New York workplace leasing lastly shook out of its pandemic-era rut in 2025.
Within the 12 months that JP Morgan opened its new $3 billion headquarters at 270 Park Avenue because the ne plus extremely of the office, tenants confirmed that the workplace will not be, in truth, useless.
The sorts of mega-deals that epitomized workplace leasing’s growth years (we’re taking a look at you, NYU, taking 1 million sq. toes) are again, they usually’re serving to drive the market to file numbers.
Manhattan was on monitor in December to high 40 million sq. toes value of offers for the 12 months, which might be the primary time it crossed that quantity since 2019.
All that exercise helps take a chunk out of the glut of house left within the wake of the shutdown: Manhattan availability got here right down to 14.2 % in December, based on Colliers. That’s the bottom stage since late 2020.
Listed here are the largest workplace leasing offers of 2025.
1) New York College | 770 Broadway | 1,067,383 sf
Steve Roth’s Vornado Realty Belief set the tone for the 12 months within the spring, when it signed NYU to a 1.1 million-square-foot grasp lease at its 770 Broadway constructing in Greenwich Village.
The varsity stated the house can be a hub for engineering, science and know-how, changing the vacant flooring to laboratories, lecture rooms and workstations. NYU has plans to ultimately transfer some departments from rented house elsewhere as current leases expire.
For its half, Vornado used a number of the $935 million upfront fee NYU made to repay the property’s $700 million mortgage. The lease has a 70-year time period with choices for NYU to purchase the workplace portion of the constructing in 2055 and on the finish of the lease.
It was the largest lease in Manhattan since 2018 when WarnerMedia (previously generally known as Time Warner) inked a deal for 1.5 million sq. toes in Associated Firms and Oxford Properties Group’s 30 Hudson Yards.
2) Jane Avenue Capital | 250 Vesey Avenue | 1,000,000 sf
Jane Avenue Capital inked a brand new megalease at Brookfield Properties’ 250 Vesey Avenue, the place the quant buying and selling agency has been rising for the previous decade.
The agency signed a brand new long-term lease for 1 million sq. toes on the Brookfield Place constructing in a 400,000-square-foot growth. The corporate had initially relocated to the property in 2014 when it signed on for about 117,000 sq. toes, rising through the years to 600,000 earlier than the current deal.
Jane Avenue’s growth was so massive that Brookfield needed to relocate its personal company places of work within the constructing as a way to make means for the buying and selling agency’s rising house.
3) Deloitte | 70 Hudson Yards | 807,000 sf
Associated Firms signed the accounting and consulting agency Deloitte because the anchor tenant for its newest Hudson Yards tower.
Deloitte agreed to lease 800,000 sq. toes at 70 Hudson Yards, the 47-story, 1.1-million-square-foot constructing Associated broke floor on in June. The brand new tower will embrace a big occasion house, non-public eating, a media-podcast studio and “pink eye” suites to be used after flights.
Deloitte’s massive lease is an indication that main firms need to occupy high-quality areas as they create employees again to the workplace, and it’s one among a handful of offers in 2025 that helped kick off new workplace developments.
4) Citadel | 660 Fifth Avenue | 502,528 sf
Talking of development-driving tenants, Ken Griffin’s Citadel (which in 2022 partnered with Vornado and Rudin to kick off 350 Park Avenue) continues to be hungry for extra space.
The market-making securities agency signed on for 504,000 sq. toes at Brookfield Properties’ 660 Fifth Avenue. The proprietor not too long ago accomplished a $400 million redevelopment and modernization of the 1.25 million-square-foot constructing previously generally known as 666 Fifth.
Citadel is predicted to maneuver from one among its present places at 350 Park Avenue, which can be torn down (together with 40 E. 52nd Avenue) and redeveloped by Vornado and Rudin as a 1.8 million-square-foot, 1,600-foot-tall tower designed by Foster + Companions.
Citadel signed on because the anchor tenant, agreeing to take about 850,000 sq. toes.
5) United Nations Affiliation | Two United Nations Plaza | 425,190 sf
The United Nations consolidated its workplace house as a part of a $500 million growth plan for One and Two United Nations Plaza.
The U.N. signed a lease for 425,190 sq. toes of house throughout 26 tales at 2 United Nations Plaza, along with two tales of retail at 1 United Nations Plaza.
The owner is the United Nations Improvement Company, a public profit company established by New York State. The redevelopment will embrace energy-efficient upgrades to some 900,000 sq. toes of house throughout the 2 buildings.
The UNDC plans to challenge as much as $380 million in bonds to fund the venture, underwritten by Goldman Sachs and Siebert Williams Shank.
Horizon Media signed a 17-year extension on its 360,000-square-foot house at Hudson Sq. Properties’ 75 Varick Avenue, the place it’s been a tenant since 2010.
The corporate — which places collectively promoting campaigns for firms like Burger King, GEICO and Peloton — occupies six flooring of the 18-story constructing owned by a partnership amongst Trinity Church NYC, Norges Financial institution Funding Administration and Hines.
The monetary phrases of the deal weren’t out there, however asking rents within the constructing had been reportedly round $90 per sq. foot in 2023.
7) Guggenheim Companions | 330 Madison Avenue | 360,000 sf
Funding agency Guggenheim Companions grew its house by about 50 % because it signed on for one more 17 years.
The corporate expanded from 240,000 sq. toes to 360,000 sq. toes when it renewed its house at Munich Re’s 330 Madison Avenue.
Asking rents within the 850,000 square-foot constructing begin within the low $90s per sq. foot on the base and climb to greater than $100 on greater flooring. With the Guggenheim deal, the constructing is one hundred pc occupied.
8) Common Music Group | 2 Pennsylvania Plaza | 336,000 sf
Common Music Group is leaving its present Broadway digs early so as to relocate to Penn Plaza.
The music writer signed a 22-year lease for 336,000 sq. toes at Vornado Realty Belief’s 2 Penn.
The corporate’s present lease at Jack Resnick & Sons’ 1755 Broadway isn’t set to finish till 2028, however UMG plans to finalize its relocation in 2027. UMG can be increasing from its present 242,505-square-foot lease.
9) Amazon | 10 Bryant Park | 330,000 sf
Amazon took over HSBC’s former headquarters house because it continues to gobble up Manhattan workplace house.
The tech agency signed on for 330,000 sq. toes at Property & Constructing Corp’s 10 Bryant Park, previously generally known as the HSBC tower. The 30-story constructing is subsequent to the Lord & Taylor constructing that Amazon purchased in 2020 for $1.2 billion and makes use of as its Manhattan headquarters.
Amazon’s lease begins at $29.5 million per 12 months and will increase to $34.8 million after 10 years.
That wasn’t the one mega lease the corporate signed this 12 months. Amazon additionally leased 259,000 square feet at CIM Group and QSuper’s 1440 Broadway.
10) Salesforce | 3 Bryant Park | 310,500 sf
Tech big Salesforce expanded at its namesake Manhattan workplace constructing, whilst the corporate stated it was in a position to lower 1000’s of jobs because of AI.
The corporate tacked on 71,000 sq. toes onto La Caisse’s 3 Bryant Park, bringing its complete footprint to about 311,000 sq. toes and increasing its lease to Might 2029.
Salesforce will use the extra house for an worker coaching middle, collaboration and hybrid-work areas, in addition to house for a customer-focused initiative.
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