Leases ARE the news amid frenzy for space in Manhattan

A reader emailed us, “Why does your column run so many lease stories? Isn’t there other news?”
Well, right now, offices leases ARE the news. Manhattan’s space-gobbling frenzy is a thing to behold.

Neither the pandemic’s supposed work-from-home impact, nor the election of a Marxist mayor, nor wars in Europe and the Middle East made a dent in companies’ confidence in the city.

Three leases for 182,000 were recently signed for Swig Company’s 1411 Broadway. Google Maps
Aegon Ltd. has chosen 125 W. 57th St. for its new US headquarters. Google Maps

Here are some recent, market-moving deals.

Three unreported leases signed within the past two months totaled 182,000 square feet at Swig Company’s repositioned 1411 Broadway at West 39th Street.

Zeta Global is moving from 3 Park Ave. and doubling its Manhattan footprint with 50,522 square feet; apparel manufacturer Republic Clothing Corp. converted a sublease into an 81,000 square-foot direct lease; and South Korean beauty conglomerate Amorepacific is moving from 1407 Broadway to 50,522 square feet at 1411.

The 1.3 million square-foot tower, recently modernized to the tune of $100 million, saw more than 566,000 square feet of leasing over the past 18 months, bringing it to 90% occupancy.

CBRE’s Paul Amrich, Neil King, Emily Chabrier and Kelly Tipton team repped Swig alongside Hines, the asset and property manager. Asking rents range between $72 and $110.

Meanwhile, international financial firm Aegon Ltd., which is rebranding itself as Transamerica Inc., chose Alchemy-ABR’s new 125 W. 57th St. for its US headquarters. The lease for 20,600 square feet follows a deal with Anchorage Capital Advisors.

Sorry readers, right now, offices leases ARE the news. rmbarricarte – stock.adobe.com

The landlord was repped by JLL’s Mitchell Konsker, Kristen Morgan, Christine Colley, Kate Roush and Dan Turkewitz. Cushman & Wakefield’s Barry Zeller and David Downey acted for Aegon.

The 265,000 square-foot project previously lured Eldridge Industries, Jadian Capital and Kingdon Capital Management. The momentum has filled over 75% of the building in just two years. In addition, Ten Five Hospitality, creator of Mother Wolf restaurants in other cities, leased the retail space for a “new concept.”

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