welcome to usaapay.com

2020-

2020-04-13 f
Viral News - It was the best of times. It was the worst of times to sign a 13.5 year lease.

Beacon scores the last Midtown deal before the lockdown

In what may be the last major commercial real estate deal before the lockdown, Beacon Capital Partners and Met-Life leased 31,000 square feet in the old Barneys headquarters on Fifth Avenue to DRA Advisors in mid-March.

The space in the 40-story Class-A tower covers two floors, 37 and 38, at 575 Fifth Avenue and will allow the real estate investment firm to relocate and expand its headquarters.

The building boasts a recently renovated lobby and new elevators and other capital improvements. WeWork also leases space in the tower.

The 13 ½ year deal was signed on March 16, right before Gov. Andrew Cuomo ordered a lockdown of all non-essential state businesses throughout the state. Terms of the lease were not disclosed, but the original asking rent shared publicly was $95 per square foot.

“I think it’s going to be a while before you see a long-term deal signed again, whether it’s for three months, six months, or eight months,” said Jeffrey Rosenblatt of SquareFoot, who represented the tenant on the deal. “People are probably reevaluating their needs. Prices may change.”

Rosenblatt said rents in some buildings had become more negotiable over the previous six to eight months, which helped push the negotiations forward after they began in September. Andrew Braver of Cushman & Wakefield represented the landlord.

“This is one of those deals where everybody feels good,” said Rosenblatt, who added DRA Advisors is scheduled to move in at some point in September 2020.

“So far it’s on track, but who knows,” he said. “No one really knows what’s to come.”

______________________

Permission is hereby granted to any and all to copy and paste any entry on this page and convey it electronically along with its URL,
______________________