Downtown office leasing soars 73 percent

TRD New York /
Mar.March 19, 2013 11:00 AM

Downtown office leasing jumped 73 percent in January and February, more evidence of the area’s strong recovery from Hurricane Sandy, according to Cushman and Wakefield data cited by the New York Observer.

A spike in large leases — more than 50,000 square feet — helped spur the surge in activity; seven big deal closed in the first two months of 2013, compared with only two in the first two months of 2012. And seven of the top 10 leases were relocations from Midtown, Midtown South or “expansions by tenants migrating to the market,” according to Jones Lang LaSalle.

Among the big deals: HarperCollins’s 180,000-square-foot lease at 195 Broadway, GfK’s 75,000-square-foot deal at 200 Liberty Street and WeWork’s 120,000-square-foot lease at 222 Broadway.

And with five million square feet space of set to hit the market at 1 World Trade Center, developer and leasing agent the Durst Organization is confident that firms will continue to move downtown.

“As the economy has gotten stronger, we’ve had a steady stream since [the] first of the year,” Robert Becker, Durst’s senior leasing manager, said of the groups checking out 1 World Trade Center, which is 55 percent leased and scheduled to open next year. “We’re very happy,” he said. “We’re expecting to have a busy 2013.” [NYO] — Christopher Cameron 


Related Articles

arrow_forward_ios
The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

Bruce Mosler and Simon Ziff

Simon Ziff and Bruce Mosler join lineup at Future City 2020

151-45 6th Road and Stephen Preuss

Massive, controversial Queens site back on market

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

195 Broadway and L&L Holding's David Levinson and Robert Lapidus (Credit: Google Maps and L&L Holding)

JPMorgan’s asset arm selling 195 Broadway for $800M

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news

Fifth Wall co-founders Brendan Wallace and Brad Greiwe (Credit: Jeff Newton)

Real estate tech investor Fifth Wall launches $500M fund

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

arrow_forward_ios