Office vacancies may be at historic highs in Manhattan, but some companies are still investing big, despite the uncertain future of in-person working.
Law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo recently inked a deal to move its New York City headquarters. The company will be moving from 666 Third Avenue to SL Green’s 919 Third Avenue in Midtown Manhattan, according to the New York Post.
The 20-year-lease covers three floors and part of the concourse of the building. The lease is for 101,394 square feet — roughly what the firm has now, but with a less optimal layout — and the asking rent was $80 per square foot.
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Other tenants of the building at East 55th Streetinclude Bloomberg and Schulte Roth. Executives from the law firm noted that the floor design of the new office will allow the company to hire more attorneys.
Many offices were expecting to bring employees back in-person shortly after Labor Day. The resurgence of Covid has delayed numerous plans, though, casting the future of in-person working into further doubt.
Nevertheless, there are signs of life in the New York City office market. Last week, the Chubb Group was revealed to be in negotiations for 250,000 square feet at 550 Madison Avenue, with the insurance firm possibly becoming the first tenant there following a $300 million renovation.
The office availability rate as of July in Manhattan was 17.1 percent, holding steady from the previous month. The average asking rent was $72.72 per square foot, the lowest mark since 2017.
[NYP] — Holden Walter-Warner