Downtown Leads 1Q Leasing Deals

Downtown hosted six of the top 10 leasing deals of the first quarter, according to a new report (PDF) from Colliers ABR. The other four were in troubled midtown.

 

The three biggest leasing deals as follows:

  1. Penguin Group USA’s 297,980-square-foot renewal and expansion in Tishman Speyer’s 375 Hudson Square.
  2. MetSchools’ fresh lease in the Sapir Organization’s 100 Church Street for 200,000 square feet.
  3. Vantone Industrial’s 190,000-square-foot pre-lease in the Port Authority’s 1 World Trade (a.ka. the Freedom Tower).

An expansion and a renewal in midtown’s Plaza District round out the top 5.

Downtown, according to the Colliers report, did have a more spirited leasing quarter than midtown or midtown south. The vacancy rate in the submarket improved 20 basis points to 7.5 percent, and the Class A vacancy rate in the Financial District specifically remained at 7.6 percent, the same as at the end of 2008; around City Hall, the Class A vacancy rate was 6.4 percent, actually down from 7.1 in the previous quarter and rivaling midtown’s Penn Plaza and Garment District.

Go, downtown!

Downtown Leads 1Q Leasing Deals