In a show of the continued strength of New York City’s technology industry, two of the web’s streaming music giants have signed leases for major expansions into new Manhattan office space.
LinkedIn’s continued and increasing presence at the Empire State Building could have repercussions for technology and media industry tenants that are looking for space throughout the Midtown and Midtown South submarkets.
Omnicom’s recent expansion at the Energy Star-labeled 195 Broadway demonstrates Downtown’s appeal to technology and media industry tenants.
It’s a new generation – of both Pepsi drinkers and for the newly rezoned Hudson Square submarket, where PepsiCo’s first Manhattan offices will be located by the end of the year after the company’s recent lease at 350 Hudson Street.
As the Midtown South submarket’s appeal – and asking rent – increases, technology industry tenants are finding more affordable opportunities just to the north in the diversifying Garment District.
HarperCollins has agreed to move on from its longtime headquarters at 10 East 53rd Street into 180,000 square feet at the historic 195 Broadway in lower Manhattan.
A major lease renewal at the 25-story, 415,000-square-foot 1412 Broadway is a good example of how Midtown owners are repositioning their assets with capital improvement programs – many of which have also included LEED and/or Energy Star components – designed to attract and retain tenants.
We review the 50 largest Manhattan office leases from 2008 by highlighting those that were signed for space in LEED- or Energy Star-rated buildings.
After nearly $50 million in capital improvements that resulted in an Energy Star label, this historic tower has boosted occupancy from 68 to 95 percent, and accounted for nearly a quarter of all Downtown leasing activity during the fourth quarter of 2008.
The advertising firm Saatchi & Saatchi has renewed its 819,000-square-foot lease at Tishman Speyer’s Energy Star-labeled 375 Hudson Street in lower Manhattan.