search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudSL Green, Vornado kick in $100M to extend 280 Park loanSL Green, Vornado kick in $100M to extend 280 Park loan
Commercial
New York

PR giant Edelman renews massive space at Resnick’s 250 Hudson Street

Firm has nearly 175K sf at Hudson Square property

Jack Resnick & Sons president Jonathan Resnick and 250 Hudson Street (Getty Images, Google Maps)
Jack Resnick & Sons president Jonathan Resnick and 250 Hudson Street (Getty Images, Google Maps)

In-person work is getting positive spin from a major public relations firm’s latest deal.

Edelman is renewing its 173,000-square-foot office space at Jack Resnick & Sons’ 250 Hudson Street, the New York Post reported. Financial terms of the lease were not disclosed, but the renewal is for 15 years. Edelman’s space spans roughly half the 341,000-square-foot property.

The firm has been at the Hudson Square office building since 2009, which is when the former printing trades building was converted into a prime office property. Edelman’s chief executive has referred to the company’s move to the property as “one of the best decisions” the firm has made.

CBRE’s Mary Ann Tighe and Ken Meyerson were among those representing Edelman in the renewal. Adam Rappaport and Brett Greenberg represented Resnick in house.

Sign Up for the undefined Newsletter

Read more

Resnick refinanced the office building in 2018 with a $115 million mortgage from PGIM Real Estate Finance. The loan replaced an $80 million mortgage from the same lender that was issued in 2008. Resnick has owned the property, which also counts Bed Bath and Beyond as a tenant, since the late 1960s.

The renewal is a sign of confidence in the office market at a time when landlords sorely needed it. Office occupancy has been essentially stuck around the 40 percent mark and major tech companies have announced in recent months they’re pulling back on plans to expand in the city, showing the sticking power of work-from-home arrangements.

Manhattan leasing volume fell 3.9 percent to about 7.3 million square feet of office space, according to quarterly data from Colliers. The vacancy rate for the quarter was 17.2 percent, a slight improvement from the previous quarter but an increase year-over-year.

— Holden Walter-Warner

Tags
Commercial Real EstateOffice LeasingOffice Market