These were NYC’s top office leases in November

Facebook dominated the list with its Hudson Yards lease

TRD NEW YORK /
Dec.December 02, 2019 04:00 PM
Clockwise from left: 1 New York Plaza, Hudson Yards, 341 Ninth Avenue and 55 Water Street (Credit: Google Maps, Wikipedia Commons, Getty Images)

Clockwise from left: 1 New York Plaza, Hudson Yards, 341 Ninth Avenue and 55 Water Street (Credit: Google Maps, Wikipedia Commons, Getty Images)

The November office leasing scene maintained October’s momentum, with just under 2.2 million square feet of deals in the ten largest leases. Just one deal by itself – Facebook’s gargantuan 1.5 million-square-foot lease at Hudson Yards – accounted for more than half of that total. Other big tenants on the list include consulting firms, private equity firms and accountants.

The total square footage of November’s top 10 office leases just about equal October’s total, which was also just under 2.2 million square feet. The total is, however, a step up from this time last year. The top 10 office leasing deals of November 2018 totaled about 1.8 million square feet.

1) Facebook, 30, 50 & 55 Hudson Yards, Hudson Yards – 1,500,000 square feet
The social media and tech giant signed its massive, long-rumored lease in Hudson Yards. At 55 Hudson Yards, where Facebook leased 57,000 square feet, the company is paying $116 per square foot with seven months free rent and a tenant-improvement allowance of $190 per square foot. Rob Lowe and Jamie Katcher of Cushman & Wakefield represented the tenant while a team from Related Companies represented the landlord in-house. The deal also brings 30 Hudson Yards to full occupancy.

2) Dentsu Aegis Network, 341 Ninth Avenue, Chelsea – 320,000 square feet
The advertising company signed a 15-year lease to anchor Tishman Speyer’s redevelopment of the upper floors of the Morgan North Post Office building. Richard Bernstein, Adam Ardise and Jared Thal of Cushman & Wakefield represented the tenant while a Tishman Speyer team represented the landlord in-house.

3) Morgan Stanley, 1 New York Plaza, Financial District – 90,000 square feet
The financial firm signed a new deal to expand its existing lease, bringing its total presence in the 50-story building to 1.3 million square feet. Jerry Larkin and Mikael Nahmias of Brookfield represented the landlord in-house.

4) New York City Board of Education Retirement System, 55 Water Street, Financial District – 50,992 square feet
The retirement system inked a sublease, relocating from 65 Court Street in Downtown Brooklyn. John Harris and Christine Colley of Cushman & Wakefield represented the tenant while Jonathan Cope and Brad Gerla of CBRE represented the sublandlord, FXCM. Asking rents at the building range from $55 to $95 per square foot.

5) Crowe, 485 Lexington Avenue, Grand Central – 44,493 square feet
The Chicago-based accounting firm signed a 10-year lease for the entire 11th floor of the building. Adam Ardise, Steve Bellwood, John Harris and John Crisp of Cushman & Wakefield represented the tenant while Paul Glickman, Alex Chudnoff, Diana Biasotti, Ben Bass and Jon Fanuzzi of JLL represented the landlord, SL Green Realty.

6) West Monroe Partners, 825 Eighth Avenue, Midtown West – 41,715 square feet
The technology consultant firm inked a 10-year lease for the entire 17th floor of the building, relocating from just 10,000 square feet at 1700 Broadway. Paul Walker and Conner Kerr of CBRE represented the tenant while a team from SL Green Realty represented the landlord in-house.

7) Midocean Partners, 245 Park Avenue, Grand Central – 38,383 square feet
The private equity firm inked a sublease to relocate from its current office at 320 Park Avenue. David Falk, Jason Greenstein and Michael Shenfeld of Newmark Knight Frank represented the tenant while Silvio Petriello, Jason Pollen, Brett Shannon, Taylor Scheinman and Ramneek Rikhy of CBRE represented the sublandlord, Rabobank.

8) Frank Recruitment, 199 Water Street, Financial District – 35,454 square feet
The recruitment agency will consolidate several offices throughout Lower Manhattan into the entire 10th floor of this building owned by Jack Resnick & Sons. Seth Hecht of JLL represented the tenant while Brett Greenberg and Adam Rappaport of Jack Resnick & Sons represented the landlord in-house, alongside a Cushman & Wakefield team of John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon.

9) Superstructures Engineers + Architects, 14 Wall Street, Financial District – 33,561 square feet
The restoration company signed a lease for space occupied by architecture firm Skidmore Owings & Merrill through April 2020. John Brierty of Newmark Knight Frank represented the tenant while Brad Gerla, Jonathan Cope and Paul Walker of CBRE represented the landlord, Alexander Rovt.

10) Center on Addiction, 711 Third Avenue, Grand Central – 30,000 square feet
The substance abuse nonprofit signed a 15-year lease. Josh Kuriloff, Matthias Li and Adam Nelson of Cushman & Wakefield represented the tenant while SL Green Realty represented the landlord in-house.


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