Manhattan office market booms with multiple large leases despite broader uncertainties

Manhattan’s office market continues to thrive, with multiple sizable leases signed in the past two months. Swig Company’s 1411 Broadway at West 39th Street saw three new agreements covering 182,000 square feet, including Zeta Global’s 50,522-square-foot expansion, Republic Clothing Corp.’s conversion of a sublease into an 81,000-square-foot direct lease, and Amorepacific’s relocation to the same space. The building, recently upgraded with a $100 million renovation, now reports 90% occupancy after leasing more than 566,000 square feet in 18 months.

Meanwhile, Aegon Ltd., transitioning to the Transamerica Inc. brand, chose Alchemy-ABR’s 125 W. 57th St for its U.S. headquarters, signing 20,600 square feet following a prior deal with Anchorage Capital Advisors; the 265,000-square-foot tower has reached over 75% occupancy in two years. Brokerage firms CBRE, Hines, JLL and Cushman & Wakefield represented the landlords and tenants in these transactions, with rents ranging from $72 to $110 per square foot. Additional tenants such as Ten Five Hospitality have also entered the market, indicating sustained confidence in Manhattan office space.