Articles of the week ending August 21st
ANV Group Holdings leases full floor of space at AmTrustRe’s 59 Maiden Ln.
By Julian Nazar, Crain’s New York Business
59 Maiden Lane has reached 100% occupancy after ANV Group Holdings signed a 14,800-SF full-floor lease, highlighting strong leasing momentum in Lower Manhattan.
CMBS Loan Backed by Vornado, Related’s 85 10th Avenue Sent to Special Servicing
By Brian Pascus, Commercial Observer
85 10th Avenue’s $396 million CMBS loan was transferred to special servicing ahead of its December 2026 maturity due to declining cash flow, with occupancy at 89 percent and rents 28 percent below underwriting.
ESRT Selling 1359 Broadway to Thor for $218M
By Max Gross, Commercial Observer
ESRT agreed to sell 1359 Broadway to Thor Equities for $218 million, with the 486,000 square foot Midtown office building 95 percent occupied.
Investors Are Gaining More Confidence in Office Survey
By Andrew Coen, Commercial Observer
Investor confidence in office is improving, with 11 percent now favoring office investments compared with just 4 percent in early 2025 as clearer valuations and conversion opportunities drive renewed interest.
AI hiring boom redraws tech talent map
By Katie Burke, CoStar News
AI hiring is reshaping North America’s tech talent and office markets, with New York becoming the largest tech talent market by headcount and AI companies driving more than 20 percent of U.S. office leasing activity.
Lower Manhattan’s office recovery picks up steam
By Andria Cheng, CoStar News
Lower Manhattan’s office market is gaining momentum, with leasing volume up 48 percent year over year to 1.14 million square feet and Class A rents reaching a five year high.
New York City’s Technology Labor Market Has Surpassed San Francisco_ Report
By Emily Davis, Commercial Observer
New York’s tech workforce has surpassed San Francisco for the first time, driven by continued job growth, AI expansion, and a more diversified economy, fueling strong demand for Manhattan office space.
NYC Office Investor Warns It Could Go Under As Defaults Pile Up
By Ethan Rothstein, Bisnow
ASIC is facing serious financial distress, with its 123 William St. mortgage underwater, declining occupancy, mounting debt defaults, and a substantial risk of bankruptcy within the next 12 months.