25 Plaza District towers ask $100-plus psf in rent: report

Top floors at 520 Madison, 65 East 55th, 9 West 57th ask over $200 psf
June 07, 2017 05:45PM

The city’s 25 most expensive office towers all average asking rents of more than $100 per square foot, and the highest floors at three towers top $200 a square foot, according to a new report from brokerage JLL.

Tishman Speyer’s 520 Madison Avenue, the Blackstone Group’s Park Avenue Tower at 65 East 55th Street and Sheldon Solow’s 9 West 57th Street all topped $200 in asking rents, the brokerage said. Meanwhile, the asking rent for the most expensive Plaza District buildings rose by 4 percent since September to $144 per square foot, the New York Post reported. According to JLL, strong demand from financial firms like hedge funds is pushing rents up.

One of the largest high-end spaces on the market is at One Columbus Circle, where Time Warner is freeing up 1.8 million square feet as it moves to Hudson Yards. The asking rent at a large block of space there is $155 per square foot.

The most expensive sublease on the market, according to the report, is at Boston Properties’ 510 Madison Avenue for $125 per square foot, while the cheapest is at Vornado Realty Trust’s 640 Fifth Avenue for $69 a square foot. [NYP]Konrad Putzier 

(To view more office leasing transactions in Manhattan, click here)