A reader emailed us, “Why does your column run so many lease stories? Isn’t there other news?”
Well, right now, offices leases ARE the news. Manhattan’s space-gobbling frenzy is a thing to behold.
Neither the pandemic’s supposed work-from-home impact, nor the election of a Marxist mayor, nor wars in Europe and the Middle East made a dent in companies’ confidence in the city.
Here are some recent, market-moving deals.
Three unreported leases signed within the past two months totaled 182,000 square feet at Swig Company’s repositioned 1411 Broadway at West 39th Street.
Zeta Global is moving from 3 Park Ave. and doubling its Manhattan footprint with 50,522 square feet; apparel manufacturer Republic Clothing Corp. converted a sublease into an 81,000 square-foot direct lease; and South Korean beauty conglomerate Amorepacific is moving from 1407 Broadway to 50,522 square feet at 1411.
The 1.3 million square-foot tower, recently modernized to the tune of $100 million, saw more than 566,000 square feet of leasing over the past 18 months, bringing it to 90% occupancy.
CBRE’s Paul Amrich, Neil King, Emily Chabrier and Kelly Tipton team repped Swig alongside Hines, the asset and property manager. Asking rents range between $72 and $110.
Meanwhile, international financial firm Aegon Ltd., which is rebranding itself as Transamerica Inc., chose Alchemy-ABR’s new 125 W. 57th St. for its US headquarters. The lease for 20,600 square feet follows a deal with Anchorage Capital Advisors.
The landlord was repped by JLL’s Mitchell Konsker, Kristen Morgan, Christine Colley, Kate Roush and Dan Turkewitz. Cushman & Wakefield’s Barry Zeller and David Downey acted for Aegon.
The 265,000 square-foot project previously lured Eldridge Industries, Jadian Capital and Kingdon Capital Management. The momentum has filled over 75% of the building in just two years. In addition, Ten Five Hospitality, creator of Mother Wolf restaurants in other cities, leased the retail space for a “new concept.”
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