Top NYC Leases and Sales of 2023
Commercial Observer
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The year that’s closing wasn’t the best for commercial real estate in New York City. In fact, it seemed by the numbers like one long hangover from 2022, if not 2021 — with historically high interest rates and a banking crisis thrown in for good measure. The biggest office leases and building sales of 2023 reflect that.
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— Tom Acitelli, Deputy Editor
The 10 Biggest New York City Office Leases of 2023
New York City’s leasing stats this year might be worse than in 2022, but at least the top deals are bigger. Last year ended with KPMG’s 456,518-square-foot deal at 2 Manhattan West clinching the No. 1 spot. This year’s top deal dwarfed that with Davis Polk & Wardwell’s 710,000-square-foot expansion and renewal at 450 Lexington Avenue. And it wasn’t just the top spot that was larger. The second through sixth largest deals of 2023 also were bigger than their counterparts in 2022.
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New York City’s Top 10 Investment Sales of 2023
It’d be safe to call 2023 the year of the owner-occupier. Three of New York City’s top 10 investment sales this year came from companies that plan to use the space themselves. That includes Wells Fargo’s $550 million purchase of Neiman Marcus’ former retail space at 20 Hudson Yards, the largest owner-occupier sale of the year and the third-biggest deal overall. Hyundai Motors and New York University also cracked the top 10 with their purchases this year, and other owner-occupier deals came close.
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