First Republic Bank Signs Up For Massive Expansion At Rockefeller Center
First Republic Bank signed up for an extra 130K SF across two buildings at Tishman Speyer's Rockefeller Plaza.
The company is taking 100K SF at 10 Rockefeller Plaza across the third and fourth floors. Next door, the firm is taking another 30K SF on the eighth floor, the New York Post reports. The firm already has 150K SF in the building, meaning it will now have a total of 280K SF in the two buildings.
JLL’s Frank Doyle, David Kleiner and Betsy Buckley brokered the deal on behalf of the bank.
The Manhattan office market is facing headwinds, with large numbers of large-scale spaces becoming available as major tenants begin moving to new buildings opening up, frequently in spaces with significantly smaller square footage. According to Transwestern, 14 blocks of 100K SF or more opened up in the first three months of the year. Landlords are increasingly offering steep cash concessions and creative deal sweeteners in order to fill space.
Sixth Avenue, however, is a bright spot in Manhattan and has seen significant leasing activity recently.
Last month, for example, law firm Latham & Watkins signed on to take 407K SF on floors 25 to 34 at Rockefeller Group’s 1271 Sixth Ave. In the first quarter, the availability rate for the Sixth Avenue and Rockefeller Center corridor declined to 9.8% from 11.1% a year earlier, according to CBRE data.
