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Cassidy Turley: Downtown Office Stayed Strong in February

NEW YORK CITY-The submarket saw a sizeable dip in availability thanks to two large lease signings while other areas rebounded from prior periods, according to new research.

By Rayna Katz | Updated on March 05, 2014

NEW YORK CITY-Midtown bounced back in February, and Midtown South stabilized, but the month belonged to Downtown, which kicked into high gear after a slow start to the year, according to a new report from Cassidy Turley.

In Lower Manhattan, the availability rate slipped 60 basis points to 12.7% after the surprising snapping up of two big swaths of space that represented more than a half a million square feet, says Richard Persichetti, VP, research, marketing and consulting. Teach for America signed a 170,000-square-foot lease at 25 Broadway while Revlon will take 90,000 square feet at One New York Plaza.

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