The Real Deal New York

The top 10 NYC office leases in May

The city signed the biggest deal of the month with a 194K sf deal at 375 Pearl
By Gina Moreno | June 06, 2017 08:00AM

May's top 10 office leases in New York City
RankAddressSq. Ft.NeighborhoodTenantTenant representativeLandlordLandlord representativeEst. ppf
1375 Pearl Street193,821Lower ManhattanNew York City Human Resources AdministrationCushman & Wakefield, Bob Giglio, George KellerSabey Data Center Properties, Youngwoo & AssociateCBRE, Gregg Rothkin, Gerry Miovski$50
2111 West 33rd Street80,900Garment DistrictGap Inc.CBRE, Eric Deutsch, Jared FreedeEmpire State Realty TrustNewmark Knight Frank, Scott Klau, Erik Harris, Neil Rubin$65
3636-638 West 28th Street64,000Chelsea PiersUberJLL, Alexander Chudnoff, Dan TurkewitzWaterfront NY RealtyWaterfront Realty, Christopher Flagg, Peter Pachios$50
411 West 19th Street52,000Flatiron DistrictCapital OneCushman & Wakefield, Dale SchlatherSavitt, Block BuildingsSavitt Partners, Bob Savitt, Brian Neugeboren$68
51700 Broadway48,000Midtown WestCBSCBRE, Michael Laginestra, Andrew Sussman, Rocco LaginestraRuben CompaniesNewmark Knight Frank, David Falk, Peter Shimkin, Daniel Levine$65
6330 West 34th Street43,000Garment DistrictHomeAdvisorJLL, Steven RotterVornado Realty TrustVornado Realty Trust$68
7590 Madison Avenue40,000Plaza DistrictColony NorthStarJLL, Alexander Chudnoff, Robert Martin; Travers Realty, James TraversSTRS OhioCBRE, Stephen Siegel, Evan Haskell, James Ackerson, Taylor Scheinman, Brett Shannon; Edward J. Minskoff Equities, Jeffrey Sussmann/a
81166 Sixth Avenue33,000Midtown WestHuron Consulting GroupCBRE, Bill Sheehy, Ken Rapp, Ramsey Feher, Lisa KonieczkaEdward J. Minskoff EquitiesJLL, Paul Glickman; Edward J. Minskoff Equities, Jeffrey Sussman$75
95 Penn Plaza28,640Garment DistrictRemedy PartnersCushman & Wakefield, Doug RegalHaymes Investment CompanyCBRE, Peter Turchin, Jason Pollen, Dave Caperna, Hillary Whittier$68
10285 Fulton Street27,320Financial DistrictSailthruJLL, Michael Berg, Howard Hersch, Bill Peters Port Authority of New York and New Jersey, Durst OrganizationCushman & Wakefield, Tara Stacom, Justin Royce, Barry Zeller, Peter Trivelas, Connor B. Daugstrup$78
Source: The Real Deal research of news reports and submitted deals published or received last month.

There wasn’t a tremendous amount of big-ticket office leasing activity in the month of May, but when sizable deals were inked CBRE was usually involved.

The commercial brokerage dominated the top 10 office leasing deals in New York City last month, a review by The Real Deal found, with JLL and Cushman & Wakefield trailing far behind. CBRE was involved in seven deals totaling 451,681 square feet.

In all, the 10 biggest office leases of the month accounted for 610,681 square feet, a drop from April, when the top 10 deals totaled more than 1 million square feet.

1) New York City Human Resources Administration, 375 Pearl Street, Downtown — 193,821 square feet
The city’s Human Resources Administration signed a 20-year lease for 193,821 square feet of office space at the newly remodeled Verizon building at 375 Pearl Street. The agency plans to occupy part of the 20th floor and the entire 21st and 25th floors. It will pay approximately $50 a square foot for the space at the 1.1 million-square-foot tower. HRA will have familiar company at the building — the city’s Department of Finance leases 180,000 square feet of office space between the 26th and 30th floors. Bob Giglio and George Keller from Cushman & Wakefield represented the tenant, while Gregg Rothkin and Gerry Miovski from CBRE represented the landlords, Sabey Data Center Properties and Youngwoo & Associates.

2) Intermix, 111 West 33rd Street, Herald Square — 80,900 square feet
Gap Inc. leased 80,900 square feet of office space on the 8th and 9th floors of Empire State Realty Trust’s 111 West 33rd Street for its female apparel and accessories brand, Intermix. Gap Inc. is moving Intermix’s offices from nearby 1440 Broadway. The asking rent at 111 West 33rd Street was approximately $65 per square foot. Eric Deutsch and Jared Freede of CBRE represented Gap Inc., while Scott Klau, Erik Harris and Neil Rubin from Newmark Knight Frank represented the landlord.

