WeWork stock has taken a WeDive. Will it resurface?
Though new office leasing activity has been relatively quiet in recent weeks, a handful of big-ticket renewals helped push the Manhattan market over 1 million square feet of space inked in the 30 days ending April 15, according to a review of leasing deals by The Real Deal.
Together, the 10 biggest lease deals in Manhattan made public during this period account for 1,096,952 square feet of space. JLL 
took part in five of the 10 biggest deals.
The top deal signed in that period was HSBC’s renewal at PBC USA’s 452 Fifth Avenue. The London-based financial institution, after checking out spaces in Hudson Yards and Downtown, ultimately renewed for 548,000 square feet at 452 Fifth, where TRD sources said the asking rent was north of $80 per foot. The landlord was represented by Paul Glickman of JLL, while Peter Riguardi of JLL represented the tenant.
The second largest deal was signed by accounting and auditing firm Deloitte, which negotiated a new 98,000-square-foot lease at Rockefeller Group’s 1221 Sixth Avenue. The Big Four accounting firm’s lease penciled out in the mid-$80s a square foot, according to data from Compstak. Rockefeller Group was represented by their in-house management, while Deloitte was represented by Cushman & Wakefield’s John Cefaly.
Meanwhile, co-working behemoth WeWork signed the third biggest lease in that 30-day period. The company, with a reported valuation at $17 billion, has plans to open yet another location in the city, this time at 205 Hudson Street in Greenwich Village. The multi-level lease will occupy the fifth, sixth and seventh floors, totaling 94,740 square feet of office and communal space. WeWork signed a 15-year lease, paying in the high $60s per square foot on the fifth floor and mid-$70s per square foot on the sixth and seventh floors, according to Compstak data. The landlords, Trinity Church Real Estate, Norges Bank Real Estate Management, and Hines, were represented by David Falk, Peter Shimkin, Kyle Ciminelli, Ben Shapiro, Jonathan Franzel and Brittany Silver of Newmark Grubb Knight Frank. WeWork was represented by Michael Schoen of Savitt Partners.
In the fourth largest deal, beauty firm MAC Cosmetics took the 10th through 13th floors at Stellar Management’s One Soho Square. Asking rent was reportedly $125 per square foot. A CBRE team including Stephen Siegel, Greg Tosko, Munish Viralam, Sacha Zarba and Ariel Ball, represented the tenant. The building was represented by a Newmark broker team led by Brian Waterman.
Rounding out the five biggest deals was Swiss commodities trading and mining company Glencore’s 60,000-square-foot lease at 330 Madison Avenue, where it will occupy the entire seventh floor and part of the eighth floor. Glencore’s lease term runs 12 years, and the firm is paying in the high $60s a square foot, according to Compstak data. The landlord, Vornado Realty Trust, was represented in-house by Andrew Ackerman and Kevin West as well as by JLL agents Frank Doyle, Clark Finney and David Kleiner. Glencore was represented by Martin Horner and Reid Longley, also from JLL.
Check out the rest of the list below:
(To view more office leasing transactions in our Deal Sheet, click here)
(If you’d like to submit your own completed transactions, click here)
