Earlier today, the Federal Reserve issued their eighth and final Beige Book report of 2008 (PDF here), finding, as you might expect, that economic conditions are weakening across the nation in virtually all sectors of the economy. Here is a quick recap of the dreary news in District II, which includes all of New Read More
French investment bank Natixis is nearing a roughly 270,000-square-foot lease at 277 Park Avenue. It will sublease the space from JPMorgan Chase, which is shedding it for a move to the old Bear Stearns headquarters at 383 Madison.
Natixis will be subleasing at just the right time, according to Real Estate Weekly: "The firm Read More
The biggest Manhattan office lease in January was the 550,000-square-foot one taken by advertising giant Ogilvy & Mather at 636 11th Avenue. The company, a subsidiary of WPP, will take the entire building, owned by the Hakimian Organization. More of the month’s major leases are listed in a new report from brokerage Colliers ABR. Read More
Developers will complete only 20,000 square feet of new office space this year, compared to 165,000 feet in 2006, according to a report out today from investment-sales brokerage Marcus & Millichap. This partly explains the borough’s declining office vacancy rate, whci dropped from 9.9 percent at the end of 2006 to 8.3 percent right Read More
The publisher of The American Lawyer and The National Law Journal will move its headquarters from midtown south to Larry Silverstein’s 120 Broadway in lower Manhattan. ALM will occupy the fifth and sixth floors, totaling about 90,000 square feet, according to Silverstein Properties. The lease is for 10 years.
The Observer earlier covered non-financial Read More
The downtown Manhattan office vacancy rate dropped from 8.37 percent in the second quarter of 2007 to 7.76 percent at the end of the third quarter, which ended Sunday, according to a new report from brokerage Jones Lang LaSalle. The vacancy rate for top-flight, Class A space in downtown dropped from 7.08 percent in the Read More
Cravath is staying right at home in their Death Star.
The white shoe law firm Cravath, Swaine & Moore has signed a 15-year renewal at the Worldwide Plaza at 825 Eighth Avenue that will cost the firm $900 million, Bloomberg News reports.
That would make the deal one of the most expensive real estate Read More
Harry and Billy won't get all eight buildings from Blackstone, after all.
The Wall Street Journal reports (subscription) that the Macklowes will not acquire 717 Fifth Avenue from Blackstone. Apparently, SL Green and retail developer Jeff Sutton had dibs on the building and the right of first refusal to purchase the office portion if Read More
Construction spending in New York City should hit a record $25.6 billion in 2007, according to a new report from the New York Building Congress. Total construction spending in the city reached $24.6 billion in 2006–yes, a record–up 18 percent from 2005. The amounts, including the 2007 projection, take account of both publicly funded Read More
Middle-Eastern investors snatched up $3.14 billion in Manhattan real estate in 2006, according to a new report from brokerage Jones Lang LaSalle. Not too shabby for the Big Apple as the total Middle-East investment in U.S. real estate during last year was just north of $7 billion.
One name dominated the headlines, Read More