Where have all the office listings gone?
September 3, 2014

Underscoring the lack of new listings, the largest new space to hit the market in Midtown last month was just 63,210 square feet, at 630 Fifth Avenue, CoStar’s database showed. That was one of only three spaces greater than 30,000 square feet listed in Midtown, for a total of 133,000 square feet, TRD’s analysis showed.

There were summertime deals, however. Private debt and equity placement firm the Audax Group signed a new lease in mid-July for the entire 19th floor of 320 Park Avenue, between 50th and 51st streets, information from the leasing data firm CompStak showed. Audax took about 19,274 square feet in the 750,000-square-foot building, according to CoStar. David Goldstein, Greg Taubin and Jason Perla of brokerage Savills Studley represented the tenant, while Frank Doyle and David Kleiner of JLL represented the landlord, Mutual of America Life Insurance.

The 10-year lease starts at about $90 per square foot, according to CompStak.

Where have all the office listings gone?

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