Feed

Boston Properties

power broker

Richard Baxter.

Richard Baxter Dishes on the Drama Behind the Deals at Casa Lever

It was lunchtime at Casa Lever, the high-end restaurant in the iconic Lever House, and Richard Baxter was on his BlackBerry negotiating.

It was a busy year for Mr. Baxter and his colleagues at Jones Lang LaSalle. His four-man team comprised some of the city’s most prominent brokers of large-scale commercial office buildings, and as the Manhattan sales market’s post-recessionary thaw continues, Mr. Baxter estimated that the group had tallied an impressive $1.3 billion in deals this year.

Three days before Christmas, however, it wasn’t one particular skyscraper Mr. Baxter was bargaining over from his plum seat at Casa Lever. In a year-end rush, his group had loose ends to tie up, deals to close and transactions still in the works. And so, on this particular Thursday amid a bustling lunch crowd, Mr. Baxter was not negotiating with a buyer or a building owner, but rather one of his own assistants, whom he was asking to stay late to receive critical documents and to help get the team through the rest of the day.

Read More

Machers

I won't blink. I can't! (Getty)

Joseph Moinian’s Mystery on 54th Street

The city has been eagerly awaiting the construction of Boston Properties' new office tower at 55th Street and Eighth Avenue, an on-again-off-again project by SOM that will likely be the first new office tower of the real estate rebound. (The World Trade Center does not count, but what about Extell's Diamond Tower?) Having secured a big MoFo as a tenant in March, Mort Zuckerman is ready to build, and The Post's Steve Cuozzo reports building permits were just approved for 250 West 55th Street, "paving the way for full-bore work."  But the more exciting news at the corner could be Joe Moinian's gambit across the street. Read More

Parties

510 Madison a while ago.

We Accidentally Check Out Boston Properties’ 510 Madison

Business seems to be moving along at 510 Madison, the luxury office building that developer Harry Macklowe traded to Mort Zuckerman's Boston Properties last year. In addition to seeking major deals for multiple floors of office space, the building at Madison Avenue and 53rd Street is marketing to smaller tenants who would lease as little as 2,500 square feet (read: hedge funds).

"We have a great level of activity and we are willing to entertain deals from 2,500 square feet to multiple floors," said CB Richard Ellis' Paul Amrich, the rental agent for the building, at a cocktail party last night to introduce the building's small-tenant program.

The Observer, upon  receiving an invitation (apparently by accident), stopped by the party to check out the new building. As it turns out, the party wasn't open to reporters, but we got an inside look anyway.

Read More

lease beat

Steven A. Cohen Close to Deal at 510 Madison

Billionaire Steven A. Cohen is poised to follow his recent legal reprieve with a huge lease at 510 Madison Avenue.

After months of speculation, his mercurial hedge fund, SAC Capital, is near a deal to take 66,000 square feet, or the second through fifth floors, multiple sources said. Rumors of the deal have been swirling for months, but a lawsuit by Read More

office space

Litigious MoFo Saves Mort Zuckerman’s Baby

Morrison & Foerster, the San Francisco-based law firm with the off-kilter nickname, has signed a letter of intent for 200,000 square feet at 250 West 55th Street, the office tower started by Mort Zuckerman's Boston Properties but later capped at its foundation after previous anchor-tenant deals fell apart amid a chilly construction-financing market.

The move makes sense for Read More

Selling Freedom

Zuckerman Bows Out of 1 W.T.C. Race

Mort Zuckerman is out of the running for the country's tallest building.

Boston Properties, the real estate firm which the Daily News publisher chairs, on Monday pulled out of a three-way race to buy a stake in One World Trade Center, according to multiple government officials and a real estate executive. Mr. Zuckerman leaves behind just Read More

GM Building Naming Rights Officially Up for Grabs

The naming rights for the GM Building, one of the rarest opportunities in New York real estate, are officially in play.

During last week's third-quarter investors call, Boston Properties president Douglas Linde included in his prepared remarks the following: "We can report that we were able to retain General Motors in 114,000 square feet for 10 years at 767 Read More

GM Building Naming Rights Officially Up for Grabs

The naming rights for the GM Building, one of the rarest opportunities in New York real estate, are officially in play.

During last week's third-quarter investors call, Boston Properties president Douglas Linde included in his prepared remarks the following: "We can report that we were able to retain General Motors in 114,000 square feet for 10 years at Read More

Payment Due! Class A Midtown Loans

As conditions in Manhattan’s commercial market grow grimmer, one question continues to dog investors: Where’s the debt and how can I break me off a piece?

The Manhattan office market dropped 22.9 percent between the second quarters of 2008 and 2009, according to the Moody’s/REAL Commercial Property Price September Indices, compared to 30.1 percent regionally and Read More

Boston Properties Woos Studley to 399 Park for New HQ

Studley, a leading brokerage specializing in tenant representation, played the tenant itself in a major deal at 399 Park Avenue. The firm is relocating its corporate headquarters to the entire 11th floor of the Boston Properties–owned building, known for its roster of investment houses and high-profile law firms. The 61,000-square-foot location represents a 50 percent Read More