3) Uber, 636-638 West 28th Street, Chelsea Piers — 64,000 square feet
Ride-share company Uber renewed its 52,000-square-foot lease at Chelsea Piers for an additional 10 years and 8 months, and also expanded to take on an additional 12,000 square feet. The asking rent was approximately $50 per square foot. The landlord, Waterfront Realty, was represented in-house by Christopher Flagg and Peter Pachios, while Uber was represented by Alexander Chudnoff and Dan Turkewitz from JLL.

4) Capital One, 11 West 19th Street, Flatiron District — 52,000 square feet
The Virginia-based financial institution signed a 16-year lease for 52,000 square feet of office space on the 5th and 6th floors of 11 West 19th Street. Asking rent at the space was approximately $68 per square foot. In December, Capital One subleased 78,000 square feet of office space from a division of Publicis Groupe. Dale Schlather from Cushman & Wakefield represented the tenant in the latest transaction, while the landlords, Savitt Partners and Block Buildings, were represented in-house by Bob Savitt and Brian Neugeboren.

5) CBS, 1700 Broadway, Midtown — 48,000 square feet
Media network CBS renewed its long-term lease for 48,000 square feet of office space on the 10th and 11th floors at Ruben Companies’ 1700 Broadway. The asking rent was not disclosed but a source told TRD that rents in the lower levels of the tower ask around $65 per square foot. Ruben Companies was represented by David Falk, Peter Shimkin and Daniel Levine of Newmark Knight Frank. CBS was represented by Michael Laginestra, Andrew Sussman and Rocco Laginestra of CBRE.

6) HomeAdvisor, 330 West 34th Street, Midtown West — 43,000 square feet
Home improvement website HomeAdvisor is relocating to Midtown West after signing a 10-year lease for the 43,000 square feet office on the 10th floor of 330 West 34th Street. The monthly rent is approximately $68 per square foot. Steven Rotter from JLL represented HomeAdvisor, while the landlord, Vornado Realty Trust was represented in-house.

7) Colony NorthStar, 590 Madison Avenue, Midtown — 40,000 square feet
Tom Barrack’s newly-merged Colony NorthStar leased 40,000 square feet of office space on the 33rd and 34th floors of 590 Madison Avenue, which is connected to Trump Tower through an atrium. Colony is reportedly paying over $100 per square foot, and will take the space by the end of the year. Alexander Chudnoff and Robert Martin of JLL, along with James Travers from Travers Realty represented Colony. The owner of 590 Madison Ave., STRS Ohio, was represented by the team of Stephen Siegel, Evan Haskell, James Ackerson, Taylor Scheinman and Brett Shannon of CBRE, along with Jeffrey Sussman of Edward J. Minskoff Equities.

8) Huron Consulting Group, 1166 Sixth Avenue, Midtown — 33,000 square feet
Healthcare specialists Huron Consulting Group is moving west — by a few blocks, that is. The company signed a lease for 33,000 square feet of office space on the third floor of 1166 Sixth Avenue. The asking rent was $75 per square foot. Huron is moving from Boston Properties’ 599 Lexington Avenue. A CBRE team of Bill Sheehy, Ken Rapp, Ramsey Feher and Lisa Konieczka represented Huron in the deal. The owner at 1166 Sixth Avenue, Edward J. Minskoff Equities, was represented in-house by Jeffrey Sussman and Paul Glickman of JLL.

9) Remedy Partners, 5 Penn Plaza, Midtown — 28,640 square feet
Healthcare services and technology company Remedy Partners is moving from Chelsea to Midtown. The company leased 28,640 square feet of pre-built office space from Haymes Investment Company at 5 Penn Plaza. The asking rent was $68 per square foot. Doug Regal from Cushman & Wakefield represented the tenant while CBRE’s Peter Turchin, Jason Pollen, Dave Caperna and Hillary Whittier represented the landlord.

10) Sailthru, 285 Fulton Street, Financial District – 27,320 square feet
The international marketing technology company is moving into 27,320 square feet of office space on the 48th floor of One World Trade Center. The asking rent was reportedly $78 per square foot. Michael Berg, Howard Hersch and Bill Peters from JLL represented Sailthru, and Cushman & Wakefield’s team of Tara Stacom, Justin Royce, Barry Zeller, Peter Trivelas and Connor Daugstrup represented the landlords, the Durst Organization and the Port Authority of New York and New Jersey.