For more than 25 years, Thomas P. Sullivan, Senior Managing Director, has represented landlords and tenants in leasing commercial space, asset management and sales transactions.  Although Sullivan is currently a top tenant broker in New York City, his professional life began on the leasing and management team of the Empire State Building, having started his career there straight out of CUNY with a degree in economics.

His first position at the iconic office tower was as a leasing agent. Over the years, Sullivan received steady promotions until he eventually was named Director of Leasing, Assistant General Manager. During his respected tenure at ESB, he was responsible for negotiating millions of square feet of office, retail and telecommunications leases, and was touted for his expertise in financial analysis, lease restructuring, building operations and lease negotiating skills. Among the prestigious tenants her worked with were Alitalia Airline, Bank of America, Bank of New York, CBS, FedEx/Kinko’s, Fox, Merrill Lynch, WPIX, WWOR, Walgreen’s and YMCA of the USA Inc.

In 2006, Sullivan determined it was time for the next stage, segueing to agency side and taking his unparalleled expertise to tenant representation. He joined Coldwell Banker Commercial Hunter Realty, and was immediately surrounded by a brokerage team he’d known and respected throughout his career.

“My experience has been unique largely because of the scale of the Empire State Building and number of transactions we worked on,” said Sullivan. “At any time, we were responsible for between 800 and 1,000 tenants, completing at least one lease per day.  I knew that eventually I would want to take that expertise to the tenant side.”

Because of Sullivan’s innate understanding of what landlords seek in tenants, he has rapidly risen to the top echelon of New York City tenant brokers. Among his many significant transactions in recent years was a long-term lease for was Paris Accessories’ new 40,000-square-foot office at 1385 Broadway.  It was his second experience with the fashion company, having arranged their former headquarters in the Empire State Building years before.

“In addition to leasing strategies, I understand the nuts and bolts of operating a building,” added Sullivan. “It’s a background that enables me to consult with clients and determine which buildings best suit their needs.”

Known for his calm and patience, it is not surprising that his favorite recreation is fishing, especially when it’s with his wife and two children.

By Brad Pincus

In New York, people typically ask what one does for a living and my response, “asset manager,” generally receives nods of approval that are, more often than not, accompanied by blank stares. It’s a field that sounds more arcane than it is in actuality. But quite simply, real estate asset managers are the proverbial eyes and ears of property owners, whether institutional or individual. We are the guardians of their assets and it is our duty to ensure the properties are well maintained while maximizing their value.

Every day is different – at CBC Phoenix Asset Management, we currently oversee properties in 17 states nationwide, comprising more than 13 million square feet of various types of commercial assets. In each market, we have a local property management and leasing team that reports directly to us. Since we are in numerous markets throughout the country there are various nuances in market trends, vendors, laws and/or codes that we deal with, so it is important for us to be familiar with them and know where to find information relevant to the property at hand.

As asset managers, we are the final word on building repairs, tenant issues and tenant retention for every building in our portfolio. We perform all of the relevant bookkeeping services, from collecting rents to paying bills, budgeting and providing financial reports to our clients as well as the lenders. In addition, we review real estate taxes yearly, to determine whether appealing the current value is something ownership should consider.

Since our clients are private equity owners, in many ways working on their behalf is very personal. It is essential to understand their goals, which necessitates oversight on both macro and micro levels. We are always mindful of the budget and what we can afford to spend within a property’s cash flow. However, the challenge is that a property needs to be maintained at all times and we must determine which repairs or improvements are necessary, regardless of the occupancy and sometimes in the least opportune times. We try to address the immediate short term repairs with a long term plan in place to handle all the issues. Flexibility and creativity are vital in order to maintain a property in a strong, marketable position without negatively affecting its financial health.

We travel often to our properties and meet with the on-site property managers and local brokers, in addition to keeping in constant communication with them by phone or email. We also have numerous vendors in each market, so we make it a point to know the local vendors, firsthand to determine the most reliable. All members of the team understand that we are fully engaged in the property and ready to make decisions immediately. With the economic climate as volatile as it is, we make it a point to be responsive and engaged always. It’s no secret that the market outside of New York City has been soft, yet we have been able to renew numerous tenants and work on several new deals to maximize the value of the assets.

