Although leasing in the New York City office market is much stronger than last year, some of the largest buildings in the borough still have massive vacancies.
The three largest blocks of office space on the market, according to an analysis of CoStar data, are located inside towers that are under construction. The 10 biggest blocks are mostly concentrated in Lower Manhattan. Silverstein Properties’ 80-story, 2.8 million-square-foot tower 3 World Trade Center has 1.97 million square feet available. Media investment management firm GroupM leased about 516,000 square feet across nine floors last year.
Space at the Moinian Group’s 66-story mixed-use tower 3 Hudson Boulevard is on the market, but none of the whopping 1.87 million square feet has been spoken for. Avison Young is serving as the leasing agent. The Durst Organization has yet to lease up 1.25 million square feet of the 3 million-square-foot, 104-story skyscraper One World Trade Center.
Meanwhile, 4 World Trade Center opened its doors last year. Silverstein’s 74-story, 2.8 million-square-foot tower has 901,838 square feet available. Of the 1.86 million square feet on 48 floors at 4 Times Square, formerly known as the Condé Nast building, Durst has 846,311 feet available.
The Paramount Group has 814,716 square feet on the market at Paramount Plaza at 1633 Broadway, which totals 2.6 million square feet. The next largest block of available office space is at Sabey Data Center Properties’ Verizon Building at 375 Pearl Street. The 1.1 million-square-foot building has 771,484 million square feet vacant.
MetLife’s 1.1 million-square-foot building at 85 Broad Street has had significant vacancies for a while. A roughly 630,000-square-foot space is still listed in CoStar after more than four years. The 30-story property landed Oppenheimer Holdings for 269,221 square feet in 2011 and Nielsen Media for 116,258 square feet in 2012. Leasing, however, has long been stagnant there.
The ninth largest block of available office space is 195 Broadway, with 580,954 square feet up for grabs. JPMorgan Asset Management acquired a 29-story, 1.05 million-square-foot landmark building late last year.
Finally, the Rockefeller Group has struggled to fully lease up the McGraw-Hill Building at 1221 Sixth Avenue. Of the total 2.65 million square feet, 504,475 square feet of office space is available, CoStar shows.