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New York

2009’s two largest leases signed

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alternate text40 Worth Street and 345 Park Avenue (Source: PropertyShark.com)

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A retailer and a law firm recently signed the year’s largest and second-largest new long-term leases. Gap signed a 20-year lease for 265,083 square feet at 40 Worth Street, the largest lease of the year so far. The company plans to put all of its New York offices in the space, moving out of 620 Sixth Avenue and 675 Sixth Avenue over the next two years. The asking rent at 40 Worth Street was $40 per square foot, but the final terms of the deal were not disclosed. Law firm Loeb & Loeb switched from subleasing space from Bristol Meyers at 345 Park Avenue to signing a 20-year direct lease at the same building. The firm added 36,000 square feet when it signed the direct lease, for a total of 155,000 square feet. Instinet also recently signed a massive lease, for 100,000 square feet of office space near Bryant Park.

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