The Durst Organization is leaving its trophy tower in a move that could be a shot in the arm for its leasing activity in Manhattan’s struggling office market.
The developer is relocating its offices from One Bryant Park to 1155 Sixth Avenue, the New York Post reported. The firm’s move, slated for next year, will add 25,000 square feet for a total footprint of 110,000 square feet.
For Durst, the positives of the relocation are two-fold. The company will be able to have more space for its growing workforce and contiguous space after occupying separate floors at One Bryant Park.
Durst is also freeing up three floors at One Bryant Park, one of its top quality office buildings in Manhattan. Durst is already marketing the open spaces at the tower, where rents can go up to $200 per square foot and midweek occupancy is above 2019 levels.
This is a return to its roots for Durst. Prior to One Bryant Park’s debut in 2008, Durst’s offices were at 1155 Sixth Avenue. The property isn’t the same as when the developer left it, however, as Durst spent $130 million redesigning and repositioning the property.
Technology services provider Global Relay USA agreed last year to occupy more than 77,000 square feet at the 42-story building. The asking rent for the bottom four floors of its lease was $115 per square foot, while the top floor asked $150 per square foot.
Other recent tenant additions include law firms Jenner & Block and Perkins Coie.
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The Manhattan office market is locked into a dreary state, where values are plummeting and vacancies are piling up. In April, a record 94 million square feet of office space was available in the borough, according to a Colliers report. Tenants only leased 1.5 million square feet that month, well below the monthly average from the previous three years.
— Holden Walter-Warner