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Big Leases Making a Comeback

NEW YORK CITY-The third quarter has seen several office deals for 100,000 square feet or more, and Newmark's Gural says more are coming.

By Paul Bubny | Updated on September 02, 2009

NEW YORK CITY-The third quarter has seen an improvement in Manhattan office leasing generally, even if the investment sales market is comparatively inert. However, while smaller leases remain the bread and butter of the market, one sector that is looking especially alert at the moment is larger deals of 100,000 square feet or more.

Traditionally a doldrums, the period before Labor Day has been enlivened by no fewer than three such leases in the space of a week. Electronic trading firm Instinet last week signed on for three full floors totaling 100,000 square feet at the Blackstone Group’s 1095 Ave. of the Americas. Rudin Management announced on Tuesday that longtime subtenant Loeb & Loeb had committed to 20 years and 155,000 square feet at 345 Park Ave., while in the year’s largest new lease, Gap Inc. is consolidating its New York offices into 265,083 square feet at 40 Worth St.

Earlier in the summer, law firm Orrick, Herrington & Sutcliffe subleased 210,000 square feet at 51 W. 52nd St., Bonnier Corp. converted a longtime sublease into a 10-year direct lease of 100,750 square feet at 2 Park Ave. and Bank of America renewed 114,000 square feet of former Merrill Lynch space at 717 Fifth Ave. until 2014. In another Fifth Avenue deal, the FDIC signed on for 102,000 square feet at the Empire State Building. These deals followed the 240,930-square-foot, 10-year renewal at 51 W. 52nd St. by law firm Wachtell Lipton Rosen & Katz and Showtime Networks re-upping for 15 years on its 202,495-square-foot space at 1633 Broadway.

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