New Office Leases
Over the past few weeks, we successfully closed three new NYC office leases totaling 5,165 square feet. These offices rented for an average price in the mid-$50s per square foot and an average term of 3 years. Two deals were move-in-ready, furnished offices, while the third needed minimal construction work that the landlord will complete.
The Bryant Park Office
A financial services firm signed a 2.5-year lease in Midtown on West 40th Street, just a stone's throw from Bryant Park. The firm, transitioning from a short-term office sublet on Third Avenue, decided to move to a new location further west to be closer to Port Authority rather than extending their lease directly with the landlord.
Their office requirement was tricky because they wanted a small but high-quality office space at a low monthly price. Only five to six people would use the office daily.
The layout had a private office and open workspace for 5-6 people
The layout of this compact office is pretty straightforward—one private office with a glass front and an open area for five desks. There is a separate coat closet and an IT closet. The landlord added a fan to the IT closet to assist with ventilation and ensure their equipment didn't overheat.
The company was able to lease a small office because the building offers shared access to conference rooms and a kitchen. This arrangement reduced their monthly expenses by eliminating the need for additional square footage for those areas. Plus, they don't have to clean or stock the kitchen. And they're free to drink all the gourmet coffee or soda that their heart desires.
We've been very active in this building recently. It has become our go-to office building for small, high-end offices in Midtown. On the blog in January, we wrote an overview of the building and outlined a deal for another financial services office lease.
Midtown South Offices
The other two office leases occurred in the same Fifth Avenue building in Midtown South—in fact, so far south that it's basically Nomad.
The first lease was signed by a PR firm downsizing from a 4,100-square-foot, full-floor office in Chelsea. They signed a one-year term for a move-in-ready, furnished office. Finding a short-term, furnished office can be challenging, especially if the company doesn't consider NYC flexible workspace providers and focuses on sought-after locations like Nomad or Flatiron.
Fully furnished office with wood floors and high ceiling
The efficient layout had two private offices, an internal, glass-fronted conference room, an open area with eight desks, and a kitchen with seating.
Floor plan
The second deal was an advertising agency that moved from an office in the Garment District and signed a 5-year lease at the new location. The suite had more private offices than the agency desired, so the landlord agreed to remove a few to create a more open workspace. The landlord is also installing new lighting and touching up the paint.
Modern office space with glass-fronted offices
The floor plan offers a mix of private spaces and open workspaces. It also has a kitchenette and a package AC unit.
Floor plan
Finding Office Space in NYC
We'd be happy to assist you in your search for office space in Midtown, Flatiron, Chelsea, Soho, Financial District, or anywhere else in Manhattan. Naturally, we often work with companies looking for subleases, but there are fewer on the market than you might think, especially when you filter your criteria by size, location, and term.
For many companies, we find short-term leases directly with a landlord. Many landlords are feeling "the pinch" these days and are more willing to offer flexible terms. Please send us an email or call so we can discuss your office needs in detail.