New batch of Manhattan office towers competing for elite tenants

Five new towers wooing law firm Cravath Swaine & Moore

New York /
Feb.February 26, 2019 08:30 AM

From left: Two Manhattan West, 50 Hudson Yards, The Spiral, One Vanderbilt, Three World Trade Center (Credit: iStock)

With millions of square feet in new office space hitting the market over the next few years, new developments are finding themselves in heated competition to land a handful of elite tenants.

Law firm Cravath Swaine & Moore, whose current 600,000-square foot lease at Worldwide Plaza is up in 2024, is considering a move to one of five new office developments in Manhattan, the New York Post reported.

Those buildings include Brookfield’s Two Manhattan West, the Related Companies’ 50 Hudson Yards, Tishman Speyer’s the Spiral, SL Green Realty’s One Vanderbilt, and Silverstein Properties’ Three World Trade Center. The firm could also opt to remain at its current location at 825 Eighth Ave, where it has been since 1989.

“They’re in a great position to wrestle the best terms from among six different landlords who’d kill to get them or keep them,” one source told the Post.

Cravath Swaine may have most leverage at Two Manhattan West, which Brookfield has decided to move forward on without first securing a single tenant for its 1.9 million square feet of available space. Its four competitors each have at least 1.5 million square feet left to fill as well.

Despite the competition, Cravath’s new space is unlikely to come cheaply, with asking rents at some of the towers hitting three digits per square foot. [NYP]Kevin Sun


Related Articles

arrow_forward_ios
Multifamily sector beating the odds

Multifamily sector beating the odds

Multifamily sector beating the odds
The home improvement retailer will stay in it's Flatiron location (Google Maps)

Home Depot extends lease for Flatiron store

Home Depot extends lease for Flatiron store
Hewlett Packard Enterprise Co. CEO Antonio Neri (Unsplash; Hewlett Packard Enterprise)

Hewlett Packard Enterprise leaves Silicon Valley for Texas

Hewlett Packard Enterprise leaves Silicon Valley for Texas
Convention centers are a losing proposition for private developers, but local governments see them as a way to attract business tourism. (iStock)

Convention centers boom despite shows going virtual

Convention centers boom despite shows going virtual
Charlie Kushner and Laurent Morali with Commons at White Marsh Apartments in Maryland (Photos via Sasha Maslov and CommonsatWhiteMarsh)

Kushner looks to unload multifamily properties for $800M

Kushner looks to unload multifamily properties for $800M
Having learned from missed opportunities a decade ago, family offices are strategically looking for distress opportunities in real estate (iStock)

Family offices are gearing up to pounce on distressed real estate

Family offices are gearing up to pounce on distressed real estate
Slate Property's CEO Martin Nussbaum (West End 87)

Scale Lending originates $38M inventory loan for unsold UWS condos

Scale Lending originates $38M inventory loan for unsold UWS condos
Knotel CEO Amol Sarva (Sasha Maslov, Knotel, iStock)

Evictions, unpaid vendors and back rent: Lawsuits mounting against Knotel

Evictions, unpaid vendors and back rent: Lawsuits mounting against Knotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...