Articles of the week ending January 23rd
Blackstone Acquires 113 Spring Street for $45M
By Cathy Cunningham, Commercial Observer
Blackstone bought the SoHo retail and office building at 113 Spring Street from Morgan Stanley for $45M in cash, reinforcing its bet on prime street retail with Chanel generating about 70% of the property’s revenue.
EliseAI Signs 109K-SF Lease at Chetrit Organization’s 401 Fifth Avenue
By Mark Hallum, Commercial Observer
EliseAI signed a 10 year 109000 square foot lease at the Chetrit Organization’s 401 Fifth Avenue in Midtown, relocating and expanding its New York presence as part of the area’s growing AI and tech hub.
Hudson Square Properties Renews Two Leases in Namesake Neighborhood
By Larry Getlen, Commercial Observer
Hudson Square Properties renewed long term leases with Notion and RadicalMedia, expanding Notion’s footprint at 75 Varick Street and keeping RadicalMedia at 435 Hudson Street as demand for West Side office space continues to rise.
Meet the Manhattan Office Market’s Quiet Driver_ Smaller Deals
By Anna Staropoli, Commercial Observer
Manhattan’s office recovery in 2025 was quietly powered by a high volume of smaller and midsize leases and incremental expansions which together drove most transactions and leasing volume despite the headline grabbing mega deals.
San Francisco’s Office Market Could ‘Prove Itself’ In 2026
By Lauren Hestik, Bisnow
San Francisco’s office market regained momentum in 2025 led by AI driven leasing and falling vacancy, setting the stage for cautious developer and investor confidence to carry the recovery into 2026.
Vornado nears $525 million refinancing for Park Avenue tower
By Aaron Elstein, Crain’s New York Business
Vornado is nearing a $525 million refinancing for 1 Park Avenue as heavy reinvestment and upgraded amenities help reposition the historic tower toward Class A status despite ongoing office market risk.