The Real Deal New York

The top 10 NYC office leases in June

JPMorgan's 300K sf deal at 5 Manhattan West was the biggest deal inked last month
By Ashley McHugh | July 19, 2017 06:00PM

From left: 5 Manhattan West, 1271 Sixth Avenue and 61 Ninth Avenue

Compared to May’s less than stellar performance, June was a pretty solid month for office leasing in New York City.

Together, the 10 biggest office lease deals in Manhattan made public during June totaled 938,748 square feet, up over 300,000 square feet from May, where the top 10 deals totaled 610,681 square feet.

CBRE led the brokerage pack again, having been involved in four of the top 10 deals in June.

Check out the top deals below:

1) JPMorgan Chase, 5 Manhattan West, Hudson Yards – 300,000 square feet

The banking titan inked a 15-year lease for 300,000 square feet of office space at 5 Manhattan West, effectively tripling its footprint in the building. Between 2,000 and 2,500 JPMorgan employees will eventually work at 5 Manhattan West, the bank said. Office asking rents are around $90 a square foot in the 1.8-million-square-foot building. Bruce Mosler, Josh Kuriloff, Rob Lowe, Ethan Silverstein, Matthias Li and Whitney Anderson from Cushman & Wakefield represented the landlord, Brookfield Property Partners.

2) Mizuho Americas, 1271 Sixth Avenue, Midtown West – 148,000 square feet

Mizuho Americas, the U.S. branch of the Japanese investment bank, inked a lease for 150,000 square feet at the Rockefeller Group’s 1271 Sixth Avenue. The financial firm will take the second and third floor of the building, where asking rents on lower floors hit around $70 a foot. The investment bank joins other major companies, such as the New York Times and Major League Baseball, as it prepares to settle into its new home in Midtown West. Mitchell Steir, Matthew Barlow and Steve Berliner of Savills Studley represented the tenant. John Maher, Mary Ann Tighe and Howard Fiddle of CBRE represented the landlord, the Rockefeller Group, as well as in-house counsel, Ed Guiltinan.

3) Aetna, 61 Ninth Avenue, Meatpacking – 145,000 square feet

The insurance firm inked a lease for 145,000 square feet at Vornado Realty Trust and Aurora Capital’s 61 Ninth Avenue, which will become home to 250 Aetna employees. The company plans to lease the entire office portion of the Meatpacking District building and will move in at the end of the year. In order to lure Aetna from Connecticut, New York state offered the company $24 million in performance-based tax credits over the next 10 years. Aetna was represented by Cushman & Wakefield’s Stephen Bellwood and Adam Ardise.

4) Business Insider, 1 Liberty Plaza, Lower Manhattan – 88,000 square feet

The business and technology website inked a 88,000 square feet lease at Brookfield Property Partners’ 1 Liberty Plaza. Sources said the lease starts at $53 per square foot. The company plans to take the entire eighth and ninth floors during its relocation from its former home in Midtown South. Bill Peters, Derek Trulson and Mike Shenot of JLL represented the tenant. David Falk and Peter Shimkim of Newmark Knight Frank represented the landlords.

5) Harry’s USA, 75 Varick Street, Soho – 60,000 square feet

The grooming company signed a lease for 60,000 square feet at the 1.2-million-square-foot building at 75 Varick Street. The razor company is leaving One Soho Square for Trinity Real Estate, Norges Bank and Hines’ Soho building. Other tenants at the 1.2-million-square-foot building include Getty Images, New York Magazine, and Adelphi University. Sacha Zarba, Freddie Fackelmayer, Christopher Mansfield and Adele Huang of CBRE handled leasing from the tenant. Peter Shimkim, David Falk and Kyle Ciminelli of Newmark Grubb Knight Frank represented the landlord.

6) Holwell Shuster & Goldberg, 425 Lexington Avenue, Grand Central – 60,000 square feet

In a sublease deal, law firm Holwell Shuster & Goldberg agreed to lease 60,000 square feet from fellow litigators Simpson Thatcher & Bartlett at 425 Lexington Avenue. With the lease, the legal beagles from Howell Shuster will take over the 12th, 13th and 14th floors of the building. Craig Lemle and Nick Zarnin of Savills Studley represented the tenant. Peter Turchin, Ramneek Rikhy, James Ackerson and Ken Rapp represented Simpson Thatcher & Bartlett.

