Broker returns to owner's side

Real Estate Weekly, June 16, 1993 by Derek Alger

Having sat on both sides of the commercial lease negotiating table, Richard M. Warshauer is back representing the owner's interest as the new head of in-house leasing at Cohen Brothers Realty Corporation.

"... In effect, I know exactly what brokers do," he said. "I'm not in an ivory tower."

In addition to directing the leasing of the Cohen Brothers portfolio, Warshauer will assist Charles Steven Cohen, the firm's president and chief executive officer, in other aspects of the firm's operations.

Warshauer, 44, who over the years has represented both major Manhattan building owners as well as substantial tenants, previously served as executive vice president of Kenneth D. Laub & Company, Inc.

During his career, he participated in the re-renting of nearly 600,000 square feet at The Daily News Building at 220 East 42nd Street. He also concluded leases for AMAX, Charter Company, the Government of Israel, Kemper Securities, and New York Hospital, as well as multiple transactions for the State of New York. Warshauer participated in the headquarters relocation of Dow Jones & Company at the World Financial Center, and he also effected the relocation of corporate headquarters for Plymouth/Lamston Stores and the consolidation for Family Media, InC.

"Richard offers us corporate real estate and promotional skills," said Cohen. "That's the key. He has both broker skills and corporate skills, it's a good marriage for our company to develop depth for real estate in the 21st century.'

Cohen Brothers is an integrated owner/developer that arranges its own financing, manages its own construction projects and leases and manages its own properties. Warshauer noted that Cohen Brothers also provides in-house services, such as cleaning operations.

"I'm the new kid on the block,. said Warshauer of his appointment as senior vice president at Cohen Brothers." We do in-house leasing, and our direct responsibility is keeping existing tenants satisfied, as well as attracting new Ones."

Warshauer stated it was an advantage being with a long-established and financially secure firm such as Cohen Brothers, which first embarked on a vigorous campaign constructing high-rise housing in Manhattan in the 1950's. The company has developed more real estate on Third Avenue than any other builder in history, transforming a tenement-lined thoroughfare that had seen few improvements since the turn of the century into one that is now acclaimed as a luxury residential market.

Located at International Plaza, a commercial building it developed at 750 Lexington Avenue at 59th Street, Cohen Brothers is the exclusive leasing agent in the building, which includes such tenants as Lufthansa Airlines; Unimecs America, Inc; Dollar Dry Dock Financial Center; Allied Parking Corp.; and Petrolcos de Venezuela (USA) Corporation.

Warshauer said Cohen Brothers was particularly proud of the development of 805 Third Avenue, The Crystal Pavilion, a 31-story building with more than 600,000 square feet of space. The building, which, he said, uses the latest technological advances in energy efficiency and climate control, is occupied by several prestigious tenants, including Park Avenue law firms, Fortune 100 corporations, and high-fashion East 57th Street retailers.

"Our biggest assignment is 3 Park Avenue, which was built on land owned by the city," said Warsbauer, "and literally half of it is rented by Blue Cross/Blue Shield."

The 41-story building at Three Park Avenue, located at 34th Street, has 675,000 square feet of prime space, 23,000 on each floor, and was designed by architects Shreve, Lamb & Hareon Associates, which designed the Empire State Building just two blocks away.

"The building is set on a 45-degree angle from the street and there are no tall buildings around, so the views are just mind boggling," said Warshauer.

In addition to Blue Cross/Blue Shield, Three Park Avenue boasts such tenants as Hoechst Celanese, Japan Airlines, Westin Hotels, Conrail, Kawasaki, and FDIC.

Warshauer noted that Cohen Brothers made the trend-setting decision to develop 475 Park Avenue South as an office building, though it was originally planned as a residential high-rise. The 35-story building, with 440,000 square feet of first-class office space in floor sizes of 15,525, 13,000, and 10,010, is located midway between Penn Station and Grand Central Terminal.

According to Warshauer, the building was built by Cohen Brothers in 1970 and is the only office tower constructed on lower Park Avenue since the end of World War II.

Current tenants at 475 Park Avenue South include Reed Holdings, the Life Insurance Council of New York, the European American Bank, and several other advertising, insurance and financial services companies.

"Our goal is simple-to keep the tenant happy and to accommodate growth," Warsbauer said. "Like any other business, you cannot hide the facts and fool the eustomer and our goal is to provide tenants with the best and most effective class "A" office space."