The Real Deal New York

Posts Tagged ‘Office Leasing’

  • From left: Empire State Building and Bulova watch

    From left: Empire State Building and Bulova watch

    Luxury watchmaker Bulova has agreed to take a full floor at the Empire State Building, a deal that will see its staff move from its current location in Queens.

    The company signed a 15-year lease for 33,214 square feet on the 29th floor of the iconic office building, the New York Post reported. Asking rent for the space was $60 per square foot. [more]

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  • From left: 102 West 38th Street and Brett Maslin

    From left: 102 West 38th Street and Brett Maslin

    Two technology companies and a general contractor have signed on for just under 15,000 square feet at 38 & 6 Associates’ 102 West 38th Street.

    Solar panel-maker Solaire Generation inked a 10-year deal for 4,800 square feet on the seventh floor at a price of $41 per square foot. Downstairs on the sixth floor, cloud computing company Nimbo Technologies took 4,658 square feet for an undisclosed amount. [more]

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  • mark-weiss-metlife

    Mark Weiss and 200 Park Avenue

    The International Property Measurement Standards Coalition, a global alliance of real estate groups, intends to unveil a new system next month for measuring square footage at office buildings worldwide. The system would not be mandatory, and could reduce the size of buildings and therefore lessen their value.

    New York City real estate executives, however, said it is unlikely that building owners will voluntarily follow the new standards if it could result in losing money. [more]

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  • Manhattan Trophy Article

    Rental rates are on the rise in Manhattan’s trophy office towers

    Rental rates in Manhattan’s choicest office buildings are on the rise, with asking rents nearing pre-recession highs from 2007 and 2008. [more]

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  • langham-place

    Langham Place (center) in Hong Kong

    Hong Kong tops New York City when it comes to office leasing in towers, as investors are open to paying twice the price for equivalent space in the former, according to a report from Knight Frank.

    Skyscraper office space sold in Manhattan goes for an average price of $25,740 per square meter. Meanwhile, in Hong Kong, it sells for $69,222 per square meter. Tokyo also beats New York in this category, with $42,283. Of the 10 priciest cities for office space in the world, half of them are located in the Asia-Pacific region. [more]

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  • From left: 11 Madison Avenue, 280 Park Avenue and 399 Park Avenue

    From left: 11 Madison Avenue, 280 Park Avenue and 399 Park Avenue

    The downsizing by big banks has caused several of Manhattan’s office towers to bleed millions of square feet of space in recent years, but medium-sized institutions are slowly but surely moving in to fill the void. [more]

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  • 042-043 loss factor se FINAL.indd

    From the February issue: The Chetrit Group sold 123 William Street to East End Capital and GreenOak Real Estate for $133 million in October. In January, the new owners signed the Institute for Career Development, a workforce training company, to a 26,558-square-foot lease for the 27-story office building’s entire fifth floor, CompStak’s database shows. Asking rent for the space was $37 per square foot. [more]

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  • Lower Manhattan office market lags: CBRE

    January 13, 2014 01:55PM
    CBRE-Asking-rent-2014

    Average asking rent in Manhattan. Source: CBRE Group

    The industry mantra has been for months now that the Downtown office market is red hot, but the latest market statistics paint a more nuanced picture. [more]

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  • Midtown West

    Midtown West

    Growth in the technology sector combined with low inventory sent New York City’s average office rents in the fourth quarter to the highest level seen since late 2008, according to a new report from real estate research firm Reis.

