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4-Traders Homepage  >  Equities  >  Nyse  >  General Electric Company    GE

Delayed Quote. Delayed  - 06/24 10:00:03 pm
29.82 USD   -4.39%
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What's the Deal : Communications Firm Takes Space in Garment District

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06/26/2016 | 10:55pm CEST

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

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