Whether it’s an iconic trophy property, such as the Woolworth Building in New York City, or a 640,000-square-foot office building in Southfield, MI, the skill sets are the same with expert teams in place. More importantly, the commitment is unwavering across the board.

Over the past few years, Coldwell Banker Commercial REalta Group has seen a nationwide trend in which sports facilities are opening in industrial parks and office campuses in suburban submarkets and even in some urban markets. The transition represents creative use of space that would otherwise be vacant in the current economy.

Moreover, it is occurring in places originally geared to office use, light manufacturing, distribution and storage, and where retail was only a minor part of the equation, if any. The spaces, which tend to be large and in 24/7 facilities, also lease for a lesser amount than traditional retail space.

The primary direction of this trend seems to focus on single activity- or high athletics centers, rather than the full-service retail gyms to which we’ve been accustomed. In an industrial complex we manage in Engelwood, CO, there is one that specializes exclusively in volleyball training. Another one, Body Nutrition, is in a 5,400-square-foot facility in an industrial complex in Riverview, FL, featuring certified CrossFit Trainers, offering personal training and nutrition counseling.

In Peoria, AZ, we represent a complex situated on a corridor with five other corporate- and industrial parks, all aggressively competing for tenants. The fitness facility trend there has resulted in a sizeable tenancy for Cheer Academy, a training center for cheerleaders with almost 10,000 square feet. Down the road is Pump it Up, a 12,000-square-foot indoor children’s play center in an industrial park. The listing agent for our complex, Steve Sayre, Senior Director, Cushman & Wakefield, is currently in negotiations with the owners of a batting cage facility and two alternative fitness centers.

“We’re seeing more and more recreational uses in facilities originally geared for industrial use,” said Mr. Sayre. “Property owners are taking advantage of an emerging need for recreational uses and we see it as a win-win all around.”

He also added that along the same corridor is a 20,000-square-foot shooting range, as well as several facilities for gymnastics, indoor softball, basketball, tennis and trampoline.

Just last October, the Stamford Advocate announced a major lease for Chelsea Piers Connecticut, signifying the expansion of the famed Chelsea Piers on the Hudson River in Manhattan. The 350,000-square-foot facility will be located on a 32.68-acre campus, once home to Proctor & Gamble and Clairol. According to the report, the plans include facilities for basketball, ice hockey and swimming, similar to the New York complex. It’s a big step for Chelsea Piers that will be a huge benefit to Stamford, which had to contend with a major expanse of fallow space when the manufacturers moved. The sports complex will also provide an important service to the residents, as well as additional jobs for the city.

Chelsea Piers is an exceptional example of this trend, one of the pinnacles. But in general, the transition to retail from office/industrial tenants in this category is an important example of market pragmatism. More significantly, it is a reflection of innovative usage by tenants who seek value and opportunity and a sure sign of the flexibility on the part of ownership.

With more than 20 years of experience in representing commercial tenants, Richard Gottlieb may be a company’s best resource for a favorable office lease or investment sale. His expertise in the field also encompasses financial analysis, lease restructuring and negotiation, which explains why so many of his clients are financial service-based businesses. Companies focusing on cost-efficient strategies especially appreciate Richard’s acumen in identifying, negotiating and securing the most desirable space at the most favorable terms.

“Throughout the process, I protect my clients’ interests,” Richard points out. “From helping to define their space needs and budgetary goals to working with them step-by-step throughout the process, even after a lease is negotiated, every detail is covered. I not only analyze a company’s future projections in order to determine how much space is needed, I also figure out which commercial districts will best serve its goals and culture.”

