Lease Deals of the Week: Bloomberg Keeps Its Nearly 1M SF on Lexington Avenue

The top five leases in New York City from May 6 to May 10

reprints


This week, a “clever” deal helped seal one of the largest leases the city has seen so far in 2024. Media company Bloomberg hung on to its 946,815 square feet at 731 Lexington Avenue, owned by the real estate investment trust Alexander's. Steven Roth, the CEO of both Alexander’s and Vornado Realty Trust, said in a recent earnings call he was able to come up with a “clever way of handling the future” that creates a sliding scale for Bloomberg’s rent, depending on market conditions. Meanwhile, Condé Nast offloaded more of its 1 World Trade Center space — this time to Kroll — while law firm Sullivan & Worcester took space to move to 1251 Avenue of the Americas.

Tenant Sq. Feet Address Type Landlord Brokers Asset
Bloomberg 946,815 731 Lexington Avenue Renewal Alexander's N/A Office
Kroll (subtenant) 48,026 1 World Trade Center Relocation Condé Nast (sublandlord) Sublandlord: JLL's Peter Riguardi, Joseph Messina and Andrew Coe. Subtenant: Avison Young's Michael Gottlieb, Marty Cottingham and Alexis Odgers Office
Sullivan & Worcester (subtenant) 41,900 1251 Avenue of the Americas Relocation Lowenstein Sandler (sublandlord) Sublandlord: Cresa's Michael Goldman. Subtenant: CBRE's Jason Gorman, John Nugent, David Fitzgerald and Marlee Teplitsky Office
Studio Museum in Harlem 26,000 121 West 125th Street New Taconic Partners, L+M Development Partners, The Prusik Group and BRP Companies N/A Office
Virginia Union University 19,400 121 West 125th Street New Taconic Partners, L+M Development Partners, The Prusik Group and BRP Companies N/A Office

Lease Deals of the Week reflect leases closed or announced from May 6 to May 10. Information on leases can be sent to editorial@commercialobserver.com.