Vornado Realty Trust sees multiple fundamentals trending positive in Manhattan's office sector. One of them is leasing, which is at the "foothills of recovery," the company's CEO Steven Roth told analysts on a third-quarter conference call.
Through the first three quarters, leasing has reached 23.1 million square feet and is on track to exceed 30 million square feet for the first time in a half-decade, according to Vornado.
Of the year-to-date office space Vornado has leased this year, 2.1 million of the 2.5 million was in Manhattan. In addition, the New York-based REIT has secured New York University's agreement to master lease the 1.1 million-square-foot office portion of 770 Broadway, with an option to purchase the space in the future
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