Park Avenue’s leasing boom shows no sign of abating.
In the latest large transaction, Tradeweb Markets signed for 76,000 square feet on two full floors at SL Green’s 245 Park. The firm, which operates electronic platforms for rates, credit, equities and money markets, will move from Silverstein’s 1177 Sixth Ave.
The asking rent was $145 per square foot at 245 Park, which is 87% leased.
Stonepeak Partners and Swedish private equity firm EQT Partners also recently joined the tenant roster.
The tower is undergoing a major redevelopment overseen by design firm KPF that includes a terra cotta overclad of the facade, new windows and lobby, a 17,000 square-foot wellness center and a 10,000 square-foot restaurant.
Commercial leasing booming
Several commercial brokerages reported healthy leasing momentum in the second quarter. The most detailed and optimistic was from CBRE, which cited a 35% jump in activity over the same period in 2023.
Manhattan overall leasing totaled 6.13 million square feet, 19% ahead of the five-year monthly average of 5.15 million sf.
Midtown’s recovery marked the third consecutive quarter of leasing above the five-year quarterly average, the first time that’s occurred since 2018.
Midtown South had a strong quarter, with sublease availability falling to its lowest point since August 2020.
Downtown took another beating, however. A paltry 589,000 square feet of deals was well below the five-year average and down from the same period last year.
A separate report by JLL noted that law firm Covington & Burlington’s 235,000 square foot move to 30 Hudson Yards from the New York Times building was the largest single lease signed in June.
Relocations accounted for nearly 60% of all lease signings in June, according to JLL.
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