The commercial real estate market will take a hit from losses on Wall Street. Lehman’s one million-square-foot headquarters at 745 Seventh Avenue is likely to be sold. At the World Financial Center, Merrill Lynch has about 2.6 million square feet of space in towers Two and Four, and their recent absorption by Bank of America will cut down on space needs. Jones Lang LaSalle predicts Manhattan’s Class A vacancy will rise to 11.3 percent by early next year.
Office buildings to see open space
September 16, 2008 08:46AM
