Articles of the week ending January 10th
News _ Historic office building on Manhattan’s Park Avenue sells at 40% discount
By Andria Cheng, CoStar News
Williams Equities acquired the historic 470 Park Ave. S office building in Manhattan for $147.5 million, a 40% discount from its previous sale price, and plans further renovations to enhance the property.
News _ Here’s how some large employers are stepping up return-to-office mandates this year
By Katie Burke, CoStar News
In 2025, major companies like Amazon, Southwest, and Starbucks are significantly increasing their in-person work requirements, signaling a potential rebound in office space demand despite ongoing challenges in the commercial leasing market.
Nathan Berman’s Metro Loft Management Converting 767 Third Avenue
By Rich Bockmann, The Real Deal
Nathan Berman’s Metro Loft Management, in partnership with Israeli billionaire Idan Ofer’s Quantum Pacific, is set to convert the partially vacant 767 Third Avenue office building into residential units, benefiting from the recent “City of Yes” initiative.
Even With an Office Glut, Firms Can’t Find the Kind of Space They Want
By Peter Grant
Despite a surplus of office space overall, there is a growing demand for high-quality, amenity-rich office environments, leading to a scarcity of top-tier properties in prime locations.
Citadel Inks Lease at Brookfield’s 660 Fifth
By Lois Weiss, The Real Deal
Citadel has signed a lease for 504,000 square feet across 20 floors at Brookfield’s 660 Fifth Avenue, following a $400 million redevelopment of the building, previously known as 666 Fifth.
Tishman Speyer refinances Hudson Yards tower, pockets $1 billion
By Aaron Elstein, Crain’s New York Business
Tishman Speyer and its partner are set to receive nearly $1 billion in cash from the refinancing of The Spiral, a prime office tower in Hudson Yards, highlighting the building’s strong performance and desirability in the competitive Manhattan market.
RXR Purchases Stake in Ivanhoe Cambridge’s 1211 Sixth Avenue
By TRD Staff, The Real Deal
RXR has acquired a 49% stake in Ivanhoe Cambridge’s 1211 Sixth Avenue, a Midtown office tower valued at $1.2 billion, and plans to invest $300 million in renovations while managing the property alongside Ivanhoe.
NYC Top Office Leases December 2024
By Lucas McGill, The Real Deal
In December 2024, the NYC office leasing market experienced a notable surge, highlighted by WeWork securing a significant 304,000 square-foot lease for Amazon, contributing to nearly 1 million square feet in total for the top five leases of the month.
Investment Group Eyes Conversion of 345 Seventh Ave
By TRD Staff, The Real Deal
Katan Realty Group, Kohan Retail Investment Group, and Ilya Mikhailov have acquired the 25-story office building at 345 Seventh Avenue in Midtown Manhattan for $85 million, with plans to potentially convert the property into residential units despite previous zoning restrictions.