The Real Deal New York

Midtown’s Sixth Ave. was top thoroughfare for 2016 office deals: report

Despite rise of Hudson Yards, the main Midtown stretch saw eight large leases totaling 2.3M sf
March 07, 2017 09:55AM

Sixth Avenue in Midtown

Not everyone wants a shiny new office Downtown or on the Far West Side.

In fact, according to a new report by CoStar, 37 of last year’s 50 largest office deals in Manhattan were in Midtown, the New York Post reported. Sixth Avenue led the big-ticket office deals last year with eight leases that totaled 2.3 million square feet. The largest new lease of the year in Manhattan was Major League Baseball’s 418,000-square-foot deal at the Rockefeller Group’s TRData LogoTINY 1271 Sixth Avenue.

Hudson Yards’ 10th Avenue followed with five deals totaling 1.41 million square feet, and Park Avenue ranked third with 1.32 million square feet.

Still, there’s a significant amount of space available — or set to become available — in Midtown, and it’s unclear if the area will ultimately be able to compete with the newer, modern office space in Lower Manhattan and in Hudson Yards. According to a recent analysis by The Real Deal, Midtown has seen tenants leave 5 million square feet more than its gained since 2011. [NYP] — Kathryn Brenzel