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Real Estate Roundup 9.11.20

Real Estate Roundup:

Encouraging office update 

  • JPMorgan Chase & Co. executives told senior employees of the bank’s giant sales and trading operation that they and their teams must return to the office by Sept. 21. Executives said that employees with child-care issues and medical conditions that make them more vulnerable to coronavirus complications can continue working from home. (WSJ)
  • American Express began reopening offices in New York and London this week even as it told employees that they can continue working from home through June 2021 if they wish. The card company said it has reopened offices in 30 locations, mostly in Asia and Europe, after seeing infection rates remain consistently low. This week, the firm began reopening facilities in London and New York, with about 10% of workers opting to return in the initial phase. (Bloomberg)

Office leasing 

  • Landscape architect Hargreaves Jones moved its NYC office from Hudson Square to Tribeca Associates’ 30 Broad Street. The firm signed a 10-year deal for 5,851 square feet on the entire 41st floor of the 47-story building in the Financial District.. Asking rent was $56 per SF. (CO)
  • Investment firm Cambridge Associates is doubling its footprint at 437 Madison Avenue in Midtown. The firm signed a deal to take 10,191 SF on a portion of the 39th floor of William Kaufman Organization and Travelers Companies’ 40-story building. Asking rents in the building range from $73 to $89 per SF. (CO)

New to the market

  • SL Green Realty is looking to sell its nearly finished Financial District residential project at 185 Broadway for around $400 million. When completed, the mixed-use building will have 209 residential units, 41,000 SF of office space and nearly 10,000 SF of retail. The property has a 35-year tax abatement under the state’s Affordable New York program. (TRD)

Development filings 

  • Edward J. Minskoff Equities is proposing a 220,000-square-foot commercial building in Dumbo on a site that was rezoned to allow for office space. In March, the developer paid $61.5 million for the property at 35 Jay Street. Minskoff plans to build an 11-story structure. (TRD)

Other news

  • Rental listings jumped to a record 15,025 at the end of August, more than double the inventory from a year earlier. The borough’s vacancy rate reached a new high of 5.1%. Last August, it was under 2%. Renters are finding few reasons to sign new leases in Manhattan, with Midtown offices still largely empty and public school reopenings an unresolved question. To attract tenants, Manhattan landlords offered concessions in 54% of newly signed leases — a record share in nearly 10 years of data. With the value of those sweeteners factored in, rents fell 7.7% to a median of $3,161.(Bloomberg+MillerSamuel)
  • Brookfield Asset Management is exploring a sale of real estate company Simply Self Storage, which could fetch about $1.3 billion. Simply Self Storage operates more than 120 locations across 23 states including Texas, Florida, New York, and California. (Bloomberg)
  • Landlord ABS Partners is suing Icon Parking, claiming it owes more than $7 million in rent and other fees at 270 Madison Avenue, where Icon occupies the second floor of the building. Icon hasn’t paid rent since April, and ABS terminated its lease at the end of August. (TRD)

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