A Fresh Take on CRE

Weekly Comps Digest: Harper Collins Moves Downtown; Greenlight Capital Pays 33% More, Gibson Dunn Adds 50K.

Another Move Downtown: Harper Collins

Harper Collins will leave its midtown offices and move downtown. The publisher signed a 15 year lease for 180,000+ SF over four and a half stories. Details: rent is in the $40s and TI allowance is in the $60s. The Harper Collins deal is a recent addition to a series of new moves downtown which includes NYSSCPA, Rock Shrimp Productions, Transatlantic Reinsurance, and Refinery29. No wonder rents downtown are trending up for a second quarter in a row.
Get the Harper Collins comp on CompStak

Greenlight Capital Renews, Pays 33% More PSF

The hedge fund renewed its original 15,250 SF lease and added over 10,000 SF at 140 East 45th Street. AKA 2 Grand Central Tower. Greenlight agreed to pay rent in the mid $60s, almost 33% percent above the current rent. Looking at effective rents, the rent hike is even greater and stands at 40% PSF (high fifties now vs high thirties for the previous lease.)
Get the new Greenlight comp information on CompStak
Get the previous Greenlight comp information on CompStak

Gibson Dunn Adds 50K SF at 200 Park Avenue

Gibson, Dunn & Crutcher will add another floor and 48,919 SF to its 261,847 SF space at 200 Park Ave. The law firm signed a 20-year renewal and expansion lease three years ago with starting rent in the low $70s. The starting rent for the new expansion is in the mid $90s and will escalate up throughout the 18 year period.
Get the Gibson Dunn expansion comp on CompStak
Get the Gibson Dunn renewal comp on CompStak