Articles of the week ending December 5th
ESRT Acquires 555-557 Broadway From Scholastic for $386M – Commercial Observer
By Mark Hallum, COMMERCIAL OBSERVER
ESRT purchased Scholastic’s 555–557 Broadway for $386 million and aims to boost value by leasing the building’s three vacant floors.
Moody’s in Talks to Consolidate Into 400K SF at Brookfield Place – Commercial Observer
By Lois Weiss, COMMERCIAL OBSERVER
Moody’s is negotiating to shrink and consolidate its New York footprint into roughly 400,000 square feet at Brookfield Place, potentially leaving a large vacancy at 7 World Trade Center.
News _ Manhattan’s recovery is outlier in NYC’s office market
By Victor Rodriguez, CoStar Analytics
Manhattan’s office market is recovering as sublet space drops below pre-pandemic levels, while the outer boroughs remain stuck with high availability due to weaker demand for older, less connected buildings.
David Werner buys 205 E. 42nd St. from The Durst Org. _ Crain’s New York Business
By C. J. Hughes, Crain’s New York Business
David Werner expanded his East 42nd Street holdings by acquiring 205 E. 42nd Street, completing ownership of the block’s north side as large-scale office-to-residential conversions reshape the corridor.
Office-to-Residential Conversions Are Booming and New York Is the Epicenter – WSJ
By Brian McGill, The Wall Street Journal
Office to residential conversions are accelerating nationwide with New York leading the trend as developers use new design strategies to turn surplus office space into housing amid a strong rental market.
Global Bank ING Group Expands to 154K SF at Durst’s 1133 Avenue of the Americas – Commercial Observer
By Isabelle Durso, COMMERCIAL OBSERVER
ING Group renewed and expanded its lease at 1133 Avenue of the Americas, increasing its footprint to nearly 154,000 square feet in one of November’s largest Manhattan office deals.