Newmark has signed a 15-year renewal and lease growth at 125 Park Ave. in Manhattan, rising its footprint on the constructing to 184,239 sq. ft. The tenant was represented in-house by Newmark’s Jason Perla, Brian Waterman, David Waterman and Matthew Schreiner.
Newmark has been a relentless presence at 125 Park because the mid-Nineteen Nineties, when it dedicated to 47,000 sq. ft, in line with Crain’s New York. Through the years, the agency has expanded its footprint; in 2014, Newmark occupied greater than 133,000 sq. ft on the 654,800-square-foot property, Bisnow reported.
The workplace tower is now greater than 99 p.c leased, in line with landlord SL Inexperienced. The corporate is at present finalizing the design of a brand new foyer and restoration of the constructing’s entrance to its unique design.
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SL Inexperienced has owned the property since 2010, when the corporate acquired it for $330 million from Shorenstein, which had purchased it in 2004 for $225 million. Accomplished because the Pershing Sq. Constructing in 1923, the workplace tower is a chosen New York Metropolis landmark for its “vital contribution to the variability and richness of Midtown East.”
Situated throughout from Grand Central Terminal, the 26-story constructing options floorplates starting from 9,556 to 26,256 sq. ft, in addition to 17,000 sq. ft of retail. Tenants on the LEED Gold-certified property additionally embrace TD Financial institution, Pandora Music and Canon U.S.A., in line with CommercialEdge info.
SL Inexperienced, Manhattan’s largest workplace landlord, held pursuits in 54 buildings totaling 30.6 million sq. ft at the top of 2024. Up to now in 2025, the REIT has signed workplace leases totaling 455,008 sq. ft, with a present pipeline of about 975,000 sq. ft. In considered one of this yr’s offers, IBM expanded its footprint at One Madison Avenue.
Manhattan workplace market sees some power
Workplace leasing has picked up lately in Manhattan, a market that had been hit pretty exhausting by pandemic and post-pandemic realities. In 2024, in line with Newmark information, 38.1 million sq. ft had been absorbed within the borough, up from 30 million sq. ft in 2023, and probably the most since earlier than 2020.
New workplace area deliveries, which had spiked to five.7 million sq. ft in 2023—probably the most since 2019’s whole of seven.7 million sq. ft—shrank to virtually nothing in 2024, Newmark famous. Solely about 100,000 sq. ft got here on-line final yr in Manhattan.
