Lease Beat

Real Capital Analytics Signs 110 Fifth Avenue Deal

Courtesy of Samson Management

Commercial real estate data provider Real Capital Analytics has signed a 10-year, 16,282-square-foot lease at 110 Fifth Avenue. Asking rent at the Midtown South building, which is now 100 percent leased, is $65 per square foot.

“Real Capital Analytics is expanding and is now able to plan for future growth over the next several years while containing their occupancy to one floor,” said Adam Ardise, senior vice president of Cassidy Turley, who represented the tenant, in a prepared statement. “After an extensive search, RCA decided to sign at the first property we ever toured, in part because of its great location and in part because of the Stanford White architectural design.”

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Market Reports

Midtown South Landlords Rule With Iron Fist Despite Spike in Availability

(Credit: Michael Nagle/Getty)

Despite a fair share of new product hitting the Midtown South market in January, landlords continued to call the shots, seeking ever-growing rents in the city’s epicenter for tech and creative companies, the latest data from Cushman & Wakefield shows.

The data shows that total space increased year-over-year in January by 9.8 percent to more than 4.52 million square feet, yet average rents also increased by 10.7 percent to $50.61 per square foot.

The boost in available product was pronounced among Class A and Class B properties, with 41.03 and 47.1 percent increases, respectively.

“It is still a landlord’s market even though that space has come online,” said Ken McCarthy, C&W’s chief economist.  “Anyone adding space to the market is asking higher rents.” Read More