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Big deal 'close' at 135 W50th.


As is natural for the fourth quarter, big chunks of space are gaining more attention in midtown mid·town  
n.
A central portion of a city, between uptown and downtown.


midtown
Noun

US & Canad the centre of a town
 from large space users, the denizens of corporate America who often make their move just before the year runs out.

"You're going to see a lot of big deals close in the fourth quarter." said Mitchell Arkin, a broker with Cushman & Wakefield who just got done handling a 250,000 s/f lease at 1211 Avenue of the Americas with law firm, Ropes & Gray. While a number of potential tenants have put large blocks of vacancy at prominent midtown buildings on a shortlist short·list also short-list  
n.
A list of preferable items or candidates that have been selected for final consideration, as in making an award or filling a position.

Noun 1.
 according to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 brokers, the flurry of interest has been such that even buildings without big addresses have attracted strong attention.

"Things were quiet for awhile but now all of a sudden we have a number of very large tenants looking at our space and we could be close to a deal," said Murray Hill Murray Hill may refer to one of the following places:
  • Murray Hill, Kentucky
  • Murray Hill, Manhattan, a residential neighborhood in New York City
  • Murray Hill, Queens, a different locality in New York City
  • Murray Hill, New Jersey
  • Murray Hill, Pennsylvania
 broker, Audrey Novoa, referring to the building she reps, 135 West 50th Street.

Nearly 350,000 s/f is available in the 800,000 s/f building, Novoa said. Both law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
  1. Clifford Chance, £1,030.2m – International law firm (headquartered in the UK);
  2. Linklaters, £935.
 and financial companies, the workhorse space takers in midtown, have seriously considered taking some of that, but Novoa said an entertainment/media company the firm is currently in talks with, could snatch up Verb 1. snatch up - to grasp hastily or eagerly; "Before I could stop him the dog snatched the ham bone"
snatch, snap

clutch, prehend, seize - take hold of; grab; "The sales clerk quickly seized the money on the counter"; "She clutched her purse"; "The
 the entire chunk.

135 West 50th Street, once known as the Sports Illustrated Sports Illustrated is the largest weekly American sports magazine owned by media conglomerate Time Warner. It has over 3 million subscribers and is read by 23 million adults each week, including over 18 million men, 19% of the adult males in the country.  Building, has been home, as its former name would imply, to prominent media companies. Tenant Time Magazine expanded its presence there in September by 75,000 s/f, bringing its total occupancy to 240,000 s/f. The building also got a boost when accounting firm, M.R. Weiser, expanded as well, going from 29,000 s/f to 58,000 s/f at the end of 2004. Financial firm, Alliance Capital Management, which has two floors in the building totaling 110,000 s/f, has also been pondering an expansion, Novoa revealed.

Originally the American Management Association Building, the property was constructed with a special column free auditorium space on its 7th floor that Novoa said has made the building the darling of media companies, who often find it hard to find space that can accommodate studios.

"It would be a great studio space," Novoa said. "Column free, 22 foot ceilings are hard to find."
COPYRIGHT 2005 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Article Details
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Author:Geiger, Daniel
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Nov 2, 2005
Words:388
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