Downtown Manhattan on the Up and Up
April 10, 2012
By: Janon Fisher

... Deals like 70 Pine Street, which instantly wiped off one million square feet from Downtown’s commercial real estate inventory when it was sold for $200 million in 2011, have been propping up statistics for the neighborhood’s office space market for years. Ever since large banks and financial companies started fleeing offices in the financial district, an influx of young families and bankers wanting to live Downtown, rather than just work there, have kept the vacancy rate from tanking even further by reducing the math on the supply end. ...

...“It’s a chicken-and-egg scenario,” said Mark Shapses, executive managing director at Studley. “Downtown is seeing the light at the end of the tunnel.” ...


... When the mega law firm WilmerHale, advocates for Ivan Boesky and McCain-Feingold before the Supreme Court, was pushed out of Midtown’s Worldwide Plaza by Japanese investment firm Nomura Holdings, Silverstein Properties saw an opportunity and swooped in.

Silverstein offered the legal eagles more than 200,000 square feet at 7 World Trade Center for $60 to $65 per square foot, a fraction of what the firm was paying before, thanks to Studley executive Mitch Steir, who helped broker the deal. ...

... Weidlinger, an international structural engineering firm that’s worked on the Brooklyn Bridge, the Jacob K. Javits Center and the CBS building, snapped up 61,000 square feet at 40 Wall Street after moving from its 375 Hudson Street office, where it had its flagship location in 50,000 square feet of office space. ...

... “With the lease at 375 Hudson Street expiring in 2013, our client wanted to secure another long-term lease sooner rather than later, due to market conditions,” said Jason Schwartzenberg, managing director at Studley, who brokered the deal. ...

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