    The average asking rent was $61.75 per square foot, a year-over-year increase of 4.2 percent and the highest number seen since since the fourth quarter of 2008, when average asking rents stood at $64.40 per square foot. [more]

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  • From left: 388 Greenwich Street, 3 World Trade Center and 4 Brookfield Place

    From left: 388 Greenwich Street, 3 World Trade Center and 4 Brookfield Place

    Office leasing in Manhattan hit new heights in the fourth quarter of 2014, buoyed by Citigroup’s 2.6 million-square-foot renewal and a flurry of activity Downtown. [more]

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  • 250 West 55th Street (center) and Mort Zuckerman

    250 West 55th Street (center) and Mort Zuckerman

    Boston Properties has struggled to lease up its office tower at 250 West 55th Street in the Columbus Circle area, with the real estate investment trust needing to fill at least another 250,000 square feet before the building begins to turn a profit. [more]

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  • comm-mkt-report-bannerFrom the November issue: Brokers frequently give tech companies the credit for keeping the Manhattan office leasing market afloat at a time when financial and legal services are shrinking their footprints. But many of the larger deals inked over the past year have been in other industries altogether. [more]

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  • Lower Manhattan

    Lower Manhattan

    One year after Hurricane Sandy ravaged Lower Manhattan, the area has mostly recovered, or so claims a new report from local advocacy group the Downtown Alliance. All sectors of the real estate market – office, residential and retail – have been steadily improving over the year, and have shown impressive gains in the last quarter, the report says. [more]

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  • Figures from Cassidy Turley

    Figures from Cassidy Turley

    Manhattan office leasing continued to recover in the third quarter, although some segments of the market began to stratify, per reports from leading commercial brokerages, released today.

    Class B rent increases outpaced those for Class A space, while the very high-end of the leasing market held strong – more than 50 leases with taking rents over $100 per square foot have now been signed in 2013, Cassidy Turley’s numbers show. [more]

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  • From left: Richard Persichetti of Cassidy Turley and Midtown Manhattan

    From left: Richard Persichetti of Cassidy Turley and Midtown Manhattan

    The Manhattan office leasing market saw a surprisingly hot close to the summer. Vacancy in the borough now sits at 11.2 percent – the lowest since 2008, according to a monthly office market report from commercial brokerage Cassidy Turley, released today. [more]

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  • 230 Park Avenue

    230 Park Avenue

    A charitable trust named in part after the late Leona Helmsley is moving into a building once owned by and named after the woman, the New York Observer reported.

    The Leona M. and Harry B. Helmsley Charitable Trust has signed a lease for 5,400 square feet at 230 Park Avenue, formerly known as the Helmsley Building. The trust will occupy a space on the fifth floor of the 35-story, 1.4 million-square-foot building at East 45th Street. The space will serve as the charitable organization’s New York office. The trust also has an office in Sioux Falls, South Dakota. [more]

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  • Seagram Building at 375 Park Avenue

    The Seagram Building

    Manhattan has seen an uptick in office leasing deals with rents per square foot in the triple digits in the first half of the year, signifying a growing demand for premium office space, the Wall Street Journal reported.

    There have been 35 deals with rents north of $100 per square foot so far this year, compared to 41 in all of 2012, according to research from Colliers International seen by the Journal. The 2007 peak of the market saw 113 deals, while at the bottom – in 2009 – there were just 17. [more]

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  • 419 Park Avenue South

    419 Park Avenue South

    The 3D-printing firm Shapeways has signed a 10-year, 9,050-square-foot renewal and expansion at 419 Park Avenue South, the New York Observer reported.

    Shapeways moved into the building two years ago and upped its original occupancy by more than 1,000 square feet in December of last year before adding an additional 3,950 square feet in the latest amendment to the lease. [more]

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  • Offices along Sixth Avenue

    Offices along Sixth Avenue

    Rents on Manhattan’s once-invincible Sixth Avenue have flatlined and vacancies are on the rise, as technology firms are showing a preference for trendier neighborhoods and large blocks of sublease space have hit the market, the Wall Street Journal reported.

    More than 780,000 square feet of office space is available for sublease along Sixth Avenue, according to CoStar data cited by the Journal. This allows tenants to find bargains, but is a worry for landlords who may have made recent big investments in the area. [more]

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  • From the May South Florida issue: South Florida’s office market isn’t as robust as its residential one — just like much of the rest of the country — but the slower pace of leasing comes with an upside: The surplus of inventory is keeping prices in check for tenants. [more]

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