New York City government agencies dominated office leases in March, with the Manhattan District Attorney and the NYPD securing the top two spots on the list of the month’s biggest deals. The rest of the list is composed mostly of financial firms.
All in all, March’s top office leases made up less square footage than the same time last year. Last month’s top 10 office lease deals totaled 637,000 square feet, compared to about 996,000 square feet in March 2018.
And last month’s 10 largest deals added up to less space than February’s, which totaled 1 million square feet.
1) New York Police Department, 500 Abbot Street, Wakefield – 124,226 square feet
The police department renewed its 20-year lease for 124,226 square feet of space at 500 Abbot Street. The NYPD currently use the space as evidence storage for their narcotics and auto-crime divisions. The building’s landlord is Sound Distributing Corporation.
2) Manhattan District Attorney, 4312 Second Avenue, Sunset Park – 76,613 square feet
The DA’s office inked an 11-year lease for 76,613 square feet of space at 4312 Second Avenue, closing a deal that has been in the works since February of last year. John Morrill, John Reinertsen and Michael Lee of CBRE represented the tenant. The building’s landlord is Gary Damast.
3) Convene, 230 Vesey Street, Battery Park City – 73,000 square feet
The office space provider signed a 10-year lease for 73,000 square feet of space at 230 Vesey Street, replacing a failed Saks Fifth Avenue location. The lease marks Convene’s 30th location nationally. Rocco Laginestra and Jared Freede of CBRE represented the tenant, along with Joseph Messina of JLL. Mikael Nahmias and Justin Coulter of Brookfield Property Partners represented the landlord in house.
4) Bednark Studio, Brooklyn Navy Yard Building 28, Fort Greene – 62,000 square feet
The commercial design firm signed a 10-year lease for 62,000 square feet of space at Brooklyn Navy Yard’s Building 28, relocating from Bushwick. The building’s landlord is the Brooklyn Navy Yard Economic Development Corporation.
5) Deloitte, 330 Hudson Street, Hudson Square – 58,110 square feet
The financial advisory firm expanded its sublease by 58,110 square feet of space at 330 Hudson Street, bringing its total presence in the building to nearly 100,000 square feet. Richard Berzine of Byrnam Wood represented both the tenant and the sublandlord, Pearson.
6) Bank of America, 1540 Broadway, Times Square – 55,877 square feet
The bank signed a sublease for 55,877 square feet of space at 1540 Broadway. Ryan Alexander of CBRE represented the tenant while Scott Gottlieb, Ben Fastenberg and Jeff Frankel of CBRE represented the sublandlord, Viacom.
7) Ambac Financial Group, 1 World Trade Center, Financial District – 50,000 square feet
The financial firm inked a 10-year sublease for 50,000 square feet of Condé Nast’s space at 1 World Trade Center. The media company is scaling back after a year of financial setbacks. Adam Foster and Michael Monahan of CBRE represented the tenant while Peter Riguardi, Steven Rotter, Joseph Messina, Andrew Coe and Brett Harvey of JLL represented the sublandlord.
8) Alliant Insurance Services, 101 Park Avenue, Grand Central – 48,500 square feet
The insurance company signed a lease for 48,500 square feet of space at 101 Park Avenue, where it will join the American Kennel Club’s Museum of the Dog. Joseph Cabrera and David Glassman of Colliers International represented the tenant while John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co.
9) Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, 1250 Broadway, Nomad – 44,718 square feet
The technology law firm signed a 15-year lease for 44,718 square feet of space at 1250 Broadway. Other tenants in the building include Transperfect and Zillow Group. John Mambrino, Nick Farmakis and Pete Cento of Savills represented the tenant while Craig Panzirer of Global Holdings Management Group represented the landlord in house, along with a JLL team of Paul Glickman, Mitchell Konsker, Benjamin Bass, Diana Biasotti and Harley Dalton.
10) Better.com, 3 World Trade Center, Financial District – 44,000 square feet
The online mortgage provider signed a lease for 44,000 square feet of space at 3 World Trade Center. News of the lease comes after the company secured $70 million in Series C funding in January. James Wenk and Dan Turkewitz of JLL represented the tenant while Jeremy Moss and Camille McGratty of Silverstein Properties represented the landlord in house, along with a CBRE team of Mary Ann Tighe, Steven Siegel, Adam Foster, Steve Eynon, Evan Haskell, David Caperna, Ken Meyerson and Rob Hill.