The Real Deal New York

Big deal(s), indeed

Midtown’s logged twice as many 100K + sf leases than it did last year: Cushman
By Rich Bockmann | July 13, 2017 06:35PM

From left: 50 Hudson Yards, 1211 Sixth Avenue and 452 Fifth Avenue

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
RankTenantSquare footageAddressType
1Alliance Bernstein992,0431345 Sixth Avenuerenewal
2BlackRock847,00050 Hudson Yardsnew lease
321st Century Fox793,6871211 Sixth Avenuerenewal/expansion
4HSBC548,000452 Fifth Avenuerenewal
5NewsCorp444,0001211 Sixth Avenuerenewal
6JPMorgan Chase305,9085 Manhattan Westexpansion
7Kramer Levin Naftalis & Frankel265,0001177 Sixth Avenuerenewal
8Tommy Hilfiger196,792285 Madison Avenuenew lease
9Cooley131,00055 Hudson Yardsnew lease
10Snapchat121,000229 West 43rd Streetexpansion/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.