A Land Grab in Midtown ?

Word count: 517 words, 2.6 minute read

Something interesting is happening in Midtown Manhattan. Companies are putting their stakes in the ground and making long-term space commitments. It feels like mini campuses are being built on Park Avenue. Let's look at just the last month as an example of this:

While JPMorgan completes the construction of 270 Park Avenue, it was just announced that JPM & Hines have emerged as the buyers of 250 Park Avenue. The building is just next door to their HQ, and it covers the full block. If knocked down, there is an opportunity to build a 950,000 sq ft building.

A little further north, Blackstone, which already has HQ space at 345 Park Avenue just signed for an additional 300,000 sq ft. This makes their presence 1,060,000 sq ft in the building until 2034.

Ares Management took an additional 3 floors at 245 Park Avenue to have a 300,000+ sq ft footprint.

And then you have Elliott Management signing a lease for 149,000 sq ft at 280 Park Avenue in the last few weeks.

All this is in addition to Citadel's intention to build a 1.8 million sq ft 62-story building at 350 Park Avenue.

There's less than 10% vacancy on Park and increased demand by some to lock down large amounts of space (what I'll call campuses) when it comes available. My prediction is that the market will only get tighter from here.

Things I'm Reading?

Tunnel 29 is the true story of a daring group of men and women who risked imprisonment and even potentially death to help build a tunnel under the Berlin Wall to help families reunite and people escape from the poor conditions of East Germany.

This book read like a movie from the moment I picked it up!

It’s 1961 and the Berlin Wall is being built by the German Democratic Republic to prevent East Germans from fleeing to West Berlin in that moment families were separated from each other, wives and husbands, brothers and sisters, parents from children and as the days went on the barriers got bigger and the attempts to escape became more daring. All the while, secret police and informants infiltrated the general population to keep tabs on the population and ensure no one left East Berlin.

Truly a page turner I was fascinated by the story and what not only those who dug the tunnel endured but those that risked everything to use the tunnel to escape.

Blackstone Finalizes Expansion to 1.06M SF at 345 Park Avenue

J.P. Morgan Chase is in contract to buy AEW Capital’s 250 Park Avenue for $300 million

NYC workers continue to return to office as building ‘visitations’ move closer to pre-pandemic levels

Gold Rush for Manhattan Retail Space Waning, Thanks to Lack of Availability

Big Law Firms Aren’t Downsizing Their Office Space in NYC ?Do you subscribe to the New York Law Journal? Last week my research on large law firms and their real estate was covered there.

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