MetLife’s 400,000-square-foot space on the top of Three Bryant Park, aka 1095 Avenue of the Americas, is up for sublease to 2029. We predicted the space would become available as the insurer is moving to 500,000 square feet at 200 Park Ave.

Cushman & Wakefield’s team of Bruce Mosler, John Cefaly, Robert Lowe and Ethan Silverstein is marketing the Bryant Park spot for MetLife, which will give it up when it moves in 2017.

MetLife intends to sublease its floors 13 to 20, 23, and 39 to 41 along with a private ground-floor lobby across from Bryant Park. MetLife currently has giant rooftop signage just as it does at 200 Park.

“There is an opportunity for great branding and we will command top rents,” said Mosler. The area around Bryant Park has become a new go-to office and retail neighborhood.


That’s one reason Three Bryant Park was included in The Most Significant Retail Deal of the Year, also the transaction that is most important to the city’s retail market, which was awarded to Patrick A. Smith, Mark Kapnick, Corey Zolcinski and Matt J. Ogle of SRS Real Estate Partners-Northeast for “Redefining Bryant Park: The Creation of a New Retail District — 3 Bryant Park, 5 Bryant Park and 120 West 42nd Street.” The team leased 160,000 square feet to retailers including Whole Foods, Tourneau, Citibank, Asics and SoulCycle.

A 24,000-sqaure-foot deal for Bottega Veneta by Eric Le Goff, James S. Downey, Frank Liantonio and Michael Rotchford of Cushman & Wakefield, however, took home top honors last night as the Real Estate Board of New York’s Most Ingenious Retail Deal of the Year. The judges decided their multi-townhouse transaction at 740 Madison Ave., “The ‘Art’ of a Deal: From Art to Fashion,” demonstrated exceptional broker acumen, ingenuity and creativity.

The two entries bested 15 others completed in 2014. The awards were presented at the Retail Committee’s Deal of the Year Cocktail Party at Club 101 on Tuesday night. Congrats to all!


Bank of America has completed a 10-year lease for a 115,000-square-foot space on the 17th, 39th, 40th, 42nd and 43rd floors of 1133 Avenue of the Americas.

The bank was represented by Bob Alexander, chairman of the New York Tri State Region at CBRE, as well as Ryan Alexander, Ramneek Rikhy and Emily Jones of CBRE. BofA picked up its five-year option and negotiated an additional five years to make the deal.

Thomas Bow and Rocco Romeo of Durst Organization represented the building, which has an asking rent in the $90s per square foot.


The investment firm GIC, which is the wholly owned fund manager for the government of Singapore, will say hello to 280 Park and goodbye to 335 Madison. GIC will depart early as the Milstein-owned office building is winding down tenancies and is no longer renewing or recasting leases or signing new deals. As we first revealed March 3, Howard Milstein plans to demolish the structure and develop another tower under the new Vanderbilt Corridor zoning.

GIC had a lease that could have kept it there to the year 2022, but it will now move in the first quarter of 2016 from its spot at 335 Madison Ave. to the 9th floor’s 49,724 square feet at 280 Park Ave.

The 15-year lease had an asking rent of $100 per square foot.

Frank Doyle, Clark Finney, Barbara Winter of JLL represented GIC while the dual ownership of Vornado Realty Trust and SL Green Realty Corp. were represented by a CBRE team of Mary Ann Tighe, Peter Turchin, Gregg Rothkin, Eric Deutsch and Sam Seiler. Glen Weiss and Andrew Ackerman of Vornado, along with Steve Durels, David Amsterdam and David Kaufman of SLG, represent the joint ownership in-house.

Since December 2014, Fiduciary Trust Co. and PJT have signed deals for 149,401 square feet and 98,740 square feet, respectively, at the 1.24 million-square-foot building.


Tao partners Noah Tepperberg, Jason Strauss, Marc Packer and Rich Wolf are not creating their own hotel brand at this time, Tepperberg told me, but are merely individual private investors in the project at 414 W. 15th St. in the Meatpacking District. In fact, Tepperberg noted, despite the “what if” hotel renderings created by CetraRuddy and applications for Building Department permits that show a hotel, Tepperberg said the majority owners, Rockpoint and Highgate Holdings, “have not decided what is being built.”

Their indecisiveness may have to do with the newly buoyant office possibilities in the area, where office rents go up to the mid- and high $100s per square foot, versus the difficulty of opening a hotel and worrying about renting it out again every single night.


The trend toward incorporating hotels with residential and office buildings is providing the opportunity for Will Silverman to join Hodges Ward Elliott and open the Atlanta-based hospitality company’s first New York office. Silverman said he intends to expand the offerings to all the investment opportunities he has been involved with at Savills Studley while partnered with capital markets head Woody Heller.

“I will sell the same kind of transactions but add the dimension and perspective from the hospitality business that is accretive,” Silverman said. “Hospitality is really where everyone is headed. What type of real estate provider isn’t thinking about the user experience?”

Silverman is already advising the owner of a $600 million-plus mixed-use building on possible options. Stay tuned.