Posted Jan 3, 2025, 3:15 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,624
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https://www.crainsnewyork.com/real-estate/manhattan-office-market-ends-2024-solid-footing
Manhattan office market ends 2024 on solid footing
Eddie Small
January 02, 2025
Quote:
.....Bloomberg's expansion to about 925,000 square feet at 919 Third Ave. was the largest lease for the fourth quarter, followed by Citadel taking 504,000 square feet at 660 Fifth Ave., where the investment firm had long been rumored to be eyeing space. Law firm Ropes & Gray taking about 430,000 square feet at 1285 Sixth Ave. came in third. The three Midtown deals combined made up almost a fifth of Manhattan's total activity during the quarter.
.....In Midtown, firms leased about 6.3 million square feet of space for the quarter and 19.2 million square feet for the year, making 2024 the neighborhood's strongest leasing year since 2018, the report says. Its availability rate tightened to 15.2%, while its average asking rent dropped to $77.89 per square foot. In addition to the Bloomberg, Citadel and Ropes & Gray leases, JPMorgan Chase also extended its lease for about 361,000 square feet at 277 Park Ave. during the quarter.
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