News:
Brokerage
Posted: November 21, 2017
Columbia Property signs 34,000 s/f lease to Gemini Trust at 315 Park Avenue
Manhattan, NY Columbia Property Trust, Inc. has signed a 34,000 s/f lease with Gemini Trust Co., a digital asset exchange and custodian, at 315 Park Ave. South, Columbia’s 20-story, 331,000 s/f office building located in the Midtown South district.
Gemini, which was founded in 2014 by brothers Cameron and Tyler Winklevoss, is a digital asset exchange and custodian that allows customers to buy, sell, and store digital assets such as bitcoin and ether. The company will occupy two entire floors of 315 Park Avenue South, commencing in early spring 2018.
In late September, Columbia also finalized a full-floor expansion with BDG Media, the parent company of growing online publications Bustle, Romper, and Elite Daily.
The company’s headquarters now includes three entire floors at 315 Park Avenue South, or a total of 51,000 s/f.
“When we acquired 315 Park Avenue South in 2015, we recognized its potential to attract the city’s top creative, media, and technology companies and made significant investments to transform the building into a premier Midtown South destination,” said Nelson Mills, president and chief executive officer of Columbia. “With the building now 73% leased and a robust pipeline for the remaining availability, we feel very confident in our value-creation strategy for the property.”
Built in 1910, 315 Park Avenue South is located on a prominent corner at 24th St., one block east of Madison Square Park. A building-wide renovation to reposition the building as best-in-class in the submarket is nearly complete and includes a refinished lobby with a more modern and stylish design, new building entries, and upgrades to the retail façade. A separate entrance on 24th St.for the new Equinox fitness club has already been constructed, and the remainder of the improvement program is expected to be complete by the end of 2017.
Columbia has engaged L&L Holding Company, LLC, which includes the leasing team of David Berkey and Andrew Wiener, to lease the property.
Tags:
Brokerage
MORE FROM Brokerage
Horvath & Tremblay Announces Strategic Integration of B6 Real Estate Advisors, Expanding New York City Presence
New York, NY Horvath & Tremblay, a premier real estate services firm specializing in investment real estate brokerage, 1031 exchanges, debt/equity placement, and appraisal & valuation services, announced the strategic integration of B6 Real Estate Advisors into the firm’s growing national platform.
Quick Hits
Columns and Thought Leadership
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