7) Silver Lake, 55 Hudson Yards, Hudson Yards – 56,000 square feet

The private equity firm signed a 56,000 square foot lease at Related Companies’ and Oxford Property Group’s 1.3-million-square-foot tower at 55 Hudson Yards. The company is slated to take the 40th and 41st floors of the 51-story building upon completion. Silver Lake joins law firms Boies, Schiller & Flexner and Milbank, Tweed, Hadley & McCloy, digital trading provider MarketAxess, Steve Cohen’s money managing fund, and pharmaceutical company Intercept Pharmaceuticals. John Cannon and Howard Rosen of Lee & Associates represented the tenant. Stephen Winter of Related and Emily Jones of CBRE represented the landlords.

8) ITN Networks, 747 Third Avenue, Midtown East – 50,000 square feet

The advertising tech company signed a 15-year lease for roughly 50,000 square feet in the William Kaufman Organization’s 400,000-square-foot building at 747 Third Avenue. ITN will take the entire fifth and 11th floors, as well as parts of the third and fourth floors. Ira Schuman and Daniel Horowitz of Savills Studley represented the tenant. Michael Lenchner of Sage Realty represented the landlord.

9) VCS Group, 1407 Broadway, Midtown West – 42,748 square feet

The women’s footwear designer inked a 10-year deal for 43,000 square feet at Shorenstein Properties’ 1.1-million-square-foot property at 1407 Broadway. Asking rent in the deal was approximately $58 per square foot. Vince Camuto’s company will take over most of the third floor of the building. Jeff Rosenblatt of CBC Advisors represented the tenant. Peter Turchin, Brett Shannon and Gregg Rothkin represented Shorenstein in the deal.

10) Serendipity Labs, 26 Nassau Street, Financial District – 34,000 square feet

The co-working company Serendipity Labs signed a 16-year lease for 34,000 square feet at FoSun International’s office tower at 26 Nassau Street. Serendipity is partnering with UrWork, a top Chinese co-working firm. The duo is set to take the entire sixth floor of the 60-story building. This new space is Serendipity’s seventh location but its first in New York. It’s also UrWork’s first U.S. location. John Wheeler and Michael Berman of JLL represented Serendipity. Peter Riguardi, Mitchell Konsker and Dan Turkewitz of JLL represented FoSun. Omer Ozden of Rocktree Capital represented UrWork in the deal.

June's top 10 office leases in New York City
RankAddressSq. Ft.NeighborhoodTenantTenant representativeLandlordLandlord representative Est. ppf
15 Manhattan West300,000Hudson YardsJP Morgan ChaseBrookfield Property Partners$90/sf
21271 Sixth Avenue148,000Midtown WestMizuho AmericasSavills Studley's Mitchell Steir, Matthew Barlow, Steve BerlinerRockefeller GroupCBRE's John Maher, Mary Ann Tighe and Howard Fiddle; Rockefeller Group's Ed Guiltinan$80/sf
361 Ninth Ave145,000Meatpacking DistrictAetnaCushman & Wakefield's Stephen Bellwood,
Adam Ardise
Vornado Realty Trust, Aurora Capital AssociatesVornado Realty Trust
41 Libery Plaza88,000Lower ManhattanBusiness InsiderJLL's Bill Peters, Derek Trulson, Mike ShenotBrookfield Property PartnersNewmark Knight Frank's David Falk and Peter Shimkin$53/sf
575 Varick Street60,000SohoHarry’s USACBRE's Sacha Zarba, Freddie Fackelmayer, Christopher Mansfield and Adele Huang Trinity REITNewmark Grubb Knight Frank's Peter Shimkin, David Falk and Kyle Ciminellin/a
6425 Lexington Avenue60,000Grand CentralHolwell Shuster & GoldbergSavills Studley's Craig Lemle and Nick ZarninSimpson Thatcher & Bartlettn/a
755 Hudson Yards56,000Hudson YardsSilver LakeLee & Associates NYC's John Cannon and Howard RosenRelated Companies, Oxford Property Group, Mitsui FudosanCBRE's Emily Jones and Related's Stephen Winter
8747 Third Avenue50,000Midtown EastITN NeworksSavills Studley's Ira Schuman and Daniel HorowitzWilliam Kaufman OrganizationSage Realty's Michael Lenchner$60/sf
91407 Broadway42,748Midtown WestVCS GroupColdwell Banker Commercial Advisors's Jeffrey RosenblattShorenstein PropertiesCBRE's Peter Turchin, Gregg Rothkin, Brett Shannon, Ben Fastenberg, Keith Caggiano and Ross Zimbalis$50/ft
1026 Nassau Street34,000Financial DistrictSerendipity LabsJLL's Michael Berman and John WheelerFosun Property HoldingsJLL's Daniel Turkewitz, Mitchell Konsker and Peter Riguardi
Source: The Real Deal reasearch of news reports and submitted deals published or received last month.