Midtown and Downtown Have Pluses and Minuses

NEW YORK CITY-With the flurry of leasing activity taking place at 7 World Trade Center, it appears the Downtown renaissance is under way. While not everyone may be sold on forgoing Midtown’s prestige–and ever-increasing prices–both areas are appealing to an ever diverse group of tenants.

“Our view of Downtown is that it is quite remarkable,” says Sheldon Cohen, senior managing director of CB Richard Ellis’ Downtown office. “There are companies moving from Midtown to Downtown that five years ago would have never thought of doing it.” Two prime examples are the New York Academy of Science and law firm Darby & Darby, both of which lease space at 7 WTC, not your typical Downtown tenants of the past.

“I think stigma of the attack is gone,” says Thomas Kaufman, executive director of Cushman & Wakefield’s Downtown office. “We are seeing a tremendous push from Midtown to Downtown, especially because of pricing. And if you look at some of the deals–Mansueto, Darby & Darby–those are some big leases. The value is good, the transportation has improved and…there have been a lot of amenities added to Downtown.”