Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Business

Wall Street firm Jane Street looks to grow footprint in boost to Financial District

The office leasing breakthrough that Downtown has been waiting for could happen by year’s end.

Global trading firm Jane Street is looking to grow at Brookfield Place, we’ve learned. The electronically-driven market mover, which has about 500,000 square feet at 250 Vesey St., is in talks with landlord Brookfield for more space at 300 Vesey St. next door.

Jane Street, the quant trading firm, is looking to expand to 300 Vesey St. in Lower Manhattan. Google Maps

An expansion by Jane Street would be welcome news for the area, which has yet to catch up with the rebound in Midtown and Midtown South. But although market sources confirmed negotiations are ongoing, they wouldn’t say how much more space the company would take.

Jane Street’s digs at 250 Vesey are the firm’s largest, according to the firm’s web site. It also has offices in London, Singapore, Hong Kong, Chicago and other major cities.

Meanwhile, much of the half-billion square-foot Manhattan market is enjoying something of a roll after three mostly down, years. The market, mostly listless since the start of the pandemic in early 2020, finally appears to be finding its footing again. Corporate expansion in the third quarter buoyed many properties, especially in the “trophy” and overall class-A categories.

There might be even more good news ahead for beleaguered landlords after the Fed chopped the federal funds rate by an unexpectedly large half-percentage point early last month.


A large glass building known as 250 Vesey Street
Jane Street currently occupies 500,000 square at 250 Vesey St. Google Maps

CBRE reports strong third-quarter deal-making except Downtown. Manhattan’s overall 5.47 million square feet of leasing was 8% ahead of the five-year quarterly average. Year-to-date leasing totaled 16.57 million sf, up 32% over 2023.

Midtown South leasing of 1.32 million sf was 29% ahead of the district’s five-year quarterly average while Midtown’s 4.7 million sf ran 5% higher than the five-year quarterly average, according to CBRE.

A survey by Avison Young cited Blackstone’s more than 1 million sf at 345 Park Ave. as the quarter’s largest deal. Other biggies included Area Management’s 307,000 sf at 245 Park Ave. and Elliott Management’s 149,000 sf at 280 Park Ave.


TD Bank expands to another floor at 125 Park

One of SL Green’s favorite tenants, TD Bank, added another floor at 125 Park Ave. The 26,255 square-foot deal ups the bank’s occupancy at the 42nd Street landmark to 130,057 square feet and brings the tower to 100% eased.

SL Green leasing director Steven Durels said TD Bank is “one of the fastest growing tenants within the SL Green portfolio.”

TD Bank’s office and retail leases at SL Green’s One Vanderbilt helped get the skyscraper off the ground.

The tenant was repped a 125 Park by CBRE’s Robert Alexander, Ryan Alexander, Matthew Saker and Nicole Marshall. The landlord was represented by Newmark’s Brian Waterman, David Falk, Pete Shimkin and Daniel Levine.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button