The Real Deal New York

Office leasing drought breaks

Two big Manhattan leases end slow stretch, but smaller deals drive market

May 01, 2012 03:00PM
By Adam Pincus

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From the May issue: Two big office deals — each for more than 1 million square feet — provided a statistical lift that ended an extremely slow three-month leasing stretch in Manhattan. Indeed, last month saw 4.9 million square feet of Manhattan office space leased, compared to 6.1 million square feet for all of January, February and March combined.

Contributing to the uptick was media giant Viacom, which signed a 15-year renewal and lease expansion last month that runs through 2031. The move will ultimately give the company the entire 1.6 million-square-foot office portion of SL Green Realty’s 1515 Broadway. [more]