Articles of the week ending November 12th
Historic Wall Street investment firm stays committed to Lower Manhattan for new headquarters
By Andria Cheng, CoStar News
Oppenheimer & Co. signed a 15.5-year lease for 221,339 square feet across six floors at RXR Realty’s 32 Old Slip, relocating its headquarters from 85 Broad Street in early 2028 and retaining more than 1,000 jobs in Lower Manhattan as part of a reported $66 million investment.
Bonds backed by WeWork-anchored New York office building get downgrade
By Andria Cheng, CoStar News
Morningstar DBRS downgraded three bond classes tied to CIM Group’s 1440 Broadway after its value fell 37% to $340 million, citing weak income and reliance on WeWork, whose lease expires in March 2029.
2026 is the year rent benchmarks were crushed
By Victor Rodriguez, CoStar Analytics
Manhattan’s top office asking rent reached a record $375 per square foot in September 2026, more than tripling the $120 benchmark set in 2010, driven by strong demand from finance, law and AI firms competing for limited premium space, with availability of five-star offices down 9.7% to 3.8 million square feet.
Empire State Realty Trust to Sell 501 Seventh Avenue
By Rich Bockmann, The Real Deal
Empire State Realty Trust is marketing its 500,000-square-foot office building at 501 Seventh Avenue for approximately $150 million; the 84%-leased property is part of ESRT’s strategy to pay down debt and buy back shares.
Bushburg Buying 60 Wall Street For $400M
By Elizabeth Cryan, The Real Deal
Bushburg Properties is in contract to acquire the 1.6-million-square-foot 60 Wall Street for approximately $400 million, a steep discount from its $1.1 billion valuation in 2017, with potential plans for residential conversion.