Top 10 Most Significant NYC Office Leases in the Last 90 Days

New York City, the epitome of bustling metropolises, is once again proving its magnetic pull for businesses and corporations. Over the last 90 days, the city that never sleeps has witnessed a flurry of significant office leases that reflect its enduring status as a global economic hub. Let's delve into the notable office lease deals that are shaping the commercial landscape of the Big Apple. The following Office leasing data is brought to you by CompStak, a nationwide CRE data platform, as part of a new partnership with Traded:

The 10 most significant office leases in NYC in the last 90 days:

1. Davis Polk & Wardwell: This international law firm has its headquarters in NYC. Last August, they chose to renew their Park Avenue lease at 450 Lexington Avenue. Managed by RXR Realty, Davis Polk & Wardwell occupy 710K SF with an effective rent of $76.85.

2. Tower Research Capital: This financial services firm that specializes in high-frequency and algorithmic trading signed a new NYC lease in August. The company, working with Silverstein Properties and UBS Realty Investors as their landlords, has a new address at 120 Broadway, in the Financial District. Their offices span 122K SF.

3. BBVA: This Spanish financial services company has decided to sign a new 73,796 SF lease in Hudson Yards, at 2 Manhattan West. The lease was completed this September and BBVA’s landlords are Brookfield Property Partners & Qatar Investment Authority.

4. Selendy Gay Elsberg: Another law firm, Selendy Gay Elsberg specializes in representing both businesses and individuals. The firm signed a new lease last September in a building managed by Vornado Realty Trust & Hudson Waterfront Associates at 1290 Avenue Of The Americas. The property, located in the Sixth Avenue Submarket, has an effective rent of $80.72.

5. Segal: This firm finalized a new lease with Tishman Speyer last September. Their new office spans 50,554 SF at 66 Hudson Boulevard, in Hudson Yards. 

6. CVC Capital Partners: This private equity and investment advisory firm signed a new lease in September with Boston Properties, Zhang Xin Family Trust & Moise Safra. Their new location is at 767 5th Avenue, in the Madison/Fifth Avenue submarket. With an effective rent of $86.22, CVC’s new office spans 48K SF.

7. Iconiq Capital: This firm specializes in wealth management and investment. In October, they signed a lease with Boston Properties & Empire Asset Management. The property is located at 360 Park Avenue South in the Gramercy Park/Union Square submarket. The office spans 69,114 SF with an effective rent of $77.38.

8. Garnett Station Partners: Another investment firm, they signed a brand-new lease with SL Green Realty Corp. in October. The new offices span 24,963 SF, at 450 Park Avenue, in the submarket of the same name. 

9. Bluecrest Capital Management: This British-American hedge fund decided to sign a new lease in the Park Avenue submarket, in the same building mentioned before: 450 Park Ave., with SL Green Realty Corp. as the landlord. In this case, the offices span 21,640 SF and the lease was finalized in August. 

10. Permanent Mission of France to the UN: The diplomatic mission of the French Republic to the United Nations in New York went for an early renewal of their One Dag Hammarskjold Plaza lease, located in the UN Plaza submarket. Spanning 33,670 SF and managed by the Rockpoint Group, this agreement was reached in August. 

According to CompStak, the effective rent for all office transactions closed over the last 90 days averaged $44.93, $66.49 and $ 71.27 per square foot for Downtown, Midtown South and Midtown Manhattan, respectively. Compared with 2019, just Midtown’s average has increased, rising 6.5% between these two periods, due to an increased share of overall activity going to new construction and trophy office buildings.

The significance of these leases extends beyond mere square footage and real estate deals; they represent the fusion of ambition, innovation, and urban dynamism that defines New York City. As these corporations expand their presence, they underscore the city's role as a global center for business, a place where the future of commerce and culture continually intersect, thrive, and evolve.

The leases featured in this article were curated based on their ranking in terms of total lease value. Total lease value is calculated using CompStak’s data on transaction rents minus concessions (concessions include work value or tenant improvement allowance and/or free month period), transaction size and lease term.

*The rental rates presented above reflect gross annual rents. They are adjusted to gross for comparison purposes.