Articles of the week ending October 16th
Pershing Square to close after nearly three decades in Grand Central area
By Julian Nazar, Crain’s New York Business
Pershing Square, the iconic American bistro across from Grand Central Terminal, will close at the end of November 2026 after 27 years in business, with plans for the site’s future use still undisclosed but another restaurant likely to take its place.
Rippling opens nearly 133,000-square-foot New York office as AI leasing surges
By Andria Cheng, CoStar News
Rippling has opened a 132,693-square-foot office at 330 W. 34th St. in Manhattan under a 10-year lease with an asking rent of $85 per square foot, nearly doubling its previous New York office space and highlighting the growing demand for office space among AI companies.
New York’s AI leasing surges into the fourth quarter
By Victor Rodriguez, CoStar Analytics
AI companies leased nearly 1.5 million square feet of office space in New York during the first nine months of 2026, more than double the total for all of 2025, as major deals such as Anthropic’s Hudson Square lease drive demand and intensify competition for available Manhattan office space.
Manhattan office availability nears 2019 levels as AI firms, banks and law firms pile in
By Aaron Elstein, Crain’s New York Business
Manhattan’s office availability rate has fallen to 12.4%, nearing pre-pandemic levels as AI companies, banks, and law firms drive leasing demand, with major transactions and rising rents encouraging developers to invest in new office construction and upgrades to existing buildings.
Law Firm Seward & Kissel Signs 171K-SF Renewal at One Battery Park Plaza
By Mark Hallum, Commercial Observer
Seward & Kissel renewed its 171,112-square-foot office lease for 11 years at One Battery Park Plaza in Lower Manhattan, reinforcing the building’s leasing momentum and continued demand for office space in the Financial District.
BXP Lands Equity Partner For Madison Avenue Office Project
By Ciara Long, Bisnow
BXP sold a 10.6% equity stake in its $2 billion, 930,000-square-foot office tower at 343 Madison Avenue to AVRS Partners, strengthening project financing as construction progresses toward a 2029 completion, with the building already 56% preleased to major tenants including McDermott Will & Schulte and Starr.
BridgeCity Lends $84M on Midtown East Office-to-Resi Conversion
By Andrew Coen, Commercial Observer
BridgeCity Capital provided $83.5 million in acquisition and construction financing to CSC Real Estate for the conversion of a 20-story office building at 136 East 57th Street into 136 luxury residential apartments, highlighting continued investment in Manhattan’s office-to-residential conversion market.