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Empire State Building side-steps slowdown with 40,000 s/f deals.

Nearly 40,000 s/f of new and renewal leases were signed in the past three months at the Empire State Building, representing a trimester of noteworthy leasing activity, at the 2.25 million s/f 102-story tower.

Director of leasing, Thomas P. Sullivan, negotiated in-house on behalf of the Empire State Building in all of the transactions.

According to Mr. Sullivan, "At a time when Midtown leasing activity slowed in the third quarter to 4.4 million square feet, down 29.3% from last quarter, these deals buck the trend and indicate that smaller deals are being transacted and closed."

Seventeen, or two thirds of the deals were new direct leases, the largest of which was for architects Jeter Cook, which committed to 4,675s/f on the 10th floor.

The second largest was advertising company French/West/Vaugh, LLC's deal for 3,439-square feet, represented by Scott Bloom, managing director, Bloom Real Estate Group, LLC, for part of the 4th floor, followed by accountants Scarpati & Associates, which committed to 2,508-square feet on the 28th floor.

Ten of the transactions were lease renewals, led by the largest (2,154), mortgage consultants, Manhattan Professional Group on the 75th floor, and William Grant & Sons' lease for 1,905-square feet, on the 49th floor.

As is typical of the wide-ranging companies who opt for office space at the City's tallest building, the deals represented a cross-section of industries, including architecture, fashion, the legal industry and accounting among a host of others.

"Despite the fact that the City's overall availability rate stands at equilibrium, 10.0 percent, favoring neither landlords nor tenants, our leasing activity is just as buoyant as ever and shows no sign of abating," added Mr. Sullivan.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 23, 2005
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