Articles of the week ending August 1st
Vision for 14th Street in New York City calls for European-style boulevard _ Crain’s New York Business
By Caroline Spivack, Crain’s New York Business
A $3 million city-led study aims to transform Manhattan’s 14th Street into a European-style boulevard with wider sidewalks, seating, and pedestrian-friendly infrastructure to boost foot traffic and support local businesses.
Verizon to move HQ to Penn 2 in coup for Vornado _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
Verizon will relocate its headquarters to Vornado’s newly redeveloped Penn 2 tower near Penn Station, leasing nearly 200,000 square feet in a major boost for the area’s office market.
News _ Manhattan tower redrawing skyline attracts office tenants
By Andria Cheng, CoStar News
JAB Holding and two other firms have signed office leases at the newly developed 520 Fifth Ave., marking the tower’s first tenants and establishing JAB’s first major New York office presence.
News _ Demand for top-tier office space bolsters BXP’s outlook
By Katie Burke, CoStar News
Strong demand for premium office space and growing corporate confidence have driven BXP to exceed earnings expectations, raise its 2025 outlook, and begin construction on a major Midtown Manhattan tower.
News _ BXP begins vertical construction of Manhattan trophy tower
By Andria Cheng, CoStar News
BXP has begun vertical construction on its \$2B trophy tower at 343 Madison Ave., securing a major financial anchor tenant amid strong demand for new, Class A office space in Midtown Manhattan.
Law Firm Latham & Watkins Inks 120K-SF Lease at 1285 Avenue of the Americas – Commercial Observer
By Amanda Schiavo, Commercial Observer
Latham & Watkins has signed a 12-year lease for 120,000 square feet at 1285 Avenue of the Americas, expanding its Midtown Manhattan footprint during its 40th anniversary in New York.
Empire State Realty Trust Reports Q2 Improvements in Earnings Call – Commercial Observer
By Mark Hallum, Commercial Observer
Empire State Realty Trust reported improved Q2 2025 leasing and tourism revenues, including over 232,000 square feet leased and a rebound in observatory income, despite year-over-year NOI decline due to higher expenses.
Delivery firms swap big trucks for smaller vans to navigate congestion pricing zone _ Crain’s New York Business
By Caroline Spivack , Crain’s New York Business
To save on toll costs and improve delivery efficiency, many businesses are replacing large trucks with smaller vans to navigate Manhattan’s congestion pricing zone, leading to faster travel speeds on nearly half the area’s roads.
CMBS Surge Fuels Big Deals in NYC_ June’s Top Property Loans
By Elizabeth Cryan, The Real Deal
A surge in CMBS issuance is fueling some of NYC’s largest real estate deals, including major loans for Blackstone’s 1345 Sixth Avenue stake and Vornado’s Independence Plaza, as lenders back diverse asset classes from office conversions to affordable housing.
Brookfield Sells $13B in Property as Market Rebounds
By TRD Staff, The Real Deal
Brookfield Asset Management has reignited real estate activity by offloading $13 billion in assets in early 2025—up from \$3 billion last year—enabling it to return capital to investors and paving the way for fresh fundraising and new deals.
Crypto Security Firm Fireblocks Takes 35K-SF Office at 5 Penn Plaza – Commercial Observer
By Mark Hallum, Commercial Observer
Fireblocks leased 35,000 square feet at 5 Penn Plaza in Midtown, relocating from 441 Ninth Avenue, signaling continued demand for quality office space in the Penn District.