Vista Equity Partners Takes 95K SF at 50 Hudson Yards
By Mark Hallum August 15, 2022 4:49 pmreprints
Vista Equity Partners signed a 95,000-square-foot lease at 50 Hudson Yards.
The private equity firm will be moving to Related Companies’ 58-story tower, once it’s completed later this year, according to the New York Post.
Vista Equity currently has offices next door at Related and Mitsui Fudosan’s 55 Hudson Yards. Details around whether it’s an additional office or a relocation remain scant on Monday as Related, Vista and Mitsui Fudosan — a subsidiary of one of Japan’s largest real estate companies — remained tightlipped about the deal. Still, the tenant may be paying between $175 and $240 per square foot for its new space, the New York Post reported. It’s unclear who brokered the lease.
While the deal may be news to many, it factored into the Manhattan office market report for July by Colliers, in which the research arm of the brokerage firm stated that Midtown South’s leasing volume had decreased sharply by nearly one-third between June and July and by a quarter year-over year.
The biggest deals of the month not only included Vista Equity Partners’ but also Capital One’s 117,000-square-foot renewal and expansion at 114 Fifth Avenue and its 78,000-square-foot renewal at 11 West 19th Street.
Leasing activity in Midtown South may have been the only part of Midtown seeing such a sharp decline, according to Colliers. In July, the firm recorded 707,630 square feet of leasing compared to the 1.05 million square feet snagged up by tenants in June. For comparison, July 2021 only saw about 925,942 square feet signed away in Midtown South.
Midtown saw an increase from 980,457 square feet in June to 1.98 million square feet in July compared to downtown Manhattan which went from a total of 182,724 square feet to 480,018 square feet of leasing in July.
Mark Hallum can be reached at firstname.lastname@example.org.