{"id":1004749574,"date":"2025-03-05T04:10:51","date_gmt":"2025-03-05T12:10:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004749574"},"modified":"2025-03-05T05:29:36","modified_gmt":"2025-03-05T13:29:36","slug":"newmark-expands-manhattan-hq","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/newmark-expands-manhattan-hq\/","title":{"rendered":"Newmark Expands Manhattan HQ"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/125-Park-Avenue-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004749579\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/125-park-avenue-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/125-Park-Avenue-edited.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"125 Park Avenue\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/125-Park-Avenue-edited.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/125-Park-Avenue-edited.jpg\" alt=\"Exterior shot of the office building at 125 Park Avenue in Manhattan\" class=\"wp-image-1004749579\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/125-Park-Avenue-edited.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/125-Park-Avenue-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">The office building at 125 Park Ave. rises 26 stories across from Grand Central Terminal. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Newmark has signed a 15-year renewal and lease expansion at 125 Park Ave. in Manhattan, growing its footprint at the building to 184,239 square feet. The tenant was represented in-house by Newmark&#8217;s Jason Perla, Brian Waterman, David Waterman and Matthew Schreiner.\u00a0<\/p>\n\n\n\n<p>Newmark has been a constant presence at 125 Park since the mid-1990s, when it committed to 47,000 square feet, according to <em>Crain&#8217;s New York<\/em>. Over the years, the firm has expanded its footprint; in 2014, Newmark occupied more than 133,000 square feet at the 654,800-square-foot property, <em>Bisnow<\/em> reported.<\/p>\n\n\n\n<p>The office tower is now more than 99 percent leased, according to landlord SL Green. The company is currently finalizing the design of a new lobby and restoration of the building\u2019s entrance to its original design. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/net-effective-office-costs-edge-up\/\">Net Effective Office Costs Edge Up<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>SL Green has owned the property since 2010, when the company acquired it for $330 million from Shorenstein, which had bought it in 2004 for $225 million.\u00a0Completed as the Pershing Square Building in 1923, the office tower is a designated New York City landmark for its \u201csignificant contribution to the variety and richness of Midtown East.\u201d <\/p>\n\n\n\n<p>Located across from Grand Central Terminal,\u00a0the 26-story building features floorplates ranging from 9,556 to 26,256 square feet, as well as 17,000 square feet of retail. Tenants at the LEED Gold-certified property also include TD Bank, Pandora Music and Canon U.S.A., according to CommercialEdge information.<\/p>\n\n\n\n<p>SL Green, Manhattan\u2019s largest office landlord, held interests in 54 buildings totaling 30.6 million square feet at\u00a0the end of 2024. So far in 2025, the REIT has signed office leases totaling 455,008 square feet, with a current pipeline of about 975,000 square feet. In one of this year&#8217;s deals, <a href=\"https:\/\/www.commercialsearch.com\/news\/ibm-expands-manhattan-office\/\">IBM expanded its footprint<\/a> at One Madison Avenue. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-office-market-sees-some-strength\">Manhattan office market sees some strength<\/h2>\n\n\n\n<p>Office leasing has picked up recently in Manhattan, a market that had been hit fairly hard by pandemic and post-pandemic realities. In 2024, according to Newmark data, 38.1 million square feet were absorbed in the borough, up from 30 million square feet in 2023, and the most since before 2020.<\/p>\n\n\n\n<p>New office space deliveries, which had spiked to 5.7 million square feet in 2023\u2014the most since 2019\u2019s total of 7.7 million square feet\u2014shrank to practically nothing in 2024, Newmark noted. Only about 100,000 square feet came online last year in Manhattan. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>SL Green owns this New York City landmark.<\/p>\n","protected":false},"author":1023,"featured_media":1004749579,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[32779,50999,32895],"class_list":["post-1004749574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-leed","tag-newmark","tag-sl-green-realty-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Newmark Expands Manhattan HQ - Commercial Property Executive<\/title>\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\/newmark-expands-manhattan-hq\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newmark Expands Manhattan HQ\" \/>\n<meta property=\"og:description\" content=\"SL Green owns this New York City landmark.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/newmark-expands-manhattan-hq\/\" \/>\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=\"2025-03-05T12:10:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-05T13:29:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/125-Park-Avenue-edited.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=\"Dees Stribling\" \/>\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\/newmark-expands-manhattan-hq\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/newmark-expands-manhattan-hq\/\",\"name\":\"Newmark Expands Manhattan HQ - 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