Prepared by Richard Plehn
Welcome to the Weekly Real Estate news! Mid January, the commercial real estate market is bustling with noteworthy developments. From major office leases to groundbreaking projects, we’re bringing you key updates on the trends and transactions shaping the city’s dynamic landscape.
Stay tuned as we explore the latest news driving the office real estate industry in New York and beyond.
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New York Business Journal
JPMorgan Chase among major office lease renewals in Q4 – NY Biz Journal
CBRE to acquire Industrious in $800M deal – NY Biz Journal
FDIC to move offices out of Empire State Building – NY Biz Journal
Chess Builders buys development site for 28-story apartment tower in Manhattan – NY Biz Journal
M&T Bank readies to lend again in 2025 – NY Biz Journal
KnitWell Group expands Times Square office by 29% – NY Biz Journal
The Real Deal
Williams Equities Buys Midtown South Building for $147M – TRD
Nathan Berman’s Metro Loft Management Converting 767 Third Avenue – TRD
Tishman Speyer Seeks to Refi the Spiral With $2.7B Bond Sale – TRD
RXR Purchases Stake in Ivanhoe Cambridge’s 1211 Sixth Avenue – TRD
NYC Top Office Leases December 2024 – TRD
Brooklinen Inks 32k SF Lease At 225 Varick Street – TRD
Shorenstein Cuts Executives, Grapples With Office Distress – TRD
Bisnow
While The NYC Office Market May Look Challenged, A Cushman & Wakefield Report Tells A Different Story – Bisnow
Sales Of NYC Office Buildings Double As More Occupiers Seize The Moment – Bisnow
Namdar, Empire Swallow $22M Loss At 345 Seventh Ave – Bisnow.
Williams Equities Acquires 470 Park Ave. S. For $100M Below Last Sale Price – Bisnow
CBRE Signs Deal To Open New Global Financial HQ On Park Avenue – Bisnow
Manhattan Office Market Closes 2024 With Most Active Quarter In 5 Years – Bisnow
Citadel Expands NYC Office Footprint With 500K SF Lease – Bisnow
BXP, Moinian, BRP Selected To Develop $1.4B Project Near Hudson Yards – Bisnow
Wall Street Journal
Exclusive | Giant Commercial-Property Firm Goes All In on Co-Working With New Deal – WSJ
Even With an Office Glut, Firms Can’t Find the Kind of Space They Want – WSJ
The Commercial Observer
Focus Financial Takes 25K SF at 1325 Avenue of the Americas – Commercial Observer
Financial Services Firm Euclidean Capital Opening 23K-SF Office at 149 Fifth Avenue – Commercial Observer
Energy Infrastructure Firm LS Power Renews 14K SF at 1700 Broadway – Commercial Observer
Davis Wright Tremaine Relocating Within 1251 Avenue of the Americas to 53K SF – Commercial Observer
Italian Luxury Retailer Loro Piana Takes 25K SF at LeFrak’s 40 West 57th Street – Commercial Observer
Incline Equity Partners Expands to 32K SF at 101 Park Avenue – Commercial Observer
LifeSciences Consultants Opens First U.S. Location at Penn 1 – Commercial Observer
Law Firm, Hedge Fund Ink Deals at Fisher Brothers’ 1345 Avenue of the Americas – Commercial Observer
Jay Suites Renews 60K-SF Offices at 515 Madison Avenue – Commercial Observer
Investment Manager Oaktree Moving to 79K SF at 1290 Avenue of the Americas – Commercial Observer
Vanderbilt Home Collections Signs 14K SF Lease at 20 West 33rd Street – Commercial Observer
Crain´s New York
Empire State Building’s success leads to $50M tax bill – Crain´s NY
Mexican banking heir must decide if he wants to keep struggling Fifth Avenue office tower – Crain´s NY
New York Post
Third Ave. is unlikely investor hotspot as Manhattan’s core leases up – New York Post
Companies are once again battling for Manhattan office space and prices are surging – New York Post
NYC building investors are getting prices last seen 20 years ago as values bottom out – New York Post
