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City Hall salvages July’s office leasing list
If not for government agencies, ranking would have looked much different
The top 10 largest office leases in New York City last month included 15 leases. How is that possible?
Well, there was a five-way tie for seventh place and a two-way tie for ninth.
But no deal came close to the largest lease of last month, which was more than twice the size of the next biggest by square footage. It came courtesy of the Adams administration — which figures to be near the top of the August list as well, thanks to a deal for 117,000 square feet at the Durst Organization’s 655 Third Avenue.
Here’s the hierarchy for July.
1) Office of Management and Budget, Mayor’s Office of Contracts, Office of the Actuary | 255 Greenwich Street | Tribeca | 183K sf
The trio of city government offices renewed their collective lease for the sixth through ninth floors of the building, handily snagging the top spot on this list. Adam Rappaport and Brett Greenberg represented the landlord, Jack Resnick & Sons, in-house.
2) Canaccord Genuity Group | 1 Penn Plaza | Penn Plaza | 73K sf
The wealth management service signed a 15-year lease at Vornado Realty Trust’s Penn 1, consolidating Canaccord’s two other Manhattan offices, on Madison Avenue and Whitehall Street. Robert Lowe and Paige Engeldrum of Cushman & Wakefield represented Vornado.
3) Legal Aid Society | 199 Water Street | Financial District | 72K sf
The first of two nonprofits to secure a spot on this list with a lease in this building renewed its space. The Legal Aid Society has been in the building for 20 years. Craig Reicher and Christopher Mansfield of CBRE represented the tenant while Jack Resnick & Sons’ Rappaport and Greenberg again represented the landlord in-house.
4) Center for Reproductive Rights | 199 Water Street | Financial District | 36K sf
The second nonprofit to ink a large lease at 199 Water Street last month was the Center for Reproductive Rights, which renewed for 15 years. A four-member Savills team including Daniel Horowitz and Jeffrey Peck represented the tenant while Rappaport and Greenberg did the honors for Jack Resnick & Sons.
5) FDNY | 59 Paidge Avenue | Greenpoint | 35K sf
The Fire Department signed a lease renewal in Greenpoint, Brooklyn. The building’s landlord is Steel Equities, based in Bethpage, Long Island. Steel’s bread and butter is industrial properties.
6) VTS | 1095 Sixth Avenue | Times Square | 34K sf
The proptech firm signed a sublease to pick up some extra space from Salesforce at the building which bears the larger tenant’s name. VTS was represented by Jim Wenk of Savills, Patrick Heeg of Transwestern and Sam Seiler of JLL, while a three-member CBRE team including Sacha Zarba and James Ackerson represented Salesforce, which leased 200,000 square feet at the building in 2015.
7) New York Compensation Insurance Rating Board | 875 Third Avenue | Midtown East | 30K sf
The insurance nonprofit was the first of five tenants to sign a 30,000-square-foot lease in July, tying for seventh on this list. A four-member Savills team including Jeffrey Peck and Daniel Horowitz represented the tenant while a four-member JLL team including Paul Glickman and Diana Biasotti represented the landlord, Global Holdings.
7) GTS | 545 Madison Avenue | Plaza District | 30K sf
In the next 30,000-square-foot lease, the financial market maker renewed its lease for two years. The building’s landlord is Marx Realty.
7) Graviton Bioscience | 125 West End Avenue | Upper West Side | 30K sf
The bioscience company inked a lease at the West End Labs development. David Stockel of CBRE represented the tenant while Matthew Weir and Matthew Malone represented landlords Taconic Partners and Nuveen Real Estate in-house, alongside a five-member CBRE team including Evan Haskell and Jonathan Schifrin.
7) Joint Industry Board of the Electrical Industry | 1293 Broadway | Penn Plaza | 30K sf
The trade group signed a lease for a new union electrician training center. Ken Ruderman of Savills represented the tenant while a four-member Newmark team including Brian Waterman and Brent Ozarowski represented the landlord, JEMB Realty.
7) Goulston & Storrs | 730 Third Avenue | Grand Central | 30K sf
The law firm inked a 10-year lease. The building’s landlord is Nuveen Real Estate. Nuveen and Taconic Partners led a $120 million renovation of the building, which obtained the second C-PACE loan in New York City history, to be spent on energy-efficiency upgrades.
8) Office of Court Administration | 1 Willoughby Square | Brooklyn Heights | 27K sf
Yet another government agency secured a place on this list as a five-member CBRE team including Paul Amrich and Neil King represented the landlord, JEMB Realty. The owner scored a $235 million construction loan for the building in 2018.
9) Capco | 20 West 34th Street | Garment District | 26K sf
The financial consulting firm signed a 10-year lease in the Empire State Building. Jared Horowitz and Jason Perla of Newmark represented the tenant while Shanae Ursini and Jordan Berger of Empire State Realty Trust represented the landlord in-house, alongside Scott Klau and Neil Rubin of Newmark.
9) Primary | 386 Park Avenue South | Nomad | 26K sf
The venture capital fund inked a new sublease. A three-member Savills team including Shay Bolton and Jim Wenk represented the tenant while an HLL team of three including Scott Panzer and Shannon Rzeznikiewicz represented the sublandlord, MullenLowe.
10) Skanska | 20 West 34th Street | Garment District — 25K sf
The contractor inked a new lease in the Empire State Building. A three-member CBRE team including Joseph Cabrera and David Glassman represented the tenant while Shanae Ursini of Empire State Realty Trust represented the landlord in-house.