April 7th News Recap

The Dragon Speaks tries to keep you up to date on the Manhattan commercial real estate scene. From office space news to commercial real estate trends; leases, developments and everything in between. In case you missed them, here are some recent real estate news stories worth checking out.

• San Fransisco based Wells Fargo has signed a lease for over 275,000 square feet of office space at 150 East 42nd Street. The bank will occupy 13 floors of office space for the next 16 years after moving from its current offices at 120 Park Avenue. The Commercial Observer. (Photo Credit: Property Shark)

• Law firm WilmerHale, which recently signed a 200,000 square foot least at 7 World Trade Center, has agreed to share in the costs of transforming the building into a more energy efficient operation. WilemerHale will share the costs of new construction with landlord Silverstein Properties in a pioneering lease model that may become the future norm for energy efficient office renovations. The Real Deal.

• SAC Capital, the hedge fund run by billionaire Steven A. Cohen is set to lease over 65,000 square feet of office space at 510 Madison Avenue. SAC will occupy 4 floors and will become only the second tenant in the mostly vacant office tower. Newmark Knight Frank represented the tenant while CB Richard Ellis represented the building owner for the office lease. The Commercial Observer. (Photo Credit: The Commercial Observer)

• Fashion designer Kate Spade is looking to double the space of its current offices. Kate Spade occupies 40,000 square feet at 48 West 25th Street and is looking to expand to at least 75,000 square feet. The fashion designer is insisting on staying below 34th street in Midtown South and has tapped Newmark Knight Frank to represent itself in the search for new office space. The Commercial Observer.