Top Green Office Leases in Manhattan by Square Footage: 2007

Nine of the 50 largest Manhattan office leases signed in 2007 were for space in buildings pursuing (or, as it were, not pursuing) LEED certification, which suggests some interesting points about New York City’s green real estate market.

The CoStar Group’s list of the top 50 Manhattan office leases that were finalized in 2007 appears in this week’s issue of Crain’s New York Business (though it isn’t available online). By our count, 9 of these 50 leases were inked for space in green office buildings. Importantly, 3 out of the top 10 leases (ranking 6 through 8, consecutively) were green. We’ve written about a number of these buildings before, and present each lease below along with links to pertinent posts at gbNYC. We also set forth the tower’s certification status (if any), tenant, landlord, and total square footage of the deal.

It’s encouraging to think that, a year ago, a similar list would have been mostly devoid of any green office leases. It’s also noteworthy that almost half of the top 10 leases were secured at such high-profile buildings. CoStar’s report doesn’t offer details on asking rents for each of these leases, but that’s obviously the next question. Nevertheless, it will definitely be interesting to see how this list changes in the next year, both in terms of a softening economy and the number of leases that we expect to see finalized on pending green projects (such as 11 Times Square) during the course of 2008.

#6, 200 Fifth Avenue (Registered under LEED-CS 2.0)

Tenant: Grey Global Group, 369,973 square feet
Landlord: L&L Acquisitions

#7, 250 West 55th Street (Plans to pursue LEED-NC Gold)

Tenant: Gibson Dunn & Crutcher, 221,510 square feet
Landlord: Boston Properties

#8, 620 Eighth Avenue (New York Times Tower, did not pursue LEED certification)

Tenant: Goodwin Proctor, 216,927 square feet
Landlord: New York Times Co./Forest City Ratner

#25, 1095 Sixth Avenue (Verizon Building, did not pursue LEED certification)

Tenant: iStar Financial, 107,022 square feet
Landlord: Blackstone Group

#29, 1095 Sixth Avenue (Verizon Building, did not pursue LEED certification)

Tenant: Centerline Capital Group, 100,794 square feet
Landlord: Verizon/Blackstone Group

#31, 100 Park Avenue (Registered under LEED-EB 2.0)

Tenant: J. & W. Seligman & Co., 100,454 square feet
Landlord: SL Green Realty Corp./Prudential Real Estate

#32, 350 Park Avenue (Registered under LEED-EB 2.0)

Tenant: Ziff Brothers Investments, 100,368 square feet
Landlord: Vornado Realty Trust

#45, 599 Lexington Avenue (Registered under LEED-EB 2.0)

Tenant: Ramius Capital Group, 82,147 square feet
Landlord: Boston Properties, Inc.

#48, 7 World Trade Center (Certified LEED-NC Gold)

Tenant: Moody’s Corp., 78,710 square feet
Landlord: Silverstein Properties, Inc.

about gbNYC

gbNYC is a multi-disciplinary consulting and real estate services firm. In addition to representing office tenants and commercial buyers in leasing and acquisitions, we also provide innovative consulting solutions from a unique, green building perspective. We advise on green building financial incentives, comment on proposed green building marketing strategies, author white papers, treatises, and market analyses, organize seminars on the LEED process and professional accreditation, and provide advice and analysis on green building risk management and the overall state of green real estate, leasing, and construction, in New York City and beyond.

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One Response to Top Green Office Leases in Manhattan by Square Footage: 2007

  1. Rachael Tuesday, April 15, 2008 at 12:07 pm #

    Nevertheless, it will definitely be interesting to see how this list changes in the next year, both in terms of a softening economy and the number of leases that we expect to see finalized on pending green projects (such as 11 Times Square) during the course of 2008.