Bloomberg Expands Third Avenue Office To Nearly 1M SF
Bloomberg has locked down another massive office space in Manhattan, bringing its total long-term office commitment this year to nearly 2M SF.
Bloomberg LP has signed a 925K SF lease at 919 Third Ave., landlord SL Green announced Wednesday.
The financial information and media company owned by former Mayor Michael Bloomberg signed an 11-year extension for the 749K SF it already occupies at the Midtown East building and tacked on a 176K SF expansion for 15 years.
The deal keeps Bloomberg on the second through 18th and 28th through 33rd floors, and the new lease covers part of the 34th floor as well as the entirety of the 35th, 41st and 42nd floors.
“We’re proud to continue our long-standing relationship with Bloomberg, and excited to assist with their on-going New York City expansion,” SL Green Executive Vice President and Director of Leasing and Real Property Steven Durels said in a statement.
CBRE brokers represented both sides of the deal, with Howard Fiddle, Chris Mansfield, Zach Weil and Ryan Luck handling negotiations for Bloomberg and Robert Alexander, Ryan Alexander, Emily Chabrier, Taylor Callahan, Alex D’Amario and Nicole Marshall working on behalf of the landlord.
Other tenants in the 1.5M SF, 47-story skyscraper include law firms Schulte Roth & Zabel LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, according to SL Green’s website.
The renewal and expansion deal was announced at the same time as the REIT reported its third-quarter financial results. The 925K SF deal exceeds the total leases SL Green signed in Q3, which came to 764K SF. SL Green's 28M SF Manhattan office portfolio was 90.1% occupied at the end of September, but it projects that figure to exceed 92% by the end of the year.
The deal at 919 Third Ave. is Bloomberg’s second gigantic lease this year, following its May lease extension at 731 Lexington Ave. where it is keeping its 947K SF headquarters.
The two deals mean Bloomberg has signed for just under 1.9M SF of Manhattan office space this year. They are among the five largest leases signed this year. The market has begun to slightly tighten after four years of rising vacancies.
Durels attributed SL Green's retention of Bloomberg to the landlord’s investments in the space, which include extensive renovations of the building’s lobby, entrances and elevator cabs, according to the release.
“Overall leasing velocity continues to increase as tenants prioritize their preference for well-located, upgraded and amenitized buildings,” Durels said.
