Commercial Stat of the Week
Robert Sammons of Cassidy Turley explains:
And the Plaza shall lead the way. What has historically been the submarket leader for office rents in Manhattan (and the U.S., for that matter) is once again showing its strength after a recession that hobbled it more severely than any other in midtown, due to its dependency on financial services firms. Not only has the average asking rent been climbing, but so has the effective rent (average per square foot paid over the lease term) for the 48.9 million-square-foot and 93-building Class A portion of this high-end submarket.
… as the center of the financial world anyway.
At least that’s what Bloomberg reasons, citing declining rents and the flight of financial firms to other parts of the city as the signal that Wall Street, well, isn’t quite Wall Street anymore.
“There was a time when it made sense to be Read More
All is not horrible in that special niche of the office market that caters to the price-insensitive, hedge-fund class. Indeed, that market might actually be stabilizing, if not looking up, according the latest monthly hedge fund activity report by Jones Lang LaSalle’s Cynthia Wasserberger.
Hedge funds tend to like small spaces, of about 3,000 Read More
TIAA-CREF—the professors’ insurance company—has provided $145 million in loans for the Graybar Building, SL Green’s midtown trophy at 420 Lexington Avenue, atop Grand Central Station. It refinanced $100 million in loans and provided an additional $45 million, producing approximately $23 million in net cash proceeds.
SL Green acquired a leasehold for the 31-story, 1.5-million-square-foot, Read More
Choosing his words carefully, John Powers, chairman of the tri-state region for CB Richard Ellis, told a room full of reporters on April 8 that “conspicuous consumption is no longer socially in.” His delicacy was understandable, representative, as he is, of countless landlords with conspicuously ostentatious buildings.
It’s old news that ladies with bottomless Read More