What's the Deal: Communications Firm Takes Space in Garment District
June 26 2016 - 7:10PM
Dow Jones News
Midtown
Communications Firm Takes Space in Garment District
InVision Communications has signed a lease for office space at
550 Seventh Ave. in Midtown Manhattan's Garment District.
The agency is taking 12,015 square feet for the entire 17th
floor of the art deco tower, located between West 39th and West
40th streets, according to Michael Heaner, a partner at the Kaufman
Organization, which represented the landlord.
"We're really trying to create a blended tenancy of
creative-type tenants," Mr. Heaner said. "The building has always
been a home to the finest American designers," he said.
The 25-story office tower, owned by Robert Liberman, chief
executive of the Adler Group, is undergoing improvements that will
include a renovated lobby and facade.
The building has remained in the family since 1925, when it was
built by Mr. Liberman's grandfather, Louis Adler. Kaufman's Sam
Stein also represented the landlord in the deal. Robin Fisher and
Christie Bennett of Newmark Grubb Knight Frank represented
InVision.
--Keiko Morris
Connecticut
GE Begins Marketing Its Fairfield Campus
General Electric Co. expects to begin tours in July for
potential buyers of its Fairfield, Conn., campus, as it prepares to
move its headquarters to Boston.
GE's brokers, CBRE Group Inc., has sent out marketing materials
for the nearly 67-acre Fairfield property, which includes two
office buildings, a helicopter pad and full-service guesthouse. No
price is mentioned.
"We are going to wait and see what the market comes back with,"
said GE spokeswoman Susan Bishop. "The price and timing will be
determined by what will get us the best value for GE
shareholders."
Several parties have signed confidentiality agreements for more
information, she said, while declining to identify them.
However, Kleban Properties, a developer based in Fairfield, has
been vocal about its intentions to purchase and redevelop the
campus. In March, Fairfield University said it had entered into an
exclusive agreement with Kleban allowing it to work with the
developer on creating a high-tech hub on the property.
But Albert Kleban, the development firm's chairman, acknowledged
that his vision is still far from reality. "Fairfield University is
going to be a major ingredient, if we are able to consummate a deal
with GE," he said. "And that is far from certain."
--Keiko Morris
Upper West Side
Pair of Buildings Sell for Redevelopment
Two vacant prewar buildings at 346-350 W. 71st St., positioned
for a luxury apartment redevelopment, have sold for $55.25
million.
The 65,772-square-foot properties have been "gutted to the
studs," according to Hal Oster, a senior director at Cushman &
Wakefield. The firm represented the sellers, 346 West 71 Realty LLC
and 350 West 71 Realty LLC.
The buyer is a private individual who made the purchase under
the name Cydonia RE W71 Inc., according to Mr. Oster. The
buildings, which are located within the West End -- Collegiate
Historic District, hit the market last November with no set asking
price.
The existing structure and vacated units ensure a quick
conversion process for "some form of luxury condos," Mr. Oster
said. The buildings also offer an extra 10,000 square feet of
lower-level space that could be used for amenities.
"The Upper West Side has many historic districts and rent
regulated housing, so a property like this is very rare," he said.
He estimated that vacant properties of this size only hit the
market "once every one to three years."
The last similar sale in the neighborhood, Mr. Oster recalled,
was in 2014. Massey Knakal -- which is now owned by Cushman &
Wakefield -- represented the seller of a vacated, former Catholic
school at 555 West End Ave. According to Mr. Oster, it sold to
developer Cary Tamakin for $50 million with plans to convert it to
residential use.
--Emily Nonko
(END) Dow Jones Newswires
June 26, 2016 18:55 ET (22:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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