Articles of the week ending August 7th
Snap subleases more than 198,000 square feet at Penn 2
By Gregory Zuckerman, Crain’s New York Business
Snap Inc. signed a 198,900 square foot sublease at Vornado Realty Trust’s Penn 2, making it one of Manhattan’s largest office leases in July and adding to the building’s roster of major tenants.
NYC’s Office-to-Resi Boom Faces Scrutiny
By Mike Romano, The Real Deal
New York’s office to residential conversion boom is facing increased scrutiny after several construction stoppages, but strong demand for both housing and high quality office space continues to drive major redevelopment projects.
Vornado takes 36% stake in high-profile New York tower project
By Andria Cheng, CoStar News
Vornado is moving forward with a 36% stake in the $3.3 billion 350 Park Avenue project, reflecting strong confidence in Manhattan’s high-end office market as limited supply and rising demand push rents higher.
New office tower bets on transforming St. Mark’s Place
By C. J. Hughes, Crain’s New York Business
The new 61,000 square foot office tower at 1 St. Mark’s Place is helping transform the East Village’s counterculture identity, reaching 55% leased with rents up to $90 per square foot.
Midtown South Led Manhattan Office Leasing’s Stellar July Performance
By Emily Davis, Commercial Observer
Manhattan office leasing surged 22% in July to 3.87 million square feet, driven by strong demand in Midtown South and major deals from Anthropic, NBCUniversal and AON, signaling continued recovery in the office market.
Colliers report finds Manhattan’s office market had a historic July
By Julian Nazar, Crain’s New York Business
Manhattan office leasing surged in July, rising 22.1% from June and 28.4% year over year to nearly 3.9 million square feet, with strong activity from Anthropic, Snap, NBCUniversal and Aon driving the market’s continued recovery.