Articles of the week ending June 5th
BHI Lends $170M on Third Avenue Office-to-Resi Conversion
By Andrew Coen, Commercial Observer
MetroLoft and Quantum Pacific Realty secured a $169.5 million construction loan from BHI to convert 767 Third Avenue in Midtown East from an office building into a 337-unit residential property with retail space and extensive amenities.
eBay Takes 28K SF at Bromley Companies’ 122 Fifth Avenue
By Amanda Schiavo, Commercial Observer
eBay signed an eight-year lease for 27,902 square feet at 122 Fifth Avenue in Manhattan’s Flatiron District, relocating its New York City office as the final major tenant following Bromley Companies’ $100 million redevelopment of the building.
Google Quietly Signs 411K-SF Lease Renewal at 315 Hudson Street
By Mark Hallum, Commercial Observer
Google renewed its 410,556-square-foot lease at 315 Hudson Street in Hudson Square, reaffirming its long-term commitment to Manhattan despite broader efforts to consolidate and reduce office space elsewhere.
Law Firm Simpson Thacher Finalizes 916K-SF Lease at Extell’s 570 Fifth Avenue
By Amanda Schiavo, Commercial Observer
Simpson Thacher & Bartlett finalized a 916,000-square-foot lease at Extell Development’s 570 Fifth Avenue, expanding its original commitment by more than 200,000 square feet and becoming the anchor office tenant of the tower slated for completion in 2028.
Manhattan office market on pace for best year since 2000
By Julianne Cuba, Crain’s New York Business
Driven by major leases from Simpson Thacher (916,000 SF) and Google (411,000 SF), Manhattan office leasing reached 19.6 million square feet year-to-date and is on pace for its strongest year since 2000, while availability continues to decline and asking rents rise.
SL Green Selling 10 East 53rd Street To Meadow Partners
By Rich Bockmann, The Real Deal
SL Green agreed to sell its 390,000-square-foot office tower at 10 East 53rd Street to Meadow Partners for $312 million, continuing its strategy of disposing assets to reduce exposure to high interest rates while capitalizing on renewed demand for Class A office properties.
Tech Firm Veeva Relocates to 62K-SF Office at Vornado’s Penn 2
By Mark Hallum, Commercial Observer
Veeva Systems signed a 10-year, 62,000-square-foot lease for the entire 11th floor at Penn 2, relocating its New York headquarters from 1375 Broadway and further boosting leasing momentum in Vornado’s Penn District.
Manhattan Office Market On Pace For Best Year Since 2000
By Elizabeth Cryan, The Real Deal
Manhattan’s office market leased 4.2 million square feet in May, led by major deals from Simpson Thacher, Google, and Versant, putting 2026 on pace to become the borough’s strongest office leasing year since 2000 while driving vacancy down and rents higher.