{"id":1004733389,"date":"2024-10-17T02:48:21","date_gmt":"2024-10-17T10:48:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004733389"},"modified":"2024-10-22T07:45:04","modified_gmt":"2024-10-22T15:45:04","slug":"bloomberg-expands-to-nearly-1-msf-at-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bloomberg-expands-to-nearly-1-msf-at-manhattan-tower\/","title":{"rendered":"Bloomberg Expands to Nearly 1 MSF at Manhattan Tower"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Exterior<\/a>
The Midtown Manhattan tower received a facelift in 2022. Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n

Bloomberg LP has inked a renewal and expansion lease at SL Green Realty Corp.\u2019s 919 Third Ave., a 1.5 million-square-foot, 47-story office tower in Manhattan, bringing its footprint to 924,876 square feet at the high-rise. CBRE brokered the transaction.<\/p>\n\n\n\n

The deal includes a 749,035-square-foot, 11-year lease extension starting March 1, 2029, and a new 175,841-square-foot 15-year expansion.<\/p>\n\n\n\n

SL Green paid $500 million for the asset in 2000, acquiring it from Colonnade Properties, CommercialEdge data shows. Last year, the landlord partnered with J.P. Morgan to refinance 919 Third Ave<\/a>. Aareal Capital Corp., Credit Agricole Corporate and Investment Bank originated a $500 million note to retire a previous loan in the same amount issued by Metropolitan Life Insurance Co. and Pacific Life Insurance Co.<\/p>\n\n\n\n

A glimpse inside the renovated tower<\/h2>\n\n\n\n

Designed by Skidmore, Owings & Merrill, 919 Third Ave. debuted in 1970. In 2022, the tower underwent a $20 million renovation effort. Designer Studios Architecture and general contractor Structure Tone led the revamp, which touched on the lobby. Upgrades included a new ceiling, exterior glass, reception desks and lighting.<\/p>\n\n\n\n

The high-rise features floorplates ranging between 30,000 and 48,000 square feet and roughly 12-foot slab heights, as well as three freight and 22 passenger elevators. Amenities at 919 Third Ave. include a coffee bar, bike room and a 19,000-square-foot open-air plaza. The tower\u2019s certifications include LEED Gold, WiredScore Platinum, 2-Star Fitwel and WELL Health-Safety.<\/p>\n\n\n\n

Office tenants include law firms such as Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, which committed to 101,394 square feet<\/a> in 2021, as well as Schulte Roth & Zabel LLP, which renewed its 283,894-square-foot lease for another 15 years in 2014. The retail tenant roster comprises Chase Manhattan Bank, P.J. Clarke\u2019s and One Medical.<\/p>\n\n\n\n

Located in Midtown Manhattan, SL Green\u2019s asset is a few blocks from RFR Realty\u2019s Seagram Building, where Blue Owl Capital inked a 238,673-square-foot lease extension and expansion<\/a> recently.<\/p>\n\n\n\n

CBRE Vice Chairmen Howard Fiddle and Chris Mansfield, alongside Senior Vice President Zach Weil and Vice President Ryan Luck, represented Bloomberg. Chairman Robert Alexander, together with Vice Chairmen Ryan Alexander and Taylor Callaghan, as well as Executive Vice President Emily Chabrier, Senior Vice President Alexander D\u2019Amario and Senior Associate Nicole Marshall, represented SL Green.<\/p>\n\n\n\n

Bloomberg’s expansion in New York<\/h2>\n\n\n\n

This deal marked the third time Bloomberg\u2019s presence grew at 919 Third Ave. Its previous expansion\u2014which grew its footprint by 191,207 square feet\u2014closed in 2021. The first expansion rose the company\u2019s footprint by 204,442 square feet in 2016. Bloomberg had initially settled for 350,173 square feet the year before.<\/p>\n\n\n\n

As of May, Bloomberg\u2019s Big Apple presence encompassed more than 2.1 million square feet of office space. At the time, the company extended its full-tower lease<\/a> at Alexander\u2019s Inc.\u2019s 56-story, 946,815-square-foot 731 Lexington Ave., also dubbed Bloomberg Tower. That extension will also take effect in 2029.<\/p>\n\n\n\n

Manhattan office vacancy rate inches down<\/h2>\n\n\n\n

Manhattan office occupancy rates are healing\u2014as vacancy dropped 90 basis points<\/a> year-over-year\u2014and availability clocked in at 16.8 percent in September, according to a report by CommercialEdge. The borough maintained its title as the priciest office market, with rates averaging $67.93 per square foot.<\/p>\n\n\n\n

The shifting outlook in Manhattan\u2019s office real estate trends<\/a> is reflected by SL Green\u2019s 2024 leasing momentum. Year-to-date, the landlord inked 150 leases in the borough for a total of 2.8 million square feet, including Bloomberg\u2019s recent deal.<\/p>\n\n\n\n

Additionally, SL Green expects to sign north of 3.3 million square feet of office leases throughout Manhattan in 2024, based on its arrangements to date and contract pipeline, which includes roughly 1.1 million square feet.<\/p>\n\n\n\n

Another one of SL Green\u2019s leases closed at 245 Park Ave., a 1.8 million-square-foot office tower also in Midtown Manhattan. Ares Management renewed and expanded its commitment to 307,336 square feet at the property. Last year, SL Green sold a 49.9 percent stake<\/a> in the asset to Tokyo-based Mori Trust Co.<\/p>\n","protected":false},"excerpt":{"rendered":"

The publisher’s NYC footprint exceeds 2 million square feet.<\/p>\n","protected":false},"author":3471,"featured_media":1004733392,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,1600,21742,10,21747],"tags":[37840,32789,34964],"class_list":["post-1004733389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-bloomberg","tag-cbre","tag-sl-green-realty-corp"],"acf":[],"yoast_head":"\nBloomberg Expands to Nearly 1 MSF at Manhattan Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Bloomberg expanded its presence at SL Green's 919 Third Ave., a Manhattan office tower, to 924,876 square feet in a deal by CBRE.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bloomberg-expands-to-nearly-1-msf-at-manhattan-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bloomberg Expands to Nearly 1 MSF at Manhattan Tower\" \/>\n<meta property=\"og:description\" content=\"Bloomberg expanded its presence at SL Green's 919 Third Ave., a Manhattan office tower, to 924,876 square feet in a deal by CBRE.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bloomberg-expands-to-nearly-1-msf-at-manhattan-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-17T10:48:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-22T15:45:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/8621-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Claudiu Tiganescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bloomberg-expands-to-nearly-1-msf-at-manhattan-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bloomberg-expands-to-nearly-1-msf-at-manhattan-tower\/\",\"name\":\"Bloomberg Expands to Nearly 1 MSF at Manhattan Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bloomberg-expands-to-nearly-1-msf-at-manhattan-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bloomberg-expands-to-nearly-1-msf-at-manhattan-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/8621-1.jpg\",\"datePublished\":\"2024-10-17T10:48:21+00:00\",\"dateModified\":\"2024-10-22T15:45:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66\"},\"description\":\"Bloomberg expanded its presence at SL Green's 919 Third Ave., a Manhattan office tower, to 924,876 square feet in a deal by CBRE.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bloomberg-expands-to-nearly-1-msf-at-manhattan-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/bloomberg-expands-to-nearly-1-msf-at-manhattan-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bloomberg-expands-to-nearly-1-msf-at-manhattan-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/8621-1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/8621-1.jpg\",\"width\":640,\"height\":480,\"caption\":\"The tower received a facelift in 2022. 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