TikTok to lease massive Manhattan office

Steve Cuozzo was first to report that the video-sharing platform clipping at the heels of Twitter, Instagram, SnapChat and Facebook has signed a 10-year-lease for 232,000 s/f at One Five One, Durst’s 48-story tower formerly known as Four Times Square.

The deal gives a major shot in the arm to an office market that has been […]

By |2020-06-02T13:52:42-04:00June 2nd, 2020|NYC Office Space, nyc office space renegotiation, Wharton Property Advisors|Comments Off on TikTok to lease massive Manhattan office

Update on the NYC Office Market and Sublet Deals

“Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.”

Winston Churchill quoted by Andrew Cuomo

 

The beginning phase of the pandemic is over, and we fervently hope the worst of the crisis is behind us. For now, the office leasing market is […]

By |2020-05-12T13:09:50-04:00May 12th, 2020|NYC Office Space|Comments Off on Update on the NYC Office Market and Sublet Deals

What we are seeing in the office space market

It comes as no surprise that the coronavirus has wreaked havoc on the New York office leasing market.   But for a few exceptions, leasing activity is effectively frozen. The entire real estate industry is completely on edge. Below is a summary of what we are seeing in the market today along with a prediction for […]

By |2020-04-22T17:12:54-04:00April 22nd, 2020|NYC Office Space|Comments Off on What we are seeing in the office space market

The world is turning on its head (Lease Renegotiation Upcoming)

As we all know, our personal worlds and the business world are changing with head-spinning speed. Some businesses will see the opportunity, but the vast majority will be adversely affected. All will need to adapt to the new reality and find their footing quickly. Accordingly, before the scourge is over every business will […]

By |2020-03-24T15:35:10-04:00March 24th, 2020|nyc office space renegotiation|Comments Off on The world is turning on its head (Lease Renegotiation Upcoming)

Coronavirus and the Force Majeure Office Lease Clause

Amid the flurry of coverage regarding the Coronavirus, a recent article in the Financial Times caught my attention. The article stated that 3,325 companies had been issued certificates by the Chinese government authorizing them to void contracts worth $38.5 billion.

Similarly, the Indian Financial Ministry issued an office memorandum stating that disruption of […]

By |2020-03-04T19:42:56-05:00March 4th, 2020|NYC Office Space|Comments Off on Coronavirus and the Force Majeure Office Lease Clause

A New Approach for Landlords – If the Tenant Owes Too Much Money, Buy the Company

Simon Property Group and Brookfield Properties were faced with a Hobson’s choice in the Forever 21 bankruptcy. Should they let yet another retailer – Forever 21 – which was an anchor tenant in many of their malls be liquidated, or should they mount a last ditch effort to save the tenant by purchasing it out […]

By |2020-02-27T09:30:54-05:00February 27th, 2020|Midtown NYC Office Space|Comments Off on A New Approach for Landlords – If the Tenant Owes Too Much Money, Buy the Company

Lying and the Importance of Honesty in Real Estate

Several friends recently called my attention to the fascinating recent article in the New York Times regarding the well–known retail real estate broker Faith Hope Consolo who was found to have numerous misrepresentations concerning her life history (see the link at the end of this piece). While on one level this is a […]
By |2020-01-24T10:36:59-05:00January 24th, 2020|Madison Ave Office Space, Midtown NYC Office Space, Sublease Extra NYC Office Space, Sublet Extra NYC Office Space, Wharton Property Advisors|Comments Off on Lying and the Importance of Honesty in Real Estate

The Rise and Possible Fall of WeWork – 3 Key Issues for Wary NYC Office Tenants

Our well-informed readers are all familiar with the meteoric rise and startling fall of WeWork.

 

Personally, I often look to historical analogies or the Classics to help better analyze current events. I see parallels to be found here in the Greek myth of Icarus. Like Icarus, WeWork flew too close to the sun. Like many impatient but […]

By |2019-12-12T06:30:08-05:00December 12th, 2019|NYC Office Space|Comments Off on The Rise and Possible Fall of WeWork – 3 Key Issues for Wary NYC Office Tenants

The Impact of a Potential WeWork Bankruptcy – the Day of Attornment?

Recent disclosures regarding WeWork’s cash flow problems include the news that it has hired the law firm Weil Gotshal & Manges as restructuring counsel. This inevitably leads to speculation about the shape of a potential bankruptcy filing if the present negotiations with Softbank regarding a recapitalization or JP Morgan Chase regarding new financing are unsuccessful. […]