New York’s banks and financial-services firms are downsizing space to control costs amid job cuts and tighter regulation. Manhattan office leasing climbed to a record in the fourth quarter, driven by large agreements by companies such as Citigroup Inc. seeking cost-effective real estate, according to brokerage Studley Inc.
Citigroup last month renewed its lease on 2.63 million square feet at 388 and 390 Greenwich St., the downtown office complex it inherited from Travelers Group when it bought the insurer 15 years ago. The bank had been examining for more than a year whether to stay at the complex or move to the World Trade Center or the new Hudson Yards development rising on Midtown’s far west side.Credit Suisse to Stay at U.S. Headquarters in Manhattan
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Manhattan office leasing sets a record