Monthly Archives: June 2014

Innovation fuels the high-tech growth engine

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Where innovative ideas cluster, so will talent and new real estate opportunities.

Tracking patent activity can pinpoint the strength of existing high-tech clusters or predict where the next will be. Check out JLL’s high-tech infographic to get the latest insights on current patent activity throughout the United States, and across the world. See the:

  • Top 5 patent generating countries
  • Top 10 states for patent generation
  • States with strongest patent activity
  • Power players: top patent generating companies

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JLL completes three leases for TIAA-CREF at 475 Fifth Avenue

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Deals inked for Torchlight Investors, Square 1 Bank and Daikin US, post major renovation program

475-Fifth_Terrace

JLL has completed three new, direct leases totaling 28,190 square feet for owner TIAA-CREF at 475 Fifth Avenue. Torchlight Investors LLC signed for 16,029 square feet, Square 1 Bank took 7,842 square feet and Daikin US Corp. leased 4,319 square feet at the 280,000-square-foot, Class A commercial office building.

TIAA-CREF was represented by Frank Doyle, vice chairman; Cynthia Wasserberger, managing director; Shawna Menifee, executive vice president; and Douglas Neye, senior vice president.

“After acquiring 475 Fifth Avenue in late 2011, TIAA-CREF launched a major renovation program designed to enhance the building and take advantage of its stellar location,” said Doyle. “With renovations nearing completion, activity at the building has picked up dramatically, as illustrated by the signing of three new leases.”

TIAA-CREF launched a multimillion dollar capital improvement program to reposition the office building in early 2012. The work included significant renovation to the lobby, which was relocated to 41st Street to provide greater exposure and visibility on Fifth Avenue to a ground floor retail space, as well as new energy-efficient mechanical and electrical infrastructure, new restrooms and new elevators. The building offers spectacular views of the New York Public Library and Bryant Park.… Read More

Chart of the Week: TAMI tenants further Downtown growth

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New York Chart of the Week: June 23, 2014 

PowerPoint Presentation

  • Highlighted by the recent 669,832-square-foot Time, Inc. relocation from Midtown to 225 Liberty Street, technology, advertising, media and information (TAMI) tenants have helped reshape the Downtown landscape
  • These tenants have been attracted to the market’s high-image space and comparatively low rents relative to Midtown and Midtown South;
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NYC Employment Update: private sector employment continues to rise

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Slide 1

New York City employment inched upward in April, besting the peak set in February

JLL’s New York City Employment Update covers key employment statistics and trends, and the subsequent implications for real estate.

Highlights from the June update include:

  • The city’s unemployment rate fell to 7.4 percent from 8.3 percent in March. The share of the employed
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JLL’s Global Real Estate Transparency Index 2014: steady transparency improvements across the globe

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Where transparency broadens, real estate capital flows and market change follows.

JLL’s eighth Global Real Estate Transparency Index, covering 102 markets worldwide, shows continued progress in the transparency of commercial real estate around the world. Over 80% of markets have registered improvement since 2012. The top improvers in each survey generally correlate with a surge in foreign direct investment and corporate occupier activity, as investors help to accelerate transparency reforms and governments… Read More

IPOs and M&As rock tech real estate strategy

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Today’s high-tech companies aren’t all about the IPO.

Although that goal still exists—and in a big way—mergers and acquisitions (M&As) are also a popular exit strategy. Learn more about how tech firms are leveraging real estate to gain funding and attract M&A opportunities—and how real estate comes into play after a deal is inked.

View JLL’s high-tech infographic to get the latest insights on:

  • Largest U.S. Internet IPOs
  • The impact of unicorns on commercial
  • Read More

NYC high-tech employment expansion largest among all major industries

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TechMonthlyNYC

Tech industry consistently proves to be a growth engine for NYC and key player in the strength of the office market.

JLL’s latest NYC Tech Monthly reported that New York City high-tech employment expanded year-over-year by 4,200 jobs or 7.0 percent in April—the largest expansion among all the major industries.

Other highlights of the report include:

Manhattan: the most active U.S. hotel investment market

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Conditions are certainly hot in the New York hotel investment market.

WithHotel_Report total hotel transaction volume of $1.8 billion, Manhattan was the most active market nationally in 2013, outranking Oahu Island, San Francisco, Los Angeles, Boston and Washington, D.C.

And in 2014, JLL’s Hotels and Hospitality Group expects that $1.8 billion figure to increase to between $2.7… Read More