Lower Manhattan 2014
The downtown office market is continuing to draw tenants from Midtown and Midtown South, reversing historic trends, according to new data from Cushman & Wakefield.
The leasing velocity in lower Manhattan in January was 740,668 square feet. [Update: Cushman & Wakefield originally erroneously said the leasing velocity was 592,959 square feet.]
CFC Capital has signed a lease for the entire 10,640-square-foot 21st floor at SL Green’s 521 Fifth Avenue, Commercial Observer has learned.
The tenant will pay rent starting the low-$60s per square foot in the 10-year deal, according to data from CompStak.
Matthew Stacom, a former top broker at Cushman & Wakefield and prolific dealmaker who orchestrated the sale of the development site that would become the Sears Tower, has died. He was 95.
Mr. Stacom began his career with Cushman & Wakefield in 1946, staying on with the brokerage for nearly seven decades and completing several high profile Read More
Retailer Talbots has signed a 12-year, 49,574-square-foot lease for office space on the second floor of 2 Park Avenue, The Commercial Observer has learned.
The tenant will pay rent in the low $50s per square foot, according to data from CompStak. A previous lease for Penn Mutual on the building’s third floor saw the tenant pay rent in the high $40s per square foot.
A Cushman & Wakefield report found that in the third quarter Lower Manhattan was the sole major office submarket to register positive net absorption.
A total of 523,000 square feet of office space was absorbed, a figure aided by a 2.8 percent jump in October leasing activity from year-ago levels. “Downtown is its own success story,” Tara Stacom, an executive vice chairman at C& W, said in a prepared statement. “Registering more than a half of a million square feet of positive absorption during the third quarter is remarkable. Lower Manhattan has re-invented itself as a 24/7 hub where creative and innovative companies can flourish.”
More good news out of Downtown, with the latest Cushman & Wakefield research showing that it was the only submarket to register positive net absorption in the third quarter.
Downtown saw 523,000 square feet of positive net absorption, while the average asking rents increased 14.8 percent, to $45.66 per square foot.
The firm attributes the Read More
For the first time since construction workers topped off 1 World Trade Center in May, the Durst Organization this morning unveiled a crisp, white-walled model office space that tenants could be replicating as early as next year. Replete with floor-to-ceiling windows and unobstructed views of the city, office spaces below the 64th floor will command $75 per square foot.
“This is the beginning of a big year for us as we begin our transformation from a construction site to an office building,” said Jordan Barowitz, director of external affairs for Durst, before introducing the project’s director of leasing, Eric Engelhardt.
“What we’ve done here is taken the first and biggest step in being able to showcase what the office space can look like for tenants,” Mr. Engelhardt added.
One World Trade Center
Pixafy has signed a 10-year lease for the entire 17,320-square-foot 37th floor at SL Green’s 810 Seventh Avenue, The Commercial Observer has learned. The company will pay rent starting in the mid-$60s per square foot, according to data from CompStak.
Pixafy relocated from 475 Park Avenue South earlier this month after a seven-month, 40-building search for new office space. It is the company’s third relocation since its founding in 2010.
The Durst Organization has set aside two floors totaling 94,000 square feet for a pre-built and build-to-suit program at One World Trade Center, the developer announced today.
The program—located on floors 45 and 46—is designed to accommodate up to 18 tenants. The two floors are being subdivided in to smaller spaces between 2,000 and 20,000 square feet.
When Santiago Calatrava‘s much-delayed World Trade Center transportation hub (maybe) opens in mid-2015, its mammoth concourse floor will be leased out for private events and to retail tenants staging promotional blitzes. And while retail rents between $450 and $550 a foot rival those of respectable Midtown corridors, some industry insiders think that opening up Calatrava’s Oculus concourse to parties and glorified live commercials is an ominous sign for traditional retail in the $3.74 billion project.
Cushman & Wakefield has been appointed by RXR Realty as the exclusive leasing agent for roughly 100,000 square feet being vacated by Pearson at 1330 Avenue of the Americas, where ownership recently completed a capital improvement program and a rare signage opportunity awaits a prospective anchor tenant.
Floors 7 through 10, 14, 16 and 17 will come online in the 40-story trophy building in January 2014, after Pearson vacates the space, freeing up four sides of illuminated signage atop the building (the signage is currently branded “FT” for Pearson-owned Financial Times) for the new tenancy to broadcast its image into the Manhattan skyline.
“We want it to be the right image for the right company, and one that takes a meaningful presence in the building,” said William Elder, leasing director with RXR Realty. “This is a very rare opportunity that allows for top of building signage just outside of Times Square.
SpotCo has signed a lease at 114 West 41st Street, located between Broadway and 6th Avenue in the Garment District.
The entertainment and arts advertising firm, which is relocating from 512 7th Avenue, is taking 23,402 square feet in the 22-Story, 304,000-square-foot building, on floors 18 and part of 17.
“We are thrilled to have a space that will allow us to service the entertainment community in the most contemporary way possible,” said Drew Hodges, SpotCo’s CEO, in a prepared statement.
The Silverstein Properties marketing center on the seventh floor of 7 World Trade Center has the air of a sacred vault. After entering past the sliding glass doors, visitors are greeted by a hallway lined with pictures documenting the World Trade Center’s sometimes contentious, sometimes momentous journey from somber graveyard to gleaming new development featuring state-of-the-art office space and retail.
Pictures depicting union construction workers at a 2010 protest and Larry Silverstein unveiling Jeff Koons’s balloon flower monument outside 7 World Trade Center compete for space with five LCD televisions broadcasting Silverstein promotional videos.
But the most effective marketing in the entire suite may be the building itself.
Investment firm First Spring Corporation has renewed its lease for its 26th floor office at 499 Park Avenue, The Commercial Observer has learned.
The firm will continue to rent 11,591 square feet in the 28-story building, located on 59th and Park.
Tara Stacom and Michael Rotchford, executives at Cushman & Wakefield, took top honors at REBNY’s annual Most Ingenious Deal of the Year Award last night for their work representing the owners of One World Trade Center in the large office lease that was done there last year with the publishing and media giant Conde Nast.
The event, which dolls out a trio of awards, ended with three prominent women as winners, a notable result in the male-dominated leasing and sales brokerage business.