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.
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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.)
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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.
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Get the Gibson Dunn renewal comp on CompStak