Midtown Manhattan, the biggest and most expensive U.S. office market, is still adapting to New York’s post-financial-crisis economy, as technology and new media companies flood into the more affordable areas and banks remain wary of expanding in higher-priced real estate.
With construction getting under way on millions of square feet of planned Class A offices on the West Side, much of the leasing action for the year to date has centered on neighborhoods like Murray Hill, the Penn Station area and the Garment District, which are attracting companies that have been priced—or crowded—out of the technology hub in Midtown South, brokers said. Financial companies, traditionally the biggest occupiers of Midtown real estate, remained conservative, pursuing greater efficiency in their use of real estate rather than growth.
“The days of bigger is better are gone,” said Eric Thomas, senior vice president of Cresa, a specialist in tenant representation. “Capital preservation is still key. That’s why renewals still reign in many cases.”
The Phoenix Group Advisors Inc. has renewed and expanded its office in Midtown.
The staffing agency will add an additional 1,000 square feet to their lease at Sherwood Equities‘ 370 Lexington Avenue. The firm previously occupied 2,500 square feet on the 10th floor of the building but will move in favor of a 3,500 square Read More
The real estate investment and development firm Sherwood Equities has announced that the risk management firm CME Group has recently leased a 5,031-square-foot office space at 370 Lexington Avenue, at the corner with East 41st Street.
San Diego-based tech firm Active Network is consolidating its New York City operations while also doubling its office space at 370 Lexington Avenue, a 27-story office tower owned by Sherwood Equities.
Active Network will be taking the entire 25th floor, sized at a healthy 6,300 square feet, in the office building that caters to a variety of boutique tech, architecture and accounting firms.
Zucker’s Bagels & Smoked Fish is opening its second location in Sherwood Equities’ 370 Lexington Avenue.
Zucker’s is a Chamber Street favorite, but will soon be taking the 1,700 retail space on the ground floor at the corner of the Lexington Avenue and 42nd Street. The lease will also include 800 square foot of underground storage area, bringing the total amount to 2,500 square feet.
“The space has high ceilings and has a great presence on the front of the building on Lexington Avenue,” Adam Weissleder, a senior leasing agent at Sherwood Equities, noted on the deal.
Man of many mansions Hunt Slonem has garnished a new far West Side space.
The Southern painter-cum-interior designer has taken 22,500 square feet for 10 years at 509 West 34th Street, past 10th Avenue. The four-story industrial building over a parking garage has a few columns and windows on three sides, offering the perfect canvas for Read More
370 Lexington Avenue
With all the partying in the Grand Central submarket over all the full-floor leases being signed, at least someone’s still looking out for the little guys.
Sherwood Equities has signed more than 100,000 square feet at 370 Lexington Avenue in the past year, totaling 43 transactions, Read More
In uncertain times following a financial implosion, it is either a terrible time to be a financial consulting firm or the perfect time to start one. Newly formed Boxwood Strategic Advisors is going with the latter option. The firm signed a lease for 3,562 square feet at 370 Lexington Avenue.
After a search consisting of Read More
He is known as one of the most prolific Beaux-Arts architects of the Jazz Age by critics, as well as the designer of the Chrysler Building. Some may even remember him as a “Doctor of Altitude,” a title he was awarded by The Architect magazine in 1929, before the Great Depression pushed Art Deco skyscrapers Read More