Is he the most prolific attorney in the city you’ve never heard about?
Probably not.
Still, it’s possible to lose track of just how many deals Fried Frank partner Meyer Last inked in 2011. Call it the Jon Mechanic effect.
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Leasing executives at the Durst Organization say that Bank of America’s decision late last week to reduce its office footprint in midtown won’t create a pocket of vacancy in the landlord’s office portfolio.
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Year end leasing data unveiled this morning by the real estate services firm Cushman & Wakefield showed a host of impressive measures of the Manhattan office market: vacancy dropped, rents rose modestly and more space has been leased in over a decade.
Yet, in spite of the encouraging figures and what is clearly the strongest performance by the market since the recession, uncertainties loom.
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Bank of America has renewed its lease at 114 West 47th Street for approximately 360,000 square feet of space—far less than it currently occupies in the building.
The bank had been in discussions to extend its occupancy at the building for months. On Monday, insiders with direct knowledge of the deal and a spokeswoman for the bank, confirmed that the contracted lease had been signed on Friday morning.
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The law firm Milbank Tweed, Hadley & McCloy LLP is negotiating to renew its lease at the downtown office building 1 Chase Manhattan Plaza, sources said.
The firm occupies 375,000 square feet on several floors at the property, which is owned by the bank JP Morgan Chase. Rents in the deal were not available by press time. The lease is a change in plans for the company.
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Extell closed on a $700 million construction loan from a tier one lender syndicate led by Bank of America and consisting of funds from Bank of America, Banco Santander S.A., Abu Dhabi International Bank, Capital One and the Bank of Nova Scotia for its massive mixed-use development at 157 West 57th Street.
Bank of America will act as administrative agent for the mammoth tower, known simply as One57, that is currently rising between Sixth and Seventh avenues, across the street from Carnegie Hall. Extell has had the site for years, said a spokesperson, but construction on the hulking residential asset only began this summer.
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Real Estate equity fund Multi-Employer Property Trust made New Jersey history yesterday when it announced it had purchased the Newport Tower in Jersey City, New Jersey for $377.5 million.
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IMPRESSIVE DISPLAYS OF CHUTZPAH
For those in the country who aren't astoundingly naive enough to think that Hurricane Irene was all "media hype"—like those currently without power who don't know when they'll get it back, or worse—some of those supplies purchased in the lead-up are beginning to run low. If you're a large financial institution lacking the good will of Americans lately, this is a great opportunity to lend a hand to affected communities around the country by donating supplies and organizing relief efforts! Or even better... Read More
While The Observer was off writing our cover story on Blackstone real estate wizard Jonathan Gray, he was plenty busy himself, working out a deal to buy a bunch of Merrill's old commercial real estate, which are now controlled by Bank of America. Read More
Sergio Trujillo has danced his way into a phenomenal Chelsea penthouse at the Lion's Head Condominiums (there's one on the facade) at 121 West 19th Street, according to city records. Mr. Trujillo, called "The Ubiquitous Choreographer" by Playbill, has staged dance routines most recently for The Addams Family, Memphis, Jersey Boys and Next to Read More
The posse of state attorneys general that began investigating foreclosure practices at major banks in the fall of last year could be getting ready to settle with the top five U.S. mortgage lenders at the heart of the controversy, Iowa Attorney General Tom Miller told Bloomberg. Still, nothing is finalized, according to the foreclosure Read More
Corporate fireman and Bank of America CEO Brian Moynihan can give himself a little pat on the back over the putback deal he's inked with mortgage giants Fannie Mae and Freddie Mac. In the wake his companies's agreement to settle putback claims by the government-sponsored entities yesterday, Barry Ritholtz at The Big Picture Read More
Investors appear excited this morning over Bank of America, the bank that epitomizes the old adage, "More assets, more problems." The Charlotte-based financial giant announced this morning that it has agreed to resolve repurchase claims by government-sponsored entities Fannie Mae and Freddie Mac over allegedly faulty mortgage loans assembled and sold to the GSEs Read More
In response to vague threats by Wikileaks founder Julian Assange, Bank of America is working scrupulously to try to figure out how the heck anyone could have gotten their hands on the company's secret documents. BofA's chief risk officer, Bruce Thompson, and 15 to 20 employees of the bank are checking through records to Read More
