Condé Nast and Interpublic Group were the gifts to New York that kept on giving, as the former added 138,773 square feet to the 1 million it inked last year at One World Trade Center and the latter blazed through a series of deals throughout the year, beginning with a whopping 220,359-square-foot transaction in October and ending with a smaller one last month.
In all, the city’s 10 biggest office leasing transaction were modest compared to 2011, when deals by Nomura Holding and Coach reached nearly 2 million square feet alone.
Still, a wave of transactions from a variety of business sectors—from government and education to legal, financial services and media—proved that, even during economic doldrums, bold can be beautiful.
After the jump, the 10 biggest office deals of 2012.
Editor’s Note: Renewals were not included in this list, nor were deals completed after Dec. 18, the date the final tally was published.
Built by the Rockefeller family in the 1930s, Rockefeller Center is one of the largest commercial real estate developments to be built in the past century. Initially spanning approximately two dozen buildings, 22 acres and over 8,000,000 square feet, the district has further expanded in recent years to include a few dozen additional buildings along the Sixth Avenue corridor.
“There has also been a significant slowdown of leasing along the Sixth Avenue corridor, particularly Class A leasing, where leasing in the first half of 2012 was about half the long-term average,” said Melissa Bazar, an executive director at Cushman & Wakefield. “Since the Sixth Avenue corridor is dominated by large corporate users and financial firms, we expect leasing to remain sluggish through the balance of 2012, below the long-term average.”
Inventory has increased from 9.3 percent to 10.5 percent this past year, according to Cushman & Wakefield’s third-quarter report.
The Lawyers You Call
Chadbourne & Parke has signed a 20-year, 200,000-square-foot lease at 1301 Avenue of the Americas, space into which the firm will relocate its Manhattan headquarters from nearby Rockefeller Center, the company announced.
In a statement, the law firm said it would begin the move immediately but that the full transition would take time in order to allow it to outfit parts of the space with a new office installation, which it said will be designed by Gensler, a leading interior design architect.
A real estate executive who was formerly one of the top officers in the real estate empire of billionaire owner and developer Sheldon Solow has filed what is likely to be a multimillion-dollar lawsuit against Mr. Solow for unpaid retirement funds, The Commercial Observer has learned.
Steven Cherniak worked with Mr. Solow for 26 years before abruptly leaving Mr. Solow’s firm, Solow Realty and Development Company, in 2008. In a case filed in U.S. District Court on July 19, Mr. Cherniak alleges Mr. Solow dismissed him without cause and didn’t pay him a previously agreed-upon retirement package.
Media conglomerate Viacom is in talks to renew its lease at its current headquarters, 1515 Broadway, where it has approximately 1.3 million square feet of space, sources revealed to The Commercial Observer.
Just weeks into the second quarter, brokers are already saying that caution continues to linger in the city’s leasing market.
After one of the slowest quarter in years during the first three months of the year, a number of large transactions that have been
rumored to be in talks for months remain in negotiations and big tenants who do have to lease space have made decisions that reflect a
sense of conservatism.
West Side GI, a new medical facility, will be opening its first office on 619 West 54th Street, between 11th and 12th avenues, it was announced earlier today.
The medical firm worked with its management partner, Manhattan-based Frontier Healthcare, to secure the 16,869 square foot lease set for fifteen years.
Chadbourne & Parke’s decision not to move to One World Trade Center surprised few in the real estate industry who for weeks had been telling The Commercial Observer that the firm’s partners were divided about relocating to Lower Manhattan from Midtown where the firm has long been based.