Articles of the week ending May 9th
New York University signs Manhattan’s largest new office lease since pandemic
By Andria Cheng, CoStar Research
New York University signed Manhattan’s largest new office lease since the pandemic, securing 1.1 million square feet at 770 Broadway under a 70-year, $935 million prepaid triple-net lease to create a major hub for science, technology, and innovation.
National Women’s Soccer League signs lease at 551 Fifth Ave. in Midtown _ Crain’s New York Business
By Julianne Cuba, Crain’s New York Business
The National Women’s Soccer League has signed a 10-year lease for a new 21,000-square-foot Midtown Manhattan headquarters at 551 Fifth Avenue, nearly doubling its current space to support its rapid growth since relocating to New York City in 2022.
Vornado Realty Trust forecasts sharp increase in office occupancy
By Aaron Elstein, Crain’s New York Business
Vornado Realty Trust anticipates a return to pre-pandemic office occupancy levels within a few years, driven by strong leasing activity, strategic locations, and confidence in demand for its high-end, transit-accessible properties.
Aquarian Holdings leases top floors at iconic Manhattan office tower
By Andria Cheng, CoStar News
Aquarian Holdings has leased the top three floors at 550 Madison Ave. for $275 per square foot, marking a major expansion from its current space and bringing the iconic Manhattan office tower to 96% occupancy.
Smaller WeWork shows improvement in key financial metric
By Andria Cheng, CoStar News
WeWork has achieved EBITDA profitability for two consecutive quarters for the first time, is seeking a new flagship location in New York, and is refocusing on growth through enterprise deals and refreshed Class A spaces after restructuring through bankruptcy.
BlackRock tells senior staff to work in the office five days a week
By Aaron Elstein, Crain’s New York Business
BlackRock has ordered its managing directors to return to the office five days a week, ending remote work for senior staff amid broader pressure from major employers to increase in-office attendance.
Innovo’s Big Bet On Queens Warehouse And Studio Space Waiting For The Payoff
By Ciara Long, Bisnow
Despite market headwinds in industrial and studio real estate, Innovo Property Group is betting big on its newly completed 1M SF Borden Complex in Queens—still seeking tenants but confident in long-term demand recovery.