The fitness company signed a lease for 312,000 square feet of office space at 441 Ninth Avenue in 2018, becoming Hudson Commons’ anchor tenant. Lyft is the building’s second-largest tenant, leasing just over 100,000 square feet.
Partner Insights spoke with Nick Romito, co-founder and CEO of VTS, the commercial real estate industry’s leading technology platform that transforms how strategic decisions are made and executed across the asset life cycle, about what those changes mean for landlords.
Office occupancy pushed past 40 percent last week for the first time since the start of the pandemic, The City reported. The Kastle Back to Work Barometer increased to 41.2 percent; Kastle Systems measures office occupancy by entry into office buildings.
As we emerge from the pandemic, it’s a whole new ball game for building owners and their various amenity spaces. We are currently witnessing a shift in amenity space requests, that, prior to the pandemic, would seem bizarre, unreasonable, and simply out of this world.
Surging interest rates in recent weeks have left many investors with a choice between losing their deposit or paying much more than expected for their mortgage, said Jay Neveloff, a partner at law firm Kramer Levin Naftalis & Frankel LLP.
Commercial real estate is showing the first signs of cooling in more than a year, disrupted by rising interest rates that are already causing some deals to collapse.
Employee opposition to commuting means that landlords and cities aiming to refill their office floors may need to do more than renovate old buildings or put more police on street corners. It may require investing in housing, highways, public transportation, and other infrastructure necessary to reduce commute times.
A major health insurance tenant is setting up shop at Vornado Realty Trust’s One Penn Plaza, a major Midtown office and a key part of Steven Roth’s portfolio.
As many firms downsize but upgrade their office space to account for hybrid work, Midtown tenant Elridge is expanding — leaving Park Avenue for larger digs on Fifth.
The NYPL signed a 33-year lease at ABS Partners Real Estate’s 270 Madison Avenue, the Commercial Observer reported. The office space is across three floors of the 19-story building, covering 41,000 square feet.
