TF Cornerstone Lands New Lease in Midtown Manhattan

TF Cornerstone has inked an 8,800-square-foot, 12-year lease at Carnegie Hall Tower, a Class A+ office tower in Manhattan’s Plaza District.

Lee & Associates negotiated on behalf of the tenant, cosmetic company Pearl World Inc., that will relocate at the 542,584-square-foot high-rise. The company will occupy the entire 48th floor, using the new space as its office and showroom. Newmark represented the landlord.

Originally built in 1989, Carnegie Hall Tower is a 60-story office high-rise at 152 W. 57th St. that features floor plates between 8,733 and 14,482 square feet, 10 passenger elevators and first-floor retail space, according to CommercialEdge. Current tenants at the property include The Pritzker Organization, Deer Finance, Palladium Capital Group, Industrious, Greystone Development and Arcadia Investment Partners, among others, the same source reveals.

The Midtown Manhattan office building is close to Central Park, being 4 miles from Lower Manhattan, 7 miles from the Financial District, 11 miles from Brooklyn and within 17 miles of John F. Kennedy International Airport.

Lee & Associates’ New York office’s team of Executive Managing Directors and Principals Dennis Someck and Justin Myers worked on behalf of the tenant, while Newmark’s Executive Managing Director Matt Leon represented TF Cornerstone.

Significant Midtown leases so far this year

Among the 25 largest office markets in the country, Manhattan remained on top when it comes to office asking rents as of February, a recent CommercialEdge report shows. Averaging at $71.53 per square foot, the borough’s asking rate exceeded that of San Francisco’s $59.81 per square foot and The Bay Area’s $54.12 per square foot, despite a 460-basis-point decline since February 2023.

Recently signed office deals in Midtown Manhattan include Paramount Group’s 74,000-square-foot deal at 1301 Avenue of the Americas. Citizens Bank is the newest tenant at the 1.7 million-square-foot office property. Another significant commitment was skincare and beauty brand Sol de Janeiro USA’s s 57,203-square-foot, 11-year lease at Empire State Realty Trust’s 1.3 million-square-foot One Grand Central Palace.