From left: Stephen Siegel and Matthew Van Buren, both of CBRE
A day after a Cushman & Wakefield broker said at a quarterly market briefing that the vacancy rate Downtown could rise by two-thirds, a top broker at competitor CB Richard Ellis gave a more optimistic view of the area during its own briefing today.
Stephen Siegel, chairman of global brokerage at commercial services firm CBRE, said many of the financial giants may not give back all the space once expected. He, along with executive managing director Matthew Van Buren, spoke this morning at the CBRE fourth-quarter market briefing at the firm’s Midtown office.
“I also believe with the exception of 85 Broad [Street], Goldman Sachs will probably retain a lot more space than they were anticipated to, maybe 1 New York Plaza, etc.,” he said. “I think Merrill [Lynch] will stay. If not with all their space then with a significant amount of their space. That is my opinion.”
Although he would not identify Goldman Sachs by name, he suggested in another instance that the firm had removed from the market 260,000 square feet previously offered for sublet at 1 Liberty Plaza, and once again utilized that space. … [more]