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
By The Editors May 10, 2024 10:00 am
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.
