These were NYC’s top office leases in May

By Lucas McGill | June 05, 2019 04:00PM

Clockwise from left: 55 Water Street, 10 Jay Street, 7 World Trade Center and 300 Park Avenue

Clockwise from left: 55 Water Street, 10 Jay Street, 7 World Trade Center and 300 Park Avenue

CORRECTED, June 6, 11:08 a.m.: An earlier version of this story included a lease at Two Manhattan West, where in fact only a term sheet had been signed.

No particular sector dominated the NYC office leasing scene last month with large leases inked by everything from health insurers to co-working firms to online retailers.

All in all, May’s top office leases made up more square footage than April’s. The top 10 totaled 1.7 million square feet, significantly more than in the previous month, which totaled 1.5 million square feet. However, the total still doesn’t quite measure up to May of last year, about 2.4 million square feet.

1) EmblemHealth, 55 Water Street, Financial District – 440,000 square feet

In one of the biggest deals of the year so far, the health insurance company renewed its 15-year lease for 440,000 square feet of space at 55 Water Street, dispelling last year’s rumors of a planned move. Colliers International represented the tenant, while CBRE represented the landlord, the Retirement Systems of Alabama.

2) New York City Human Resources Administration, 250 Livingston Street, Brooklyn Heights – 342,496 square feet

The administration renewed its 10-year lease for 342,496 square feet of space at 250 Livingston Street, where it has maintained office space since 2000. The Department of Environmental Protection will also occupy the entire eighth floor as part of the lease. The building’s landlord is Clipper Equity.

3) Colgate-Palmolive Company, 300 Park Avenue, Plaza District – 241,657 square feet

The consumer products company renewed its lease for 241,657 square feet of space at 300 Park Avenue. According to Crain’s, landlord Tishman Speyer scrapped plans to redevelop the building to hold on to Colgate-Palmolive. Mary Ann Tighe, Mike Geoghegan, Ken Meyerson and Ariel Ball of CBRE represented the tenant, and Tishman Speyer was represented in-house.

4) WeWork, 620 Sixth Avenue, Flatiron – 212,387 square feet

Continuing its leasing spree, the co-working firm inked a lease for 212,387 square feet of space at 620 Sixth Avenue, taking over Spotify and Mediaocean’s old space. The building’s landlord is RXR Realty. Also in May, WeWork signed four leases, totaling 110,000 square feet, for its “headquarters” offering.

5) Zeta Charter Schools, 425 Westchester Avenue, Morrisania – 98,000 square feet

The school inked a lease for 98,000 square feet of space at Starwood Capital Partners and AB Capstone’s development at 425 Westchester Avenue. Transwestern represented the tenant.

6) Rent the Runway, 10 Jay Street, Dumbo – 83,051 square feet

The online retailer inked a lease for 83,051 square feet of space at 10 Jay Street. The building is a warehouse dating back to 1897, newly converted into an ODA New York-designed office building. Frederick Fackelmayer, Alex Benisatto and Sam Mann of CBRE represented the tenant, while JLL represented the landlord, Glacier Global Partners.

7) Knotel, 110 William Street, Financial District – 80,650 square feet

The flexible office space provider expanded its lease for 80,650 square feet at 110 William Street. The new lease brings its total presence in the building up to about 117,000 square feet, building off of the original lease it signed in August of last year for 36,000 square feet. Greg DiGioia and Michael Morris of Newmark Knight Frank represented the tenant, while Hal Stein, Todd Stracci and Travis Wilson of Newmark Knight Frank represented the landlords, Savanna and KBS Capital Advisors.

8) Skidmore Owings & Merrill, 7 World Trade Center, Financial District – 80,000 square feet

The architecture firm signed a lease for 80,000 square feet of space at 7 World Trade Center, which SOM itself designed. David Goldstein and Matthew Barlow of Savills represented the tenant, while Jeremy Moss of Silverstein Properties represented the landlord in-house.

9) WeWork, 419 Park Avenue South, Flatiron – 67,858 square feet
The co-working company signed a lease for 67,858 square feet of space at 419 Park Avenue South. The building’s landlord is Walter & Samuels.

10) Microsoft, 300 Lafayette Street, Nolita – 63,346 square feet

The tech company signed a lease for 63,346 square feet of space at 300 Lafayette Street, a prominent space it had been eyeing, as reported last year. Lisa Kiell of JLL represented the tenant, while her colleague Clark Finney represented the landlords, Nightingale Properties and WCP Investments.