Management consulting firm Monitor Group is leaving midtown for bigger digs downtown. The Boston-based company recently signed a 15-year deal for nearly 50,000 square feet at 140 Broadway, between Cedar and Liberty streets.
The Monitor Group will relocate from its 34,000-square-foot offices at 650 Madison Ave. by the end of January to take the 49th and 50th floors at 140 Broadway. The asking rent was about $65 per square foot.
The firm, which operates 30 offices around the world, advises corporations, nonprofits and governments on a broad range of topics, from aerospace to tourism.
“We’re seeing more and more of these high-quality names coming downtown,” says Bob Constable, the Cushman & Wakefield Inc. executive director who negotiated the deal on behalf of property owner Union Investment Real Estate, formerly known as DIFA. “It gives a lot of credit to the market.”
The Monitor Group searched Manhattan for a year before deciding on this location, says Eric Thomas, a Studley broker who represented the tenant in the deal. He says the firm chose the downtown site partly so it can expand its offices there at a later date.
Fashion firm finds better fit on 7th Ave.
tribal sportswear inc., a fashion house that sells to department stores such as Dillard’s and more than 1,800 specialty stores, is packing up its spring 2008 designs and moving to a new location in the fashion district.
The Montreal-based company recently inked a five-year deal for 3,700 square feet at 530 Seventh Ave., at West 39th Street. The asking rent was $55 per square foot.
Tribal Sportswear, which has operated in the city since 1993, is relocating from 1411 Broadway because owner The Blackstone Group did not offer to renew Tribal’s lease.
“This building is more contemporary, and we wanted a bigger showroom,” says Mark Skluth, a Tribal sales manager.
Grant Greenspan represented property owner Kaufman/Adler Realty in the deal, and Monica O’Toole, a broker with Kaufman Organization, negotiated for the tenant.
Entrepreneurs hope for extended run
sandra henry got into the hair-extension business because she was irked at the industry. A fan of long hair herself, Ms. Henry hated spending hours in the salon chair just to watch her extensions fall out or break off in less than two weeks.
With her own hair-extension business, Candyface International, Ms. Henry guarantees that the strands of blond, brunet and ginger will last at least a month. Her firm imports hair from Europe, Brazil and Malaysia and then cleans and dyes it in-house. Prices for a 200-strand section range from about $200 to $400. For the last year, the business concentrated on selling to salons and stylists.
Now, Ms. Henry and business partner Monique Holness are planning to open the company’s first store, Candy’s Hair Lounge, at 3964 Bronxwood Ave., between East 224th and East 225th streets in the Bronx. The retailers chose the Bronx location for its affordable prices–the asking rent was $35 per square foot for the five-year deal.
Property owner MJB leased the 500-square-foot shop to Candy’s Hair Lounge because the store offers a unique service.
“It will help get the area going,” says Elliott Dweck, a Besen & Associates broker who represented Candyface in the deal. Another Besen broker, Matt Mager, negotiated on behalf of MJB.