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Year-End Leasing Momentum Will Continue

NEW YORK CITY-The uptick in velocity was driven by a thaw in the credit markets and isn't likely to ebb, says CBRE's Laginestra.

By Paul Bubny | Updated on January 07, 2010

NEW YORK CITY-As it began the year with a whimper, Manhattan’s office leasing market ended 2009 with a roar. Tishman Speyer Properties set a single-month record for its regional operations, with slightly more than one million square feet of leases signed in December.

They included four transactions of more than 100,000 square feet each: three in Midtown and one in suburban New Jersey. And in what was reportedly the largest deal of the year, Paul, Weiss, Rifkind, Wharton & Garrison opted to stay at 1285 Ave. of the Americas. The law firm rented a total of 585,000 square feet in the 1.4 million-square-foot tower that’s owned by AXA Equitable Life Insurance Co. and institutional investors advised by J.P. Morgan Asset Management.

But do these deals, and the general uptick in leasing velocity during the third and fourth quarters of ’09, signal renewed traction? Michael R. Laginestra, the CB Richard Ellis vice chairman who helped negotiate Simon & Schuster’s 292,000-square-foot renewal at Tishman Speyer’s 1230 Ave. of the Americas, thinks so—but with some caveats.

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