The office leasing breakthrough that Downtown has been waiting for could happen by year’s end.
Global trading firm Jane Street is looking to grow at Brookfield Place, we’ve learned. The electronically-driven market mover, which has about 500,000 square feet at 250 Vesey St., is in talks with landlord Brookfield for more space at 300 Vesey St. next door.
An expansion by Jane Street would be welcome news for the area, which has yet to catch up with the rebound in Midtown and Midtown South. But although market sources confirmed negotiations are ongoing, they wouldn’t say how much more space the company would take.
Jane Street’s digs at 250 Vesey are the firm’s largest, according to the firm’s web site. It also has offices in London, Singapore, Hong Kong, Chicago and other major cities.
Meanwhile, much of the half-billion square-foot Manhattan market is enjoying something of a roll after three mostly down, years. The market, mostly listless since the start of the pandemic in early 2020, finally appears to be finding its footing again. Corporate expansion in the third quarter buoyed many properties, especially in the “trophy” and overall class-A categories.
There might be even more good news ahead for beleaguered landlords after the Fed chopped the federal funds rate by an unexpectedly large half-percentage point early last month.
CBRE reports strong third-quarter deal-making except Downtown. Manhattan’s overall 5.47 million square feet of leasing was 8% ahead of the five-year quarterly average. Year-to-date leasing totaled 16.57 million sf, up 32% over 2023.
Midtown South leasing of 1.32 million sf was 29% ahead of the district’s five-year quarterly average while Midtown’s 4.7 million sf ran 5% higher than the five-year quarterly average, according to CBRE.
A survey by Avison Young cited Blackstone’s more than 1 million sf at 345 Park Ave. as the quarter’s largest deal. Other biggies included Area Management’s 307,000 sf at 245 Park Ave. and Elliott Management’s 149,000 sf at 280 Park Ave.
TD Bank expands to another floor at 125 Park
One of SL Green’s favorite tenants, TD Bank, added another floor at 125 Park Ave. The 26,255 square-foot deal ups the bank’s occupancy at the 42nd Street landmark to 130,057 square feet and brings the tower to 100% eased.
SL Green leasing director Steven Durels said TD Bank is “one of the fastest growing tenants within the SL Green portfolio.”
TD Bank’s office and retail leases at SL Green’s One Vanderbilt helped get the skyscraper off the ground.
The tenant was repped a 125 Park by CBRE’s Robert Alexander, Ryan Alexander, Matthew Saker and Nicole Marshall. The landlord was represented by Newmark’s Brian Waterman, David Falk, Pete Shimkin and Daniel Levine.