The Real Deal New York

These were NYC’s top office leases in February

By Lucas McGill | March 01, 2019 04:30PM

Clockwise from left: 199 Water Street and Adam Neumann, NoMad Tower at 1250 Broadway, 1633 Broadway and Albert Behler, and a rendering of 441 Ninth Avenue with the Lyft mustache

No particular sector dominated New York City office leases last month, with large deals being inked by everything from tech companies to marketing firms to fragrance companies.

All in all, February’s top office leases made up less square footage than January’s. The top 10 office lease deals totaled 1 million square feet, fewer than January’s top 10 leases, which totaled 1.5 million square feet. Last month’s top ten office leases also totaled less than the top ten office leases of February of last year, which added up to 1.2 million square feet.

1) WeWork, 199 Water Street, Financial District – 201,231 square feet

The co-working firm signed a 15-year lease for 201,231 square feet of space at 199 Water Street. The lease marks the company’s first foray into the Financial District since losing out on space at One World Trade Center last year. Brett Greenberg and Adam Rappaport of Jack Resnick & Sons represented the landlord in-house, along with a Cushman & Wakefield team of John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon.

2) TransPerfect, 1250 Broadway, Garment District – 130,000 square feet

The language tech firm signed a lease for 130,000 square feet of space at 1250 Broadway, becoming the building’s second major tenant, following a 130,000-square foot lease the landlord signed last year with Zillow Group. CBRE represented the tenant while Paul Glickman of JLL represented the landlord, Global Holdings Management Group.

3) New Mountain Capital, 1633 Broadway, Midtown West – 108,000 square feet

The asset manager inked a lease for 108,000 square feet of space at 1633 Broadway, relocating from the AXA Equitable Center across the street. Ken Ruderman and Nate Brzozowski of Savills Studley represented the tenant while Paul Amrich, Howard Fiddle, Stephen Siegel, Patrice Hayden Meagher, Emily Jones and Robert Hill of CBRE represented the landlord, Paramount Group.

4) Lyft, 441 Ninth Avenue, Hudson Yards – 100,638 square feet

The ride-hailing company inked a lease for 100,638 square feet of space at 441 Ninth Avenue, bringing the building to 63 percent occupancy. Steven Rotter and Justin Haber of JLL represented the tenant while Evan Haskell, Stephen Siegel, Paul Haskin, James Ackerson and Ben Joseph of CBRE represented the landlords, Cove Property Group and Baupost Group. The San Francisco-based firm will join cycling company Peloton in the building.

5) Estée Lauder Companies, 27-01 Queens Plaza North, Long Island City – 100,000 square feet

The fragrance and beauty-products company expanded its sublease for 100,000 square feet of space at 27-01 Queens Plaza North. Bruce Mosler, Ethan Silverstein, Mitch Arkin and Kelli Berke of Cushman & Wakefield represented the sublandlord, MetLife. The sublease will last until 2023, when MetLife’s lease expires.

6) Kroll Bond Rating Agency, 805 Third Avenue, Midtown East – 95,000 square feet

The credit-rating company signed a lease for 95,000 square feet of space at 805 Third Avenue. David Carlos, Kurt Handschumacher and David Dwight of Savills Studley represented the tenant. The building’s landlord is Cohen Brothers Realty.

7) Young Adult Institute, 220 East 42nd Street, Murray Hill – 75,000 square feet

The nonprofit signed a lease for 75,000 square feet of space at 220 East 42nd Street. News of the lease comes after landlord SL Green Realty considered selling the property. JLL represented the tenant while Cushman & Wakefield represented SL Green Realty. Other tenants in the building include Omnicom Group, local television station WPIX and the United Nations.

8) (tie) Memorial Sloan-Kettering Cancer Center, 323 East 61st Street, Upper East Side – 75,000 square feet

The cancer-treatment center inked a lease for all 75,000 square feet of space at 323 East 61st Street when it opens in 2020. Mark Weiss of Cushman & Wakefield represented the tenant along with a Newmark Knight Frank team of Neil Goldmacher and Howard Kessler. Bill Hartman of Cushman & Wakefield represented the landlords, William Macklowe Company and LaSalle Investment Management.

9) Golden Touch Imports, 500 Seventh Avenue, Garment District – 60,000 square feet

The women’s and children’s apparel company inked a lease for 60,000 square feet of space at 500 Seventh Avenue. The property was previously the subject of a disagreement between the land owner, Solil Management, which had tried to evict the building owner, Chetrit Group. Savitt Partners represented Golden Touch Imports while Cushman & Wakefield represented the landlords.

10) ResCare Workforce Services, 470 Vanderbilt Avenue, Fort Greene – 59,000 square feet

The home healthcare provider inked a 10-year lease for 59,000 square feet of space at 470 Vanderbilt Avenue. David Hollander, Brad Auerbach and Eric Steiner of CBRE represented the tenant while Daniel Birney and Alexandra Budd of RXR Realty represented the landlord in-house. Other tenants at the building include the Department of Social Services, the New York City Human Resource Administration and the New York City Housing Authority.