamily units and 29 commercial units. The buildings are in neighborhoods including Park Slope in Brooklyn and the East Village in Manhattan. A Walker & Dunlop team led by Aaron Appel and Adam Schwartz facilitated the financing, supported by Keith Kurland, Jonathan Schwartz, and Sean Reimer, who facilitated the loan.

***

John Catsimatidis’ Red Apple Group scored a $92M refinancing deal for a multifamily property in Fort Greene, Commercial Observer reported. The 228-unit property at 180 Myrtle Ave. was built in 2016 and is known as The Margo. Red Apple previously refinanced in 2017 with a $90M loan that included a new $20M mortgage and retired a 2014 construction loan worth $70M.