Excess Line Association signed a renewal for 9,500 SF at 55 Broadway. According to The Commercial Observer asking rents in the building were in the high $30s and low 40s, and our data shows that the non-profit has agreed to pay rent in the low $40s for the 5-year term. This rent is in line with the average Downtown rents of $39 PSF we reported in our
Effective Rent Report, and the narrow spread between asking and starting rent provides further evidence for the heating Downtown market.