Bloomberg nabs 191K sf expansion with SL Green

Media giant will occupy 748K sf at 919 Third Avenue after deal

New York /
Dec.December 06, 2021 04:55 PM

Michael Bloomberg, owner and co-founder, Bloomberg L.P. and former mayor of New York City, in front of SL Green’s 919 Third Avenue (SL Green, Getty Images, iStock)

New York City’s biggest office landlord has reason to celebrate after Bloomberg LP agreed to take an additional 191,000 square feet at SL Green’s 919 Third Avenue.

SL Green announced the deal Monday, in which Bloomberg will occupy the 28th to 33rd floors of the Midtown office tower. The media giant will have more than 748,000 square feet at the building once its expansion is complete.

The asking rent in the expanded space was $85 per square foot and that the lease is for six and a half years, Bloomberg told the Commercial Observer. The company was represented by CBRE’s Craig Reicher and Howard Fiddle, while CBRE’s Robert Alexander and Ryan Alexander were among the team representing SL Green.

The building’s entrances, lobby and elevators are being renovated and its ground floor is set for the addition of a coffee bar and bike room, SL Green said in a release.

Bloomberg first took space at 919 Third Avenue in 2015, when the company signed a 15-year lease covering more than 254,000 square feet across eight floors. The next year, Bloomberg leased additional space at the 1.3-million-square-foot building.

Bloomberg’s expanded digs sit just three blocks downtown from the company’s headquarters in Vornado’s 1.3-million-square-foot tower at 731 Lexington Ave. In addition to the company’s offices, the 56-story building includes luxury condominiums and approximately 250,000 square feet of retail space.

SL Green in August scored another big lease at the building when Law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo inked a deal to relocate its headquarters from 666 Third Avenue. The firm agreed to take more than 101,000 square feet in a 20-year lease for three floors and part of the concourse; the asking rent was $80 per square foot.

The Manhattan office market continued to show signs of recovery in November as tenants signed more than 3 million square feet of leases for the first time since January 2020, according to Colliers’ monthly market snapshot. Leasing volume was up 14.8 percent from October, while the average asking rent was $74.14 per square foot, up 0.7 percent from the previous month.





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