Top-tier landlords up asking rents

TRD New York /
Apr.April 12, 2010 08:57 AM

Asking rents are on the rise at some of the city’s most sought-after office buildings, in a move by landlords that tests the waters of the nascent rebound in leasing activity, up 84 percent in the first quarter from one year ago, according to Cushman & Wakefield. One month ago, SL Green Realty, the largest landlord in the city, increased rents by 5 to 7 percent on its most high-end offerings, including the tower floors at 100 Park Avenue. At the Seagram Building and the Lever House on Park Avenue, asking rents are up about 5 percent. Other buildings that have seen upticks include 712 Fifth Avenue, 540 Madison Avenue and the upper floors of 1 Grand Central Plaza. The trend is confined to the very top-tier of the market, however. Office vacancies are still on the rise in Manhattan, and rents in the overall office market are declining further still, down to $55.38 per square foot — the lowest level in three years — in the first quarter, according to Cushman & Wakefield. [Crain’s]


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt

SL Green snags private-equity firm at
One Vanderbilt

SL Green snags private-equity firm at
One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
From left: SL Green CEO Marc Holliday, Ceruzzi Properties’ Arthur Hooper, the Lipstick Building at 885 Third Avenue and IRSA president Eduardo Elsztain (Getty, Wikipedia, Google Maps)

Lipstick Building ground rent reset leads to appraisal dispute

Lipstick Building ground rent reset leads to appraisal dispute
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
From left: Empire State Building, One Vanderbilt and 220 Central Park South

REITs: A crystal ball for NYC’s commercial real estate

REITs: A crystal ball for NYC’s commercial real estate
Isaac Zion

SL Green’s co-CIO leaving firm

SL Green’s co-CIO leaving firm
Part Two: Brookfield’s Brian Kingston on Manhattan West, Lever House and working from home

Part Two: Brookfield’s Brian Kingston on Manhattan West, Lever House and working from home

Part Two: Brookfield’s Brian Kingston on Manhattan West, Lever House and working from home
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...