Tag Archives: Manhattan Class A

Q1: Returned blocks combined with slower leasing activity to drive vacancy higher

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New York Office Outlook | Q1 2015

JLL’s New York Research team has just released its New York Office Outlook for the first quarter – a wrap-up of leasing activity in Manhattan, including Class A vacancy and asking rates, along with a snapshot of conditions in capital markets.

Report highlights are as follows:

  • A number of available blocks of space—most of which had been anticipated by the market—were added during the first quarter that
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JLL completes three leases for TIAA-CREF at 475 Fifth Avenue

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Deals inked for Torchlight Investors, Square 1 Bank and Daikin US, post major renovation program

475-Fifth_Terrace

JLL has completed three new, direct leases totaling 28,190 square feet for owner TIAA-CREF at 475 Fifth Avenue. Torchlight Investors LLC signed for 16,029 square feet, Square 1 Bank took 7,842 square feet and Daikin US Corp. leased 4,319 square feet at the 280,000-square-foot, Class A commercial office building.

TIAA-CREF was represented by Frank Doyle, vice chairman; Cynthia Wasserberger, managing director; Shawna Menifee, executive vice president; and Douglas Neye, senior vice president.

“After acquiring 475 Fifth Avenue in late 2011, TIAA-CREF launched a major renovation program designed to enhance the building and take advantage of its stellar location,” said Doyle. “With renovations nearing completion, activity at the building has picked up dramatically, as illustrated by the signing of three new leases.”

TIAA-CREF launched a multimillion dollar capital improvement program to reposition the office building in early 2012. The work included significant renovation to the lobby, which was relocated to 41st Street to provide greater exposure and visibility on Fifth Avenue to a ground floor retail space, as well as new energy-efficient mechanical and electrical infrastructure, new restrooms and new elevators. The building offers spectacular views of the New York Public Library and Bryant Park.… Read More

Manhattan Monthly Update | June 2014

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MMU_Jun14_final

JLL recently released its Manhattan Monthly Update, a monthly wrap up of leasing activity in Manhattan, along with Class A vacancy and asking rates. A submarket summary is as follows:

Midtown Manhattan
Strong leasing led to positive absorption and lower vacancy in Midtown in May, though the average asking rent slipped due to the introduction of… Read More