avenue report
Top Avenues 2018
# Ave/Street Deals SF
1 Park Ave 10 3.27m
2 Lexington Ave 7 2.10m
3 Eighth Ave 3 1.79m for 46% of the largest office leases in Man-
4 Broadway 6 1.24m
5 Sixth Ave
5 1.20m
6 Ninth Ave
3 1.09m
7 Church St 4 1.03m
8 Madison Ave 4 1.01m
9 Tenth Ave 1 798k
10 Seventh Ave 4 680k
Avenue Report is published
by The Avenue of the Americas
Association, based on an analysis
of the 50 largest office leases in
Manhattan in consecutive years,
as compiled by CoStar Inc.
For more information,
contact Sarah Berman,
sberman@bermangrp.com.
March 2019
WEST SIDE RETAINS LEAD ON CITY’S LARGEST
OFFICE LEASES, EAST SIDE REBOUNDS
OFFICE DEMAND IN 2018 REMAINED highest
on the City’s West Side, which accounted
hattan, according to an analysis of the top
50 Manhattan office leases in 2018 compiled
by CoStar Inc.
Deal volume on the West Side, north of Ca-
nal Street, remained strong for the second
straight year, but experienced a decline
from 58% in the prior year.
On the flip side, office leasing rebounded on
the East Side last year, accounting for 36%
of the city’s largest office leases in 2018, up
from 20% the prior year.
While the West Side of Manhattan was the
most active, with six of the top 10 streets
in 2018, it was two East Side avenues that
claimed the most deals overall.
Park Avenue, including Park Avenue South,
led all avenues or streets in Mahattan with
10 of the largest leases in 2018, for a total of
nearly 3.3 million square feet. Lexington Av-
enue, which shares several buildings with Park
Avenue that border both avenues, ranked
second. Seven leases were completed on
Lexington Avenue totaling 2.1 million square
feet.
Eighth Avenue, Broadway and Sixth Avenue
rounded out the top five locations in 2018,
with 1.79 million, 1.24 million and 1.2 million
square feet leased, respectively.
Overall, Midtown Manhattan repeated as
the most active submarket, claiming 32 of the
50 largest leases, or nearly two-thirds of the
largest tenants. In 2017, Midtown accounted
for 34 of the largest leases.
Demand for Midtown South locations rose
substantially year-over-year, with the sub-
market capturing nine leases, or 18% of the
largest leases, up from five leases in the prior
year. Downtown Manhattan attracted eight
of the largest leases, or 16%, down from 11
leases in the prior year.
One Downtown Manhattan location,
Church Street, which borders the new World
Trade Center, made the top 10 for the third
consecutive year, rising one spot to sev-
enth. In 2018, four leases were completed
on Church Street totaling 1.03 million square
feet. Ninth Avenue ranked sixth, with three
transactions totaling 1.09 million square feet.
Madison Avenue moved up two spots from
last year to eighth, with four leases totaling
1.01 million square feet. Tenth Avenue,
where Pfizer leased 798,278 square feet at a
new office development, ranked ninth. Sev-
enth Avenue ranked 10th, with four leases
totaling 680,000 square feet.
CoStar released its data February 18, cov-
ering the 50 largest leases in Manhattan
throughout 2018. Of the 50 largest leases, 49
were completed south of Central Park, with
one lease for 136,818 square feet to Charter
Communications completed in Harlem.
The cutoff transaction size to make the
largest leases list, on a square footage basis,
was 109,656 square feet in 2018, compared
to 107,440 square feet in 2017. The largest
lease in 2018 was to Deutsche Bank, for 1.12
million square feet at 1 Columbus Circle.
In 2018, new leases continued to outpace
renewals or expansions, comprising 34 of the
50 largest leases, up from 30 and 29 in the
prior two years. In addition, in 2018, 13 leases
involved lease renewals or renewals and
expansions, compared to 20 leases in 2017.
An additional three leases were expansions
in 2018.
Among Manhattan’s 50 largest deals, The
Related Cos. completed the most by square
footage, with two leases totaling 1.25 million
square feet.
The most active building for leasing in 2018,
by square footage leased, was 1 Colum-
bus Circle, where Related, GIC Real Estate
and ADIA leased 1.12 million square feet to
Deutsche Bank.
The most active building by volume of leases
completed, was 1271 Avenue of the Amer-
icas, where Rockefeller Group completed
three new leases with Latham & Watkins,
Bessemer Trust Company and Blank Rome,
for approximately 784,000 square feet.
 AVENUE REPORT 2018

