Manhattan’s 10 largest office spaces on the market: PHOTOS
September 23, 2013 04:22PM
By Hiten Samtani
250 Vesey Street (Brookfield Place) - Downtown
The 1.9 million-square-foot Brookfield Office Properties’ building has spaces on the market, spanning 933,786 square feet in total from floors 16 to 34. Per-square-foot asking rents are between $60 and $65.
225 Liberty Street (Brookfield Place) - Downtown
The 2.59 million-square-foot Brookfield building has 837,184 square feet in total from floors three to nine up for grabs. Per-square-foot asking rents are between $51 and $65.
180 Maiden Lane - Downtown
The 1.09 million-square-foot SL Green Realty-owned building has 728,736 square feet on the market altogether, from floors six through 31. Per-square-foot asking rents are between $45 and $48.
375 Pearl Street (former Verizon Building) - Downtown
Sabey Data Center Properties bought this 1.14 million-square-foot building in 2011, and is currently marketing 724,692 square feet on floors 11 through 31. Asking rents were withheld.
532 Washington Street (St. John’s Center) – Midtown South
About 694,485 square feet at this building languished vacant on the market for seven-and-a-half years until this May, when a group of investors comprising Fortress Investment Group, Atlas Capital Group and Westbrook Partners took it off the market temporarily. But it’s now back on the market. The asking rents for the space – comprising of the basement and floors one through four – were withheld.
330 West 34th Street – Midtown
Vornado Realty Trust’s 688,881-square-foot building has 566,058 square feet available on floors two through 14. Asking rents were withheld.
1221 Avenue of the Americas (McGraw-Hill Building) – Midtown
The 2.55 million-square-foot McGraw-Hill Building, which is owned by Canada Pension Plan and the Rockefeller Group, has 536,617 square feet available from floors six through 15, and per-square-foot asking rents were between $78 and $93.
85 Broad Street - Downtown
The 1.2 million-square-foot building owned by MetLife is marketing 497,102 square feet of space on floors five through 18 and per-square-foot asking rents were between $45 and $49.
7 West 34th Street – Midtown
Almost the entire building -- 398,204 square feet out of 431,082 square feet – is up for grabs, and landlord Vornado is asking per-square-foot rents of $62.
51 Astor Place - Midtown South
A spokesperson for landlord Minskoff Equities’ told TRD that the building has leases out for about 40,000 square feet of the 360,000-square-foot building, which had struggled to attract tenants despite initially grabbing the interest of tech titans Facebook and Microsoft. Per-square-foot asking rents for the available 320,000 square feet of total space from the ground floor to the penthouse are between $88 and $118.
From left: 180 Maiden Lane, Marc Holliday, 225 Liberty Street, Dennis Friedrich
If you’re a giant corporate tenant shopping for Manhattan office space, Downtown is probably your best bet. The neighborhood had five of the 10 largest office spaces currently on the Manhattan market, according to an analysis of CoStar Group data carried out by Studley for The Real Deal.
In many cases, the largest Downtown spaces were asking considerably lower rents than spaces in markets such as Midtown, Midtown South and the West Side, the data show. For example, asking rents for the 17th to 27th floors at Brookfield Office Properties’ 225 Liberty Street — better known as Brookfield Place — were between $60 and $65 per square foot, while asking rents for a similarly-sized space at Midtown’s McGraw-Hill Building at 1221 Avenue of the Americas – co-owned by the Canada Pension Plan and the Rockefeller Group — were between $78 and $93 per square foot, the data show.
The list of largest aggregate spaces on the market excludes under-construction buildings, such as those at Related Companies’ Hudson Yards, Silverstein Properties’ 4 World Trade Center and the Durst Organization’s One World Trade Center.
Brookfield Place at 250 Vesey Street — formerly known as the World Financial Center — has the largest amount of space up for grabs, with the building looking for tenants to take a total of 933,786 square feet of space, the data show.
Some of the spaces are on the market because the landlord is looking to reposition the building, as in the case of the former Verizon building at 375 Pearl Street, which Sabey Data Center Properties purchased in 2011 to transform into the country’s tallest data center.
And SL Green Realty, which is looking to find a replacement for departing anchor tenant AIG at its Downtown office building at 180 Maiden Lane, is investing $50 million into upgrades such as a new lobby, new elevator cabs and a 200-person auditorium, according to Steven Durels, director of leasing at SL Green.
Others, such as Edward J. Minskoff Equities’ Fumihiko Maki-designed 360,000-square-foot building at 51 Astor Place, have been struggling to find tenants – indeed 51 Astor Place and its leasing woes have inspired a mock twitter account, “@51deathstar.”
George Shea, a spokesperson for 51 Astor Place’s leasing firm Jones Lang LaSalle, said that several leases totaling 40,000 square feet are out for the 280,000-square-foot office component of the building. (The remainder of the building consists of 55,000 square feet of educational space and 25,000 square feet of retail.)