News.

Weekly Market Report - November 16, 2021

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Minskoff’s 1166 Sixth inks 120K sf in leases


Edward J. Minskoff Equities is rolling in leases new and renewed at 1166 Sixth Avenue with two recent deals for 120,000 square feet. Financial services company William Blair is taking more than 40,000 square feet on the 19th floor of the building, the Commercial Observer reports. The deal doubles the firm’s space in the building as it joins an extended lease on the 20th floor for the same amount of space, totaling more than 80,000 square feet. Elsewhere in the building, Commercial Observer reports that international insurance firm Ryan Specialty Group is moving from 1345 Avenue of the Americas to the space directly underneath William Blair, the 40,000-square-foot 18th floor.

*** WeWork reports $802M loss in first earnings as public company

WeWork’s first earnings report as a publicly traded company revealed that it continues to hemorrhage hundreds of millions of dollars. The flex-office company, which went public in a SPAC merger last month, reported a net loss of $802 million in the third quarter, a $139 million improvement over the $941 million it lost in the same period last year.

*** New York Developer Bets on $800 Million Project to Make Queens Feel Like Shanghai

An $800 Million development in Flushing, Queens, is poised to open in February with an array of upscale retail chain stores, cafes and restaurants that will be unrecognizable to most Americans. Known as the Tangram Project, it will include the US flagship location of “Xiao Long Kan Hot pot”, popular restaurant in China along with countless others. Tenants will be required to display signs in both Chinese and English with the movie theater displaying subtitles in Chinese with movies in English. This will also include a 4-D wrap around screen that will be displayed above the theater. Lastly, it will also include a gym that an orange theory fitness center that will be first one in the national to offer classes in English and Chinese.

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What the financial titans pay at Fisher Brothers’ Park Avenue Plaza

Park Avenue Plaza, Fisher Brothers’ 45-story office tower in Midtown East, has weathered tenant turnover at an uncertain time for the Manhattan office market. Occupying nearly half of its 1.2 million square feet, the building’s two biggest tenants, Blackrock and insurance giant Aon, will exit for good within the next 18 months. But much of their space is already spoken for. Other Tenants like ICE, and Morgan Stanley will be filling in the gaps. Jennison Associates, an asset management firm owned by Prudential Financial, will lease 119,000 of the 375,000 square feet left behind when Blackrock’s lease ends in April 2023, according to Morningstar DBRS. Jennison’s lease, signed in February for $93 per square foot, expires in 2040.