Cybersecurity firm logs on at SL Green’s One Madison
Palo Alto Networks is leasing nearly 29,000 square feet at the property in Midtown South. The company will occupy the entire 26th floor; its deal brings the building to 59 percent leased.
Category: Leasing News
LVMH shuffles Midtown office, retail spaces
LVMH Shuffles Midtown Office, Retail Spaces
French luxury goods conglomerate LVMH is making office and retail moves in Midtown.
There’s a lease out for the company to move its American headquarters to Olayan Group’s 550 Madison Avenue, the New York Post reported. It will be relocating from its digs at 19 East 57th Street.
Should a long-term lease be finalized, LVMH will occupy 150,000 square feet of Olayan’s redesigned tower with an asking rent of $190 per square foot.
Joele Frank Relocating to 22 Vanderbilt With 78K-SF Lease
Joele Frank Relocating to 22 Vanderbilt With 78K-SF Lease
Public relations firm Joele Frank is leaving its current digs at 622 Third Avenue in favor of 78,353 square feet at Milstein Properties’ 22 Vanderbilt, formerly 335 Madison Avenue.
The move represents an expansion of about 18,000 square feet for Joele Frank, which signed a 16-year lease with an asking rent of $95 per square foot. Joele Frank plans to open its new office by the end of the year.
StubHub Consolidates NYC Offices to 44K SF at 3 World Trade Center
StubHub Consolidates NYC Offices to 44K SF at 3 World Trade Center
This office is now a big-ticket item.
StubHub has found a new assigned seat for its New York City offices at 3 World Trade Center. The ticket sales platform signed a lease for 44,000 square feet on the 59th floor to consolidate several of its Manhattan locations. The asking rent was $125 per square foot
Engineering Company STV Heads to Empire State Building
Engineering Company STV Heads to Empire State Building
STV, an engineering firm that does architecture, contracting, and construction management, is moving to the Empire State Building.
The company will leave 225 Park Avenue South for 65,248 square feet on the 11th floor of the 102-story Art Deco skyscraper at 20 West 34th Street, according to landlord Empire State Realty Trust. The asking rent in the 16-year lease was $69 a square foot.
Fashion Brand Esprit Opening 38K-SF HQ in Hudson Square
Fashion Brand Esprit Opening 38K-SF HQ in Hudson Square
The fashion brand Esprit will bring its stylings to a new 38,257-square-foot headquarters for its creative and marketing teams at 160 Varick Street.
Esprit stitched together a 10-year lease for part of the 11th floor and the entire 12th floor of the Hudson Square building, according to landlords Trinity Church Wall Street, Norges Bank Investment Management and Hines. The owners declined to disclose the asking rent.
Pearlmark’s Tower 56 starts forced selling for Manhattan offices
Pearlmark’s Tower 56 Starts Forced Selling for Manhattan Offices
With the mortgage due on its Tower 56 building in the Plaza District, Pearlmark Real Estate is negotiating a deal to sell the property at a price that will just about cover its debt, sources told The Real Deal. The Blackstone Group holds the mortgage on the 1980s-era tower and has been working with Pearlmark to allow for an orderly sale.
It’s the first major case of what many expect will be a long line of forced sales in New York and around the country this year, as owners of outmoded office buildings face the hard truth of trying to refinance in the high interest rate environment.
Tech Office Leasing Plummeted in Fourth Quarter
Tech Office Leasing Plummeted in Fourth Quarter
Big tech once appeared to be a savior in the office market. A year later, it’s more of a harbinger of doom.
Leasing by tech companies fell drastically in the fourth quarter, down 57 percent across the country from the previous quarter, according to Savills data reported by Bisnow. The report noted that the 2.2 million square feet leased in the fourth quarter was barely a quarter of the 8.5 million taken a year earlier.
Hedge Fund Two Sigma Keeping 265K-SF 100 Avenue of the Americas Offices
Hedge Fund Two Sigma Keeping 265K-SF 100 Avenue of the Americas Offices
Two Sigma signed a renewal to keep its 265,000-square-foot offices at 100 Avenue of the Americas for another seven years, according to a source with knowledge of the deal. Asking rent was in the mid-$80s per square foot.
Manhattan’s ‘Commodity’ Office Space Might Be on the Mend
Manhattan’s ‘Commodity’ Office Space Might Be on the Mend
There is a revival of leasing activity in the more “commoditized” space, not just the Class A trophy space that heretofore has been the hallmark of the post-pandemic semi-recovery — one that has had owners of Class B and C buildings worried that a comeback at their level might never happen, meaning they will have to consider converting their buildings to another property type, like residential.