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Giant leases and renewals drove New York’s office market in January

Citadel takes 504k square feet as it waits for new HQ

Giant Lease From Citadel Drove New York Office
Citadel's Ken Griffin, KnitWell Group's Lizanne Kindler and FDIC's Travis Hill with 660 Fifth Avenue, 7 Times Square and 1166 Sixth Avenue (Getty, KnitWell Group, FDIC, Google Maps, BPX)

Key Points

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This summary is reviewed by TRD Staff.
  • The top ten office leases in New York City for January 2025 were led by Citadel's 504,000-square-foot lease at 660 Fifth Avenue and KnitWell Group's 246,000-square-foot lease at 7 Times Square.
  • Other notable leases included those signed by government agencies FDIC and GSA, tech giant IBM, and financial firms Oaktree Capital Management and Hartree Partners.

 

January saw the New York City office leasing scene off to a strong start, at least if the top ten largest leases of the month are any indication. Several major tenants signed titanic leases and renewals last month, the list including finance companies, tech giants and even a pair of government agencies — perhaps just ahead of DOGE’s downsizing.  

1) Citadel | 660 Fifth Avenue | Plaza District | 504K sf

Ken Griffin’s financial services firm signed a massive new lease across 20 floors in Brookfield Properties’ Plaza District building while it awaits its newly constructed headquarters at 350 Park Avenue. In-house brokers, a CBRE team and attorneys with Skadden, Arps, Slate, Meagher & Flom represented the building. Newmark brokers represented Citadel along with attorneys from Fried, Frank, Harris, Shriver & Jacobson LLP. 

2) KnitWell Group | 7 Times Square | Times Square | 246K sf

The fashion company inked an expansion in its Times Square building. The company owns a suite of clothing brands including Ann Taylor. A five-member CBRE team including Eric Deutsch and Ken Meyerson represented the tenant. The building’s landlord is BXP.

3) FDIC | 1166 Sixth Avenue | Sixth Avenue-Rockefeller Center | 147K sf

The government agency in charge of insuring bank deposits signed a new 10-year lease in the building, where it plans to relocate from current digs at the Empire State Building. Connor Faught and Sheena Gohil of Colliers represented the tenant, while a four-member JLL team including Paul Glickman and Diana Biasotti represented the landlord, Edward J Minskoff Equities, alongside in-house representation from Jeffrey Sussman and Matt Pynn.

4) General Services Administration | 159-30 Rockaway Boulevard | Jamaica | 139K sf

The government agency inked a new lease in Jamaica for space to be used as an operations facility for the Customs and Border Protection agency. The agency is relocating from Building 77 of John F. Kennedy International Airport. A four-member CBRE team including Vincent LaManna and Richard Freel represented the tenant, while Joseph Brennan and Chloe Edwards of JLL represented the landlord, Edward J Minskoff Equities.

5) IBM | 1 Madison Avenue | Flatiron | 93K sf

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The tech giant inked a new 15-year expansion in the Flatiron building, bringing its total presence in the building up to a whopping 362K square feet. Patrick Murphy and Winston Schromm of JLL represented the tenant, while a four-member JLL team including Paul Glickman and Alexander Chudnoff represented the landlord, SL Green Realty.

6) Oaktree Capital Management | 1290 Sixth Avenue | Plaza District | 79K sf

The investment manager inked a new lease in the Plaza District building. John Nugent of CBRE represented the tenant. The building’s landlord is Vornado Realty Trust.

7) CBRE | 390 Park Avenue | Plaza District | 64K sf

The real estate firm and its partner Industrious inked a new lease in the Plaza District building. Silvio Petriello of CBRE represented the tenant in-house, while a six-member CBRE team including John Maher and Peter Turchin represented the landlords, WatermanCLARK and Brookfield Properties.

8) Jay Suites | 515 Madison Avenue | Plaza District | 60K sf

The conference space provider signed a 12-year renewal in the Plaza District building. The building is owned by GFP, whose Jeffrey Gural represented both sides of the transaction.

9) Spectrum Reach | 3 Times Square | Times Square | 56K sf

The advertising firm inked a new 11-year lease in the Times Square building. Robert Stillman, Cara Chayet and Liz Lash of CBRE represented the tenant, while Thomas Keating of Rudin represented the landlord in-house alongside a six-member Cushman & Wakefield team including Ron Lo Russo and John Cefaly.

10) Hartree Partners | 1185 Sixth Avenue | Sixth Avenue-Rockefeller Center| 54K sf

The energy investment firm inked a new lease, with Ben Friedland, Munish Viralam and Gary Davies of CBRE representing the tenant. A five-member Newmark team including Brian Waterman and Scott Klau represented the landlord, SL Green Realty.

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