Office vacancies pile up along Sixth Avenue
Large companies seeking space along Sixth Avenue, the city’s first address for Fortune 500 companies, are awash with options, the New York Observer noted. One broker said there’s so much unoccupied square-footage that a prospective tenant had to take three separate tours to see all the available space that met their needs.
The mass exodus began last year when Societe Generale vacated 400,000 square feet at 1221 Sixth Avenue to move to 245 Park Avenue. Next door, Time Inc. is reportedly interested in leaving the huge swath of space it populates at the 2 million-square-foot 1271 Sixth Avenue office tower. Nearby, Microsoft has been shopping for space to replace its 200,000 square feet at 1290 Sixth Avenue and 1177 Sixth Avenue is said to have more than 100,000 square feet available.
More recently, Dewey & LeBoeuf’s collapse brought 500,000 square feet of vacancies to 1301 Sixth Avenue and Grub & Ellis is dropping 60,000 square feet in the building after its BGC Partners merger. Finally, UBS may move from 1285 Sixth Avenue. [NYO]