These were the top NYC office leases
in December

TRD New York /
Jan.January 10, 2019 08:30 AM

Clockwise from left: 399 Park Avenue, 1440 Broadway, 345 Park Avenue, and 1 Vanderbilt Avenue (Credit: Google Maps and KPF)

UPDATED, Jan. 11, 12:07 p.m.: Investment managers and co-working firms made up the bulk of last month’s biggest office leases.

All in all, December’s top office leases made up more square footage than November’s. The top 10 office lease deals totaled 2.65 million square feet, more than November’s top 10 leases, which totaled 1.8 million square feet.

1) Deutsche Bank, 10 Columbus Circle, Columbus Circle – 1.1 million square feet

Time Warner Center no more: Deutsche Bank is set to take over 1.1 million square feet of office space at Related Companies’ 10 Columbus Circle. The television giant is relocating to another Related building in Hudson Yards. The tower will be fittingly be renamed the Deutsche Bank Center. JLL represented both sides of the deal, which carries a term of 25 years. Meanwhile, the German financial firm will leave behind its current headquarters at Paramount Group’s 60 Wall Street.

2) Millennium Management, 399 Park Avenue, Plaza District – 300,000 square feet

The asset manager signed a lease for 300,000 square feet of space at 399 Park Avenue, relocating from 666 Fifth Avenue. Asking rents in the 41-story building are between $73 and $90 per square foot. CBRE represented the landlord, Boston Properties.

3) WeWork, 1440 Broadway, Midtown – 236,000 square feet

The co-working firm inked a lease for 236,000 square feet of space across seven floors at 1440 Broadway, where it will have its own private entrance and lobby. WeWork is aiming to open the new space to its members by summer. The building’s landlord is CIM Group.

4) Blackstone, 345 Park Avenue, Midtown East – 148,587 square feet

The investment firm expanded its lease for nearly 149,000 square feet of space at 345 Park Avenue. The space used to be occupied by DWS Group and has been vacant since April. Neil Goldmacher of Newmark Knight Frank represented the tenant while Tom Keating of Rudin Management Company represented the landlord in house.

5) TD Securities, 1 Vanderbilt Avenue, Midtown East – 119,000 square feet

The investment banking firm signed a lease for 119,000 square feet of space at 1 Vanderbilt Avenue, where it will join its colleagues at TD Bank. The lease was the largest of four signed in 1 Vanderbilt last month, totaling 230,000 square feet. Robert Alexander, Ryan Alexander, Doug Lehman and Christopher Hogan of CBRE represented the tenant. The building’s landlord is SL Green Realty.

6) Brink’s, 652 Kent Avenue, South Williamsburg – 92,000 square feet

The security company renewed its 20-year lease for 92,000 square foot custom-built space at 652 Kent Avenue. Richard Berzine, Gordon Ogden and Jack Molloy of Byrnam Wood represented the landlord, First Jeffersonian Associates.

7) Phillips, 432 Park Avenue, Plaza District – 55,000 square feet

The auction house inked a lease for 55,000 square feet of space at 432 Park Avenue, relocating from just down the street. The lease also includes the aptly-named Park Avenue Cube. The building’s landlord is Macklowe Properties.

8) Knotel, 27 West 23rd Street, Flatiron – 51,000 square feet

The co-working firm signed a lease for 51,000 square feet of space at 27 West 23rd Street. It will share the building with liquor company Eldrington. The lease was announced alongside two smaller deals at Bonafide Estate’s 41 and 45 West 25th Street, and Savanna’s 31 West 27th Street. Elie Reiss of Skylight Leasing represented the tenant while Danny Breiman of Olmstead Properties represented the landlord, the Rosen family.

9) Metropolitan Transportation Authority, 1 Pierrepont Plaza, Brooklyn Heights – 47,042 square feet

The MTA renewed its 10-year lease for just over 47,000 square feet of space at 1 Pierrepont Plaza. The lease is worth $2.4 million a year to start. The deal also includes a tenant-improvement allowance for the MTA to build out its space of $1.95 million, or $41.50 per square foot. Howard Fiddle, Evan Fiddle, Eric Sears, Evan Haskell and David Caperna of CBRE represented the landlord, Forest City New York.

10) Fluent, 300 Vesey Street, Financial District – 42,000 square feet

The digital marketing company inked a lease for 42,000 square feet of space at 300 Vesey Street, relocating from 33 Whitehall Street. Eric Cagner, Greg Wang and Todd Hershman of Newmark Knight Frank represented the tenant while Cynthia Wasserberger, Frank Doyle, Andrew Coe and Kyle Young of JLL along with Michael Lencher of Sage Realty Corporation represented the landlord, Frank Viola’s Virtu Financial.

11) Facebook, 335 Madison Avenue, Grand Central – 40,000 square feet

The social network signed a lease for 40,000 square feet of space at 335 Madison Avenue, recently renamed “The Company Building.” The deal comes alongside new leases in the building with cyber security firm BlueVoyant and search engine Narrativ. Timescale, Mint House, Parity Partners, 8VC, Nomad Health, Project Hilltop, Anvyl, 645 Ventures and Republic also signed leases in the building, where asking rents for startups range from $65 to $75 per square foot. The building’s landlord is Milstein Properties.

Update: This story has been updated to include Deutsche Bank’s lease at 10 Columbus Circle.

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