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Office:
AI was the most active use, signing new leases and expanding existing leases.

Retail:
Retail remains quiet with only one major lease: T.J. Maxx at Herald Square.

Building Sales:
Building sales remain active with buyers purchasing office buildings to convert to residential.

Buildings Sold

BentallGreenOak closed on its sale of a 400,000 square-foot office property at 101 Greenwich Street for $105 million. The buyers were Quantum Pacific Management and Metro Loft. The building will become a residential tower with 614 units.

Buildings For Sale

U.S. Bank reacquired the 350,000 square-foot 750 Lexington Avenue for $1,000 at a foreclosure auction to satisfy a roughly $155.9 million debt. The property's appraised value has plummeted to $41 million, and the bank is expected to sell it eventually.


New York Market Overview

Office:

  1. Starr inks 275,000 sf lease at the rising 343 Madison Avenue.
  2. PayPal leases 261,000 RSF at 345 Hudson Street for 10 years.
  3. Natixis is relocating to 203,000 sf at 1633 Broadway in Midtown, Manhattan.
  4. Rilla inks a 57,000-sf lease at 25 Kent for a 10-year term.
  5. Anthropic is reportedly looking for at least 250,000 -450,000 sf in Manhattan.
  6. Elise AI is expanding to 109,000 at 401 Fifth Avenue.
  7. Withers signed a 15-year lease for 33,000 square feet at 30 Rockefeller Plaza.
  8. Jackson Laboratory is taking 41K sf at Hudson Research Center at 619 West 54th Street.


Retail:

  1. TJ Maxx leased 40,000 square feet across two floors at Herald Towers in Herald Square. The 10-year lease has an asking rent of a blended $4 million in total, and the store is expected to open by the end of the year.


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