NY State close to renewing huge lease at Piedmont’s 60 Broad

Footprint could shrink slightly

TRD New York /
Aug.August 03, 2018 07:00 AM

Donald A Miller of Piedmont and 60 Broad Street (Credit: Piedmont Office Realty Trust, Agorafy, and Structurae)

New York State is in “advanced discussions” to renew its lease at 60 Broad Street, landlord Piedmont Office Realty Trust said in a filing with the Securities and Exchange Commission.

The State currently occupies nearly 481,000 square feet under a lease expiring in the first quarter of 2019. According to Piedmont, a new long-term deal could come with a “potential modest square footage contraction.”

Other tenants in the 1.03-million-square-foot tower include co-working company Bond Collective.  The German stock exchange Deutsche Börse recently decided to leave the building for the Durst Organization’s 1155 Sixth Avenue.

The State has been a tenant since 1997. Piedmont bought the building in 2003 for $213.6 million, property records show.

Related Articles

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys