Top Green Commercial Office Leases in Manhattan by Square Footage: 2008

We review the 50 largest Manhattan office leases from 2008 by highlighting those that were signed for space in LEED- or Energy Star-rated buildings.

The CoStar Group’s list of the top 50 Manhattan office leases (by square footage) that were finalized in 2008 appears in this week’s issue of Crain’s (though it isn’t available online). By our count, 7 of these 50 leases were inked for space in green office buildings. Importantly, the top two leases overall were in green buildings (1515 Broadway and 375 Hudson Street, respectively). 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 third-party certification status (if any), tenant, landlord, and total square footage of the deal.

Last year, in an article addressing CoStar’s same compilation of 2007 leases , we suggested that it would “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.” While leases at 11 Times Square and 250 West 55th Street did not materialize, it is difficult to ignore the fact that the top two commercial deals in Manhattan in 2008 were in green office buildings. Given what’s happening out there right now, it’s obviously anyone’s guess as to how this list will look in 2009. Just for comparison’s sake, though, the 2007 iteration featured 9 out of 50 leases in green buildings, including 3 of the top 10 (though last year’s 7th largest transaction, Gibson Dunn’s 220,000 square feet at 250 West 55th Street, is now a question mark given Boston Properties’ recent suspension of that project).

#1, 1515 Broadway (Pursuing LEED-EB certification in connection with $162 million capital improvement program)

Tenant: Viacom, 1,289,243 square feet (renewal)
Landlord: SL Green
Submarket: Times Square

#2, 375 Hudson Street (2007 Energy Star Award winner)

Tenant: Saatchi & Saatchi, 819,325 square feet (renewal)
Landlord: Tishman Speyer
Submarket: Hudson Square

#5, 636 Eleventh Avenue (Seeking unspecified level of LEED certification)

Tenant: Ogilvy & Mather, 554,800 square feet
Landlord: The Hakimian Organization
Submarket: Times Square

#22, 7 World Trade Center (LEED Gold-certified)

Tenant: WestLB, 129,024 square feet
Landlord: Silverstein Properties
Submarket: World Trade Center

#23, 100 Park Avenue (Pursuing LEED-EB Silver in connection with $72 million capital improvement program)

Tenant: BDO Seidman, 121,441 square feet
Landlord: SL Green
Submarket: Grand Central

#35, 7 Times Square (Pursuing LEED-EB certification)

Tenant: Pryor Cashman, 100,000 square feet
Landlord: Boston Properties
Submarket: Times Square

#49, 770 Broadway (Pursuing LEED-EB certification)

Tenant: America Online, 76,069 square feet (pursuing LEED-CI certification)
Landlord: Vornado
Submarket: Greenwich Village

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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