Blackstone, the largest alternative firm of wealth administration in the world, is comprehensive in Manhattan’s turn after Covid Pandemic destroyed the commercial real estate market.
Firm’s attempt to buy 1345 Ave. From Fisher Brothers were widely greeted this week as a stroke in the Manhattan-But office market was not the first mega-data from the financial giant.
Last summer, Stephen A. Blackstone led by Stephen A. Schwarzman also signed the largest rent of the Manhattan office of 2024 in Rudin’s 345 Park Ave., where he decided to renovate and expand from 720,000 to over 1 million square meters.
Both movements reflect a change of heart from Blackstone, which said last year that it was focusing less on office properties than on technological and industrial investments.
Blackstone’s Pivot signals a wonderful analyst – and for some analysts, unexpected – the general resurrection in the Manhattan offices market, which many go to die after the pandemic.
If the Sixth Purchase of Non-Unsaze 1345, reported for the third quarter and 110% over the fourth quarter of 2023, according to Avison Young.
Sales were still much less than the total of 2019, but the upward trend is clear, in part by lowering construction values due to increasing interest rates and overload debt.
“There are a lot of affordable hunters there, but they will move better because the bargains will last,” said a mediator of the sale of investment that did not want to be named.
Financial conditions for the next sixth agreement 1345 were not disclosed.
Things are even more optimistic at the front of the lead, where owners and tenants have “placed work-from home in the back mirror of the view,” said a report.
The VTS tracking service reported this week that demand for Big Apple office space increased in November more than in pre-Pandemic 2019 for the first time. The survey, which analyzes the requirements for the company’s space, is regarded as an authorizing survey of the lease market.
CBre Stephen B. Global Coca of Cbreth Siegel told The Post, “VTS is correct” about the question, which owners and brokers also observe in increasing tower tour requirements “hit by tires” by tenants in hunting .
As for 1345 Avenue Sixth, where he is not involved, Siegel said: “It is an excellent asset with stabilized occupation after Paul Weiss moves inside.”
The legal firm is crossing 765,000 square meters there in 2027 – the largest rent signed in 2023. The tower recently had $ 120 million in capital images.
The building is more than 92% rental for tenants such as intercontinental Exchange, Canyon Partners and Fortress Investment Group.
As reported in the post, vacancies in class A-plus classroom buildings fell to below 10%; General availability stabilized between 16% and 17%; And ask that the first space has grown as narrow that the tenants have not found a place in which they can move or expand.
Moreover, as set out by JLL, a record 28 new rent in 2024 over $ 200 for square foot were signed for rent, and a 212 rented record for at least $ 100 per square foot.
The last category included Blackstone rent in 345 Park Ave.
Manhattan rental volume of 35.9 million square meters in 2024 was only 10% under 2019, reported Avison Young on Thursday, ease other major US cities like Los Angeles and Chicago, where the lease was 29% and 33% less than in 2019, respectively in 2019, respectively in 2019
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