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The Midtown office is back: Paul Weiss, MetLife, PJT Partners make their bets
Here were the the top office leases of December 2023
The office market has been struggling, but there’s reason to be optimistic: The largest office lease of the year was signed in the last days of 2023. There’s also a trio of leases tied for ninth place, all in the same building. Which tenant linked the largest lease of the year? Read on to find out.
1) Paul Weiss Rifkind Wharton & Garrison | 1345 Sixth Avenue | Midtown West — 765K sf
In the largest deal not just of the month, but of the year, the law firm inked a 20-year lease. A three-member Newmark team including Moshe Sukenik and Chris Mongeluzo of Newmark represented the tenant while a four-member Fisher Brothers team including Marc Packman and Clark Briffel represented the landlord, alongside a six-member CBRE team including Howard Fiddle and Peter Turchin.
2) MetLife | 200 Park Avenue | Grand Central — 400K sf
The insurance giant renewed its 11-year lease inside the iconic building which bears its name. Patrick Murphy and Peyton Horn of Cushman & Wakefield represented the tenant while Megan Sheehan and Sam Brodsky of Tishman Speyer represented the landlords, Irvine Company and Tishman Speyer.
3) PJT Partners | 280 Park Avenue | Plaza District — 270K sf
The investment bank renewed and expanded its lease for another 15 years. A five-member CBRE team including Mary Ann Tighe and Ken Meyerson represented the tenant alongside Evan Margolin of JLL, while Glen Weiss of Vornado Realty Trust and a four-member SL Green Realty team including Steven Durels and Peter Turchin represented the landlords in house.
4) Duolingo | 4 World Trade Center | Financial District — 86K sf
The language learning app signed a new sublease, taking over Spotify’s space in the building owned by Silverstein Properties.
5) Stonepeak Partners | 245 Park Avenue | Grand Central — 77K sf
The investment firm signed a 15-year lease. A three-member CBRE team including Silvio Petriello and Ben Friedland represented the tenant while a seven-member Cushman & Wakefield team including Patrick Murphy and Bruce Mosler represented the landlord, SL Green.
6) Solomon Partners | 1251 Sixth Avenue | Midtown West — 71K sf
The financial adviser signed a 15-year lease. Neil Goldmacher and Michael Horn of Newmark represented the tenant while David Falk and Peter Shimkin of Newmark represented the landlord, Mitsui Fudosan America.
7) BDT & MSD Partners | 550 Madison Avenue | Plaza District — 70K sf
The merchant bank inked a lease. A four-member CBRE team including Howard Fiddle and Scott Gottlieb represented the landlord, Olayan Group.
8) Q4 Designs | 1 East 33rd Street | Garment District — 27K sf
The apparel company inked a new lease in the Garment District. The building’s landlord is Koeppel Rosen.
9) Duquesne Capital Management | 40 West 57th Street | Plaza District — 25K sf
In the first of a trio of leases at this Plaza District building last month, the investment management firm renewed and expanded its 10-year lease. John Nugent and Craig Reicher of CBRE represented the tenant while a five-member CBRE team including Howard Fiddle and Gregg Rothkin represented the landlord, LeFrak.
9) Silverpeak Real Estate Partners | 40 West 57th Street | Plaza District — 25K sf
The real estate firm inked a 10-year lease, marking the second 25K-square foot lease at the building last month. Silvio Petriello of CBRE represented the tenant while a five-member CBRE team including Howard Fiddle and Gregg Rothkin represented the landlord, LeFrak.
9) Access Industries | 40 West 57th Street | Plaza District — 25K sf
For the final lease at the building, Len Blavatnik’s investment company signed a 10-year lease. Brian Goldman and Matthew Lorberbaum of Newmark represented the tenant while the same five-member CBRE team as in the other deals represented LeFrak.
10) Safe Horizon | 41 Flatbush Avenue | Fort Greene — 20K sf
The social services agency signed a lease. Jason Kroeger and Frank Liantonio of Cushman & Wakefield represented the tenant while a three-member Cushman & Wakefield team including Ron Lo Russo and Pierce Hance represented the landlord, Quinlan Development Group, alongside Joseph Cirone of CBRE.