Large deal volume dwarfs 2009: SL Green exec

TRD New York /
Sep.September 15, 2010 01:30 PM
From left: Peter Hauspurg, Jonathan Mechanic, Steven Durels, David Greenbaum and moderator Jahn Brodwin
 

Steven Durels, an executive vice president with SL Green Realty, said that the number of larger deals (those between 100,000 square feet and 200,000 square feet) that his firm has seen in 2010 “dwarfs last year.” Still, Durels noted that one key component of the market hasn’t shown as much momentum.

“The pricing [on commercial leases] really hasn’t pushed dramatically,” Durels said, comparing 2009 and 2010 rents. “I’m finally at a point where I actually have competition for space.”

Durels commented on the market in a panel discussion at today’s Bisnow NYC Real Estate Summit, which also included Peter Hauspurg, Chairman and CEO of Eastern Consolidated, Jonathan Mechanic, a partner with Fried Frank, David Greenbaum, president of Vornado Realty Trust and moderator Jahn Brodwin, a senior managing director with FTI Schonbraun McCann Group. Optimism was high, and the panel agreed that this year is shaping up to be much better than 2009.

“Typically, we do 100 to 150 sales transactions a year; in [2009], we did 20. It was reasonably painful,” Hauspurg said. “The first half of 2010 for us has already eclipsed all of 2009.”

 

Related Articles

arrow_forward_ios
Renderings of The William Vale and Denizen Bushwick with a Tel Aviv Stock Exchange ticker

All Year eyes sale of William Vale to pay off bonds

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

Stephen Levin, REBNY's Jim Whelan and Brad Lander (Credit: Getty Images)

The bill that won’t die: Will commercial rent control finally pass?

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

arrow_forward_ios