The Real Deal New York

The top NYC office leases in October

The top NYC office leases in October
By Lucas McGill | November 05, 2018 09:00AM

Clockwise from top left: 25 Paidge Avenue, 32 Old Slip, 609 Fifth Avenue, and 71 Lewis Avenue (Credit: Google Maps and RXR Realty)

UPDATED November 5, 2018 at 4:56 pm: October’s top office leases accounted for more square footage than September’s. The top 10 office lease deals last month totaled 1.9 million square feet, larger than September’s top 10 leases, which totaled 1.1 million square feet. The biggest deals involve the lease renewal by the City of New York in Tribeca, a sale-leaseback in Greenpoint, a massive renewal in the Financial District, and the Roman Catholic Church blessing a real estate firm’s 150,000-square-foot lease. 

1) City of New York, 90 Church Street, Tribeca- 420,000 square feet

The city signed the largest lease of the month at 90 Church Street, which is owned by the United States Postal Service. The deal was the in the Downtown submarket so far this year, according to a Colliers report.

2) Zenith Energy, 25 Paidge Avenue, Greenpoint – 324,075 square feet

The energy company inked a 25-year lease for 324,075 square feet of space at 25 Paidge Avenue. The building’s landlord is 25 Paidge LLC, an entity tied to Two Trees Management. Zenith sold the site as part of a $62 million sale-leaseback.

3) Cahill Gordon & Reindel, 32 Old Slip, Financial District – 201,621 square feet

The law firm signed a 20-year lease for 201,621 square feet of space at 32 Old Slip. Moshe Sukenik, Chris Mongeluzo, Eric Zemachson and Tamar Moy of Newmark Knight Frank represented the tenant, while Robert Alexander, Ryan Alexander, Michael Affronti, Zachary Price and Gerry Miovski of CBRE represented the landlord, RXR Realty, along with an in house team of William Elder and Daniel Birney. RXR has been working on a capital improvements program at the 1.1 million-square-foot building, after paying $675 million for it in 2015.

4) Property Resources, 71 Lewis Avenue, Bedford-Stuyvesant – 153,820 square feet

The real estate firm inked a 49-year lease for 153,820 square feet of space at 71 Lewis Avenue. The building’s landlord is the Roman Catholic Church of St. John the Baptist.

5) WeWork, 609 Fifth Avenue, Plaza District – 135,500 square feet

The co-working firm inked a lease for 135,500 square feet of space at SL Green Realty’s 609 Fifth Avenue. The real estate investment trust had bought out prior owner Jeff Sutton, and negotiated relocations and buyouts among its other tenants. WeWork will occupy the entire building, a strategy the co-working firm has been employing throughout the city. 

6) Zillow Group, 1250 Broadway, Nomad – 130,000 square feet

The listings giant inked a lease for 130,000 square feet of space at Global Holdings’ 1250 Broadway. Cushman & Wakefield’s Ed Wartels and Justin Halpern represented Zillow in the deal. The Seattle-based listings giant is planning to move out of its current space at 130 Fifth Avenue next year. 

7) WeWork, 575 Lexington Avenue, Midtown East – 117,000 square feet

The shared office space provider signed a lease for 117,000 square feet of space at 575 Lexington Avenue. The building’s landlords are Normandy Real Estate Partners, Angelo, Gordon & Co. and George Comfort & Sons.

8) WeWork, 149 Madison Avenue, Nomad – 115,000 square feet

The shared office space provider signed a lease for the entire 115,000 square feet of space at 149 Madison Avenue. The building’s landlord is Columbia Property Trust.

9) New York Police Department, 375 Pearl Street, City Hall – 106,000 square feet

The police department inked a 20-year lease for 106,000 square feet of space at 375 Pearl Street. John Morrill and Jonathan Cope of CBRE represented the tenant while Gerry Miovski and Gregg Rothkin of CBRE represented the landlord, Sabey Data Center Properties.

10) Amazon, 26-15 Boody Street, Woodside – 83,000 square feet

The electronic commerce company inked a 11-year lease for 83,000 square feet of space at 26-15 Boody Street. Brad Cohen, Jacob Tzfanya and Jon Kamali of CBRE represented the landlord, Terreno Realty Corporation.

10) BounceX, 1 World Trade Center, Financial District – 79,118 square feet

The marketing technology firm signed a 11-year lease for 79,118 square feet of space at 1 World Trade Center. David Hollander and Scott Bogetti of CBRE represented the tenant while Tara Stacom, Justin Royce, Peter Trivelas, Barry Zeller and Connor Daugstrup of Cushman & Wakefield represented the landlords, the Durst Organization and the Port Authority of New York and New Jersey, along with in house representation from Eric Engelhardt of the Durst Organization.