TW NYC

Transwestern would like to congratulate MFA on its new lease at 600 Lexington Ave. Transwestern team members from our DC and NYC offices – Chase Gordon, Patrick Heeg, Eric West, and Ganon Rich – collaborated on the long-term lease transaction for our valued client.  #NYCcre #ManhattanCRE #ManhattanOffice TW Mid-Atlantic

Quarters often end with a big announcement, and we have one for Q1. This week Fox announced that it will be vacating one-quarter of its headquarters space at its 1211 Sixth Avenue, summing to around 330,000 SF. The lease, which was signed just three years ago, keeps the firm in the building through 2042. This will no doubt have an impact on the Times Square submarket’s availability and sublease figures going forward; currently submarket availability is higher than Manhattan overall at 17.3%, though it has fallen from its mid-2021 peak. In this environment, opportunities for large tenants abound, with roughly a dozen buildings showing availabilities exceeding 200K SF, including 825 Eighth Avenue, 330 West 42nd Street, and 535 West 46th Street. #ManhattanCRE #ManhattanOffice #NYCcre #TimesSquare https://lnkd.in/eWbNeza6

Commercial Observer recently held its 5th annual “Future of New York” forum, always a very informative event. An impressive group of speakers gathered to share their expertise on the key issues affecting the city. One of the issues discussed was the high demand for Class A Trophy space. Transwestern research showed that Class A availability decreased by 1.2 percentage points year-over-year to 16.5%, compared with Class B, which stands at 19.3%. One submarket with notably tightening availability is Midtown, where Class A availability shrank to 14.0%. Our Q1 2025 report will be available soon and we’ll see how/if the numbers have changed. #ManhattanCRE #NYCcre #ClassAoffice #ClassBoffice https://lnkd.in/eQqBYDag

While many companies are still working through back-to-office plans for employees, Amazon has made definite steps and they are having an impact on the #Manhattan #office market. The tech giant is calling employees back to the office five days a week and is carving out big chunks of space in two prominent Midtown submarkets to accommodate workers. Amazon signed a 193,400 SF sublease this week at 237 Park Avenue in the #GrandCentral submarket, and that’s on top of its recent large commitments in #PennPlaza (a 112,000 SF sublease at Five Manhattan West and a 303,700 SF direct lease at 330 West 34th Street). According to #Transwestern research, the Grand Central and Penn Plaza submarkets logged a combined 3 million SF of net absorption in 2024, with both seeing strong leasing and tightening availability. See Paul Bubny's article from Connect CRE on the new lease in Grand Central.  #ManhattanCRE #HeadlinesAndHighlights #BackToOffice https://lnkd.in/dSz5z6B9

The office-to-resi conversion discussion rolls on, with 79 Madison Ave. the latest building in the trend, according to this Commercial Observer article. The Gramercy Park submarket has a significant component of older office buildings like 79 Madison (built 1925), which tend to be better suited for residential conversion. The submarket logged robust office absorption in 2024, landing large deals from tenants across a variety of sectors, including fashion (American Eagle, 337,100 SF), tech (IBM, 92,700 SF), legal (Herrick Feinstein, 76,800 SF), and financial (Bridgewater, 63,700 SF).  #ManhattanCRE #OfficeToResi #GramercyPark https://lnkd.in/eqgqr_EJ

Here's an interesting article from the New York Business Journal on one of the hottest topics in Manhattan CRE: residential conversions. It's focused on the Financial District and TW NYC's research is cited in the article. We also dug into this topic a bit in our Downtown Manhattan submarket report: https://lnkd.in/euriuhRg. #ManhattanCRE #DowntownManhattan #OfficeToResi

We are pleased to announce that Aidan Abril has joined Transwestern! As the newest member of the #TWNYC team, Aidan will be providing tenant advisory services and occupier solutions to our clients throughout Manhattan. Welcome, Aidan! #NewHire #TranswesternTeam #CRE #ManhattanCRE #CREcareers

We’d like to share our submarket reports from Q4 - more details on each of the major #Manhattan submarkets: Midtown, Midtown South and Downtown. All the stats, all the charts, all the info!  #TWNYC #Transwestern #NYCcre #ManhattanCRE #CREresearch #Office #Midtown #MidtownSouth #Downtown https://lnkd.in/e4nS43YF https://lnkd.in/eHAtzZ3W https://lnkd.in/euriuhRg

With Manhattan’s office availability above 17%, ownership at Class B buildings are becoming more flexible to compete for tenants. Lauren Davidson Sachs recently shared her insight on this phenomenon and what it means for the office market in 2025 with Bisnow's Sasha Jones. #TWNYC #ManhattanCRE #NYCcre #Office https://lnkd.in/eNUY78x6