Top 10 Avenues 2018 Top 10 Avenues 2017

Rank Avenue/Street # of Deals SF Rank Avenue/Street # of Deals SF
1 Park Ave 10 3.27 million 1 Sixth Avenue 10 3.27 million
2 Lexington Ave 7 2.10 million 2 Tenth Avenue 4 1.66 million
3 Eighth Ave 3 1.79 million 3 Seventh Ave. 6 1.65 million
4 Broadway 6 1.24 million 4 Liberty Street 5 1.43 million
5 Sixth Ave 5 1.2 million 5 Broadway 5 1.14 million
6 Ninth Ave 3 1.09 million 6 Ninth Avenue 3 1.07 million
7 Church St 4 1.03 million 7 Fifth Avenue 3 981,036
8 Madison Ave 4 1.01 million 8 Church Street 3 903,141
9 Tenth Ave 1 798,278 9 Lexington Ave. 4 860,924
10 Seventh Ave 4 680,323 10 Madison Ave. 3 639,206

Overall Leasing Activity by Deal Volume*

Total Number of Leases Total Volume of Leases (square feet)

Submarket 2018 2017 2018 2017
Midtown 32 34 9.4 million 10.2 million
Midtown South 9 5 2.1 million 937,651
Downtown 8 11 1.9 million 3.0 million

*Including all lease types, new leases, renewals, expansions. Sample size is the 50 largest Manhattan office leases in consecutive years. One transaction was
outside these neighborhood boundaries in 2018, bringing the total deal sample in 2018 to 49.

Overall New Leasing Activity by Deal Volume**

Total Number of New Leases Total Volume of New Leases (square feet in millions)
Submarket 2018 2017 2018 2017
Midtown 19 18 5.6 million 5.6 million
Midtown South 8 4 1.9 million 587,874
Downtown 6 8 1.3 million 2.1 million
**Including new leases only, excluding renewals, expansions. Sample size is the 33 largest new office leases in Midtown, Midtown South and Downtown in 2018
and 30 in 2017. Note: there were 34 new leases among the 50 largest office leases in 2018, with one outside these boundaries (Harlem).

Most Active Buildings***

Rank Property Owner Deal Volume Total Square Footage
1 1271 Sixth Ave Rockefeller Group 3 784,176
2 277 Park Ave Stahl Real Estate 2 1.12 million
3 3 World Trade Center Silverstein Properties 2 320,310
4 1 Vanderbilt SL Green Realty 2 251,519
***Includes only buildings that completed more than one of the 50 largest transactions in 2018.

2018 Top Manhattan Owners by Overall Leasing Activity† 2018 Top Manhattan Owners by New Leasing Activity††

Rank
Owner SF Volume Rank Owner SF Volume
1 The Related Cos. 2 1.25 million 1 The Related Cos. 2 1.25 million
2 Tishman Speyer 3 1.23 million 2 GIC Real Estate/ADIA
1 1.12 million
3 GIC Real Estate/ADIA 1 1.12 million 3 Tishman Speyer 1 798,278
4 Stahl Real Estate Co.
2 1.12 million 4 Rockefeller Group 3 784,176
5 Boston Properties 4 993,198 5 RXR Realty 2 561,571
6 RXR Realty 3 832,104 6 Boston Properties 2 447,910
7 Rockefeller Group 3 784,176 7 Clarion Partners 1 417,158
8 Global Holdings 3 732,880 8 TF Cornerstone 1 362,658
9 Deco Towers Associates
1 521,374 9 Brookfield 1 324,658
10 Jack Resnick & Sons 2 494,492 10 Vornado Realty Trust
1 321,181

††Including new leases only, excluding renewals, expansions. Sample is the 34
†Including all lease types, new leases, renewals, expansions. Sample is the 50 largest new office leases from among the 50 largest office leases in Manhat-
largest Manhattan office leases in 2018. tan in 2018.

Methodology: Transactions are mapped according to their location along major avenues or streets in Manhattan. If a property occupies street frontage along
more than one major avenue or street, more than one avenue or street will receive credit for individual leases. If a property is mid-block between two avenues,
the avenue closest to the property is credited. If closest proximity cannot clearly be determined, more than one avenue or street may be credited.
Sources: CoStar Inc. (as published in Crain’s New York Business Feb. 18, 2019 and Feb. 26, 2018); Avenue of the Americas Association.