From the March issue: On an island with 450 million square feet of office space, an early 20th-century Midtown building of less than 100,000 square feet is a drop in the bucket.
But in January, the 13-story 681 Fifth Avenue was one of the flash points in a frantic contest between commercial brokerage rivals Cushman & Wakefield and Jones Lang LaSalle. At issue was control of roughly 20 properties, in play because JLL poached five top leasing brokers from Cushman.
In that contest — which is still in full throttle — both sides are bringing out their big guns because every square foot counts. And while lost leasing revenue is the immediate concern, the potential to sell or manage a building down the road is always on a firm’s radar. [more]
