After a full year of navigating the pandemic-related slump, New York’s office market is undergoing a transformation, reported Transwestern. Manhattan is seeing widespread availability, low leasing levels, and shifting rents, but is poised to emerge strongly as confidence returns amid the vaccine rollout, particularly for tenants seeking to take a new or bigger bite of the Big Apple.
To that end, there were several large leases, both new and renewal, executed in the first quarter. Four leases over 100,000 square feet were recorded: Icahn School of Medicine at Mount Sinai took 167,300 square feet at 787 Eleventh Avenue, Houlihan Lokey swapped its sublease for a 148,200-square-foot direct lease within 245 Park Avenue, Seyfarth Shaw renewed for 132,000 square feet at 620 Eighth Avenue, and Jennison Associates moved to 120,800 square feet at 55 East 52nd Street. These lease signings indicate tenants are seeing value in the local market despite the turbulent year. Even so, overal