Richard’s diverse client base covers myriad market sectors. Among his many financial services clients are both nationally known and boutique firms, such as Oppenheimer, Forex Capital Markets, Credit Renaissance, MFR Securities, Olympia Capital Associates and Kiodex.  Over the years, he has shepherded many non-profits, including Goethe Institute and Skin Cancer Foundation, into cost-saving headquarters. In addition, he helped leading maritime law firm Cichanowicz, Callan, Keane, Vengrow & Textor, LLP dramatically expand its space. He has also arranged retail space for national and international businesses, such as Scottrade and Maserati.

In addition to being a 2010 Silver Circle of Distinction Award Winner, he was also Coldwell Banker Commercial’s number one sales professional in New York State. Commercial real estate is actually a second career for Richard. Prior to becoming a broker, he served as Senior Vice President of Jones Apparel Group.

A native New Yorker, Richard holds a B.S. in Business from Fairleigh Dickinson University.

By Peter E. Sabesan

After a long dry spell, the Financial District is again considered a seminal New York City business destination, and we couldn’t be happier. CBC Hunter Realty has its roots downtown – Richard Selig and I spent the first 22 years of our professional lives representing tenants and landlords here. Now, with 7 World Trade Center almost leased up and great progress being made on towers 1, 2, 3 and 4, including with the completion of the first stage of the Memorial, Downtown has an anchor again. You can sense the momentum and it feels as if everything is rising quickly.

In January 2010, 4 New York Plaza was acquired by Norfolk-based Harbor Group International and within months, the New York Daily News and U.S. News & World Report Media Group took over 100,000 square feet, followed by American Media Inc. Earlier this year, publishing giant Condé Nast signed a tentative agreement to move its magazine titles into One World Trade Center by 2014. In the interim, we’ve seen advertising agencies, marketing companies and technology businesses establish roots Downtown. With this kind of action, FiDi could become the next mecca for media.

And it’s about time: Downtown has always had a lot going for it, starting with the commercial building stock. In addition to gorgeous trophy properties like the Woolworth Building, for which CBC Phoenix Asset Management serves as the asset manager, and 120 Broadway, there’s the World Financial Center and Chase Manhattan Plaza. Moreover, they have all had comprehensive retrofitting in recent years. In fact, most of the properties downtown, many of which are over 100 years old, have been renovated to meet today’s business standards.

As a result of this auspicious “downward” trend, we have arranged leases for several businesses at 40 Fulton Street, 40 Rector Street, 131 Varick Street, 39 Broadway, 61 Broadway and others in just the past year. The deal we completed at 39 Broadway, a circa 1928 27-story office tower, was for a business technology company, ITAC. We took a well known, Chicago-based law firm to 120 Broadway. At 40 Rector, we negotiated a lease for a construction firm that builds primarily in Harlem and the Bronx.

Three years ago, none of these companies would likely consider the area, but with the advent of so many technology start-ups taking advantage of rents starting at $35/foot, and publishing and advertising companies setting up shop here, too, the Financial District has become a misnomer for this revitalized and vibrant area. It looks as if Wall Street is going to have to share billing with media and technology companies, as well as with law firms specializing in areas outside of finance.

Finally, the next best thing about the downtown Financial District is its accessibility, especially once the Calatrava-designed transportation hub is completed. Clearly, Downtown Manhattan is getting a second life because there’s so much going for it, which also includes a burgeoning residential population and significant retail that includes specialty grocers and Tiffany’s. It may not be your grandfather’s Wall Street anymore, but it is still a land of grand canyons of commerce and growing bigger every day.

Shortly after the most nefarious incident in the history of the United States, CBC Phoenix Asset Management was presented with a mission to safeguard one of New York’s greatest treasures: the Woolworth Building. As asset manager of the 58-story, 792-foot skyscraper since 2001, we have overseen myriad improvements and greatly contributed to the renewed success of the property. Today, we are proud to say the block-wide, 850,000-sf-base is nearly completely occupied.

