Manhattan office leasing is picking up steam this summer. Activity was up in July, the second consecutive month with a spike in deal-making. Cushman & Wakefield was the top brokerage, having been involved in four of the top 10 deals made public in July. CBRE was not far behind, having a hand in three of the top 10 deals last month.
Together, the top 10 biggest office lease deals in Manhattan made public during July totaled 1.22 million square feet, up 284,000 square feet from June, where the top 10 deals totaled 939,000 square feet. The total during July was also up over 600,000 square feet from May, where the top 10 deals totaled just 611,000 square feet.
1) 1199SEIU Healthcare Workers East, 498 Seventh Avenue, Midtown South – 580,000 square feet
The healthcare union and its benefit fund inked a lease for 580,000 square feet of office space at 498 Seventh Avenue. The union will take 14 floors in the 25-story building, giving 400,000 square feet to its fund, and keeping the remainder, 180,000 square feet, for itself. Matt Coudert from George Comfort & Sons represented the landlord in-house, while Mary Ann Tighe, Ken Meyerson and Brendan Herlihy of CBRE and Jonathan Serko, Richard Serko and Ed Donnery of Cushman represented the tenant.
2) Cooley, 55 Hudson Yards, Hudson Yards – 130,000 square feet
The Silicon Valley-focused law firm inked a lease for 130,000 square feet of office space at 55 Hudson Yards, totaling five floors, in the 50-story tower, relocating from its former location at 1114 Sixth Avenue in Midtown. Stephen Winter of Related Companies and Bob Alexander and Howard Fiddle of CBRE represented the landlord, Related Hudson Yards, while Moshe Sukenik, Aaron Katz, Patrick Nalls, Michael Shuler and Brian Cohen of Newmark Knight Frank represented the tenant.
3) Spotify, 4 World Trade Center, Tribeca – 100,000 square feet
The music streaming giant extended its lease for an additional 100,000 square feet at 4 World Trade Center, bringing its total to 478,000 square feet. With the extension, Spotify now occupies three additional floors of the 72-story tower. Landlord Silverstein Properties represented itself with an in-house team, along with co-representation from CBRE. JLL represented the tenant.
4) Hospital for Special Surgery, 777 Third Avenue, Turtle Bay – 98,600 square feet
The surgical hospital inked a sublease deal for for 98,600 square feet at 777 Third Avenue for the second through fifth floors of the 38-story tower. Asking rents for the space were roughly $60 per square foot. Heather Thomas, Dale Schlather, Michael Burlant, Greg Herman and Jon Fales of Cushman represented the landlord, cosmetics giant Avon, while Brian Given and Sheena Gohil of Colliers International represented the tenant.
5) Stagwell Group – 1 World Trade Center, Financial District – 83,000 square feet
The investment firm signed a 13-year lease for office space on the 62nd and 63rd floor at 104-story tower at 1 World Trade Center. Asking rents for the space were reportedly in the upper $60s per square feet. Stagwell will be moving four of its subsidiaries, SKDKNickerbocker, PMX Agency, Code and Theory and Harris Insights, into the space. Eric Engelhardt of the Durst Organization represented the landlord in-house, along with Tara Stacom of Cushman. Howard Hersch, Michael Berg and Doug Kauffman of JLL represented the tenant.
6) McKool Smith – 1 Manhattan West, Hudson Yards – 64,120 square feet
The trial firm inked a 15-year lease for 61,120 square feet at the 67-story, 2.1-million-square foot tower at 1 Manhattan West. The legal beagles will occupy the 50th and 51st floors. Jeremiah Larkin, Duncan McCuaig and Alex Liscio represented the landlord, Brookfield Property Partners, in-house, along with a team from Cushman, comprised of Bruce Mosler, Rob Lowe, Ethan Silverstein and Matthias Li. John Amend and JW Amend of the Amend Group represented the tenant, along with a team from Cushman, comprised of John Kuriloff and Drew Braver.
7) Tavistock Group – 100 Church Street, Financial District – 46,492 square feet
The investment firm, which was founded by the owner of Tottenham Hotspur, signed a 15-year lease for 46,492 square feet at the 1-million-square-foot square foot tower at 100 Church Street. SL Green Realty is the landlord of the building.
8) NYU Langone Medical Center – 145 East 32nd Street, Kips Bay – 45,000 square feet
The university medical center renewed its 45,000 square foot office lease for 14 more years at 145 East 32nd Street, with asking rents checking in at around $70 per square foot. Meyer Equities is the landlord of the building.
9) Leerink Partners – 1301 Sixth Avenue, Midtown – 40,811 square feet
The investment bank inked a 40,811 square foot lease for the entire 12th floor of the 45-story tower at 1301 Sixth Avenue, relocating the firm from its previous home at 299 Park Avenue in Midtown. JLL represented the landlord, Paramount Group, and Savills Studley represented the tenant.
10) Intouch Solutions – 469 Seventh Avenue, Midtown South – 34,000 square feet
The digital marketing firm renewed and expanded its lease to 34,000 square feet at the 17-story building at 469 Seventh Avenue. The firm will now take 17,000 square feet on the eighth floor, as well as 17,000 square feet on the tenth floor. Eric Meyer of Meyer Equities represented the landlord in-house, while Marc Schoen and Brian Neugeboren of Savitt Partners represented the tenant.