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Big deal(s), indeed
Midtown’s logged twice as many 100K + sf leases than it did last year: Cushman
Midtown office leasing is up nearly 12 percent from where it was at the halfway point of 2016, and that’s a big deal. Or, rather, it’s big deals.
Leases of 100,000 square feet or more have driven activity in Midtown throughout the first half of the year, according to Cushman & Wakefield. So far, there have been 10 new leases or renewals of that size, compared to five at the halfway point last year.
| Midtown leases larger than 100,000 square feet through the first half of 2017 | ||||
|---|---|---|---|---|
| Rank | Tenant | Square footage | Address | Type |
| 1 | Alliance Bernstein | 992,043 | 1345 Sixth Avenue | renewal |
| 2 | BlackRock | 847,000 | 50 Hudson Yards | new lease |
| 3 | 21st Century Fox | 793,687 | 1211 Sixth Avenue | renewal/expansion |
| 4 | HSBC | 548,000 | 452 Fifth Avenue | renewal |
| 5 | NewsCorp | 444,000 | 1211 Sixth Avenue | renewal |
| 6 | JPMorgan Chase | 305,908 | 5 Manhattan West | expansion |
| 7 | Kramer Levin Naftalis & Frankel | 265,000 | 1177 Sixth Avenue | renewal |
| 8 | Tommy Hilfiger | 196,792 | 285 Madison Avenue | new lease |
| 9 | Cooley | 131,000 | 55 Hudson Yards | new lease |
| 10 | Snapchat | 121,000 | 229 West 43rd Street | expansion/extension |
| Source: Cushman & Wakefield | ||||
Leasing activity totaled 9.6 million square feet through the first six months of the year, an increase of 11.8 percent over the first half of 2016. Absorption has been positive so far this year at nearly 836,000 square feet, but that’s roughly 50 percent off from the 1.7 million square foot figure from the first half of last year.