But it has been a long and steady road to return this iconic office tower back to its original glory. Built in 1913 by F.W. Woolworth and designed by legendary architect Cass Gilbert, the magnificent neo-Gothic structure, with its glazed terra cotta-shaded limestone façade, was once the world’s tallest building. With floor heights ranging between 11-20 feet, it is the equivalent of a 79-story building by today’s standards. It was also the first building to have high-speed elevators, and with the most per tenant with 22 separate cabs. The central downtown location, directly across the street from City Hall, established it as NYC’s most important office tower for nearly a quarter of a century after its debut.

The unique lobby is more like a museum, highlighted by an ornate vaulted ceiling with mosaics and even sculpted caricatures of Woolworth and Gilbert incorporated into the design. The tower was designed to evoke a European cathedral and, not surprisingly, the building was early on christened the “Cathedral of Commerce.” In 1966, the Woolworth Building was named a National Historic Landmark.

“We are responsible for protecting and enhancing an asset that is a national treasure,” pointed out Barry Pincus, Asset Mgr. of the Woolworth building for over a decade now. “We are always mindful of the significance of the trust placed upon us. It is has been a great honor and wonderful challenge.”

During its decade-long tenure, CBC Phoenix has brought the building’s infrastructure up to 2011 standards, overseen massive façade renovations, assisted with leasing activities – which dramatically increased in just a couple years – executed common area renovations and numerous office build-outs, and supervised the modernization of the elevators, including the installation of new cabs and motor systems.

CBC Phoenix is 100 percent prepared for the building’s next stage. With the Financial District becoming a mixed-use neighborhood teeming with commercial and residential development, along with the completion of the World Trade Center campus and Calatrava-designed subway hub, the Woolworth Building will shine even brighter as a symbol of New York’s glory, past and present.

CBC Phoenix Asset Management and CBC Griffin Companies work together to lease space at industrial park in Shakopee, Minnesota.

The Coldwell Banker Commercial network puts us in a perfect position to effectively oversee the leasing of properties we manage across the country. We are happy to say that we are now working CBC Griffin Companies, one of the top CRE firms in Minneapolis, to help lease space at our property in Shakopee, Minnesota. CBC Griffin Companies’ Mark E. Moore, Vice President, and Cory Miller, Senior Associate are leading the leasing team.

5555 12^th Avenue East is a 127,400 sf triple net, mixed-use industrial park that currently has 42,240 sf of available space, comprising approximately 3,200 sf for office and the balance for warehouse use. Individual units are being leased from 15,000 sf and up. Built in 2001, the modern facility is located on seven landscaped acres in the Southwest quadrant of the Greater Twin Cities Metro area. Moreover, it is conveniently near Minnesota State Highway 169, which feeds into major interstate highways. In addition to the facility’s accessibility, it includes 240 individual spaces for parking and features interiors with 24-foot ceiling heights and state-of-the-art infrastructure.

When Michael I. Okun, Sr. Managing Director at CBC Hunter Realty, talks tech, genius-bar habitués know they have found a knowledgeable professional to help them with their office needs. With a client roster that has included Buddy Media, Adknowledge, WeWork, Syntel, and Generali, cutting-edge companies know he’s going to bring them to commercial space where layouts and infrastructure will accommodate their very specific needs. In recent years, emerging areas like Hudson Square, along with established districts like Flatiron and Union Square, have become enclaves for social media start-ups and technology companies and Okun knows the lay of the land and the right landlords.

“I can see New York City becoming Silicon Valley East in the next couple years,” opined Okun. “Every day, I meet with start-ups from around the world that are coming to New York to optimize their visibility and get access to the resources that are exclusively here. A decade ago, we were at the forefront of the dot.coms and now it’s the next generations of social media and high-tech. New York has always served as a cultural incubator for big ideas.”

In addition to commercial leasing and investment sales, Okun’s background includes the management of a significant residential and commercial portfolio in New Jersey. Although he majored in government and law at Lafayette College, where he received his B.A., he has long had a passion for real estate and technology, which is evident in the success he has had on behalf of his very select client base.

“The city’s emerging role as an incubator for tech companies is more than evident,” adds Okun. “And when a company like Google buys a building that covers an entire city block, there’s no question that we’ve got the infrastructure plus a global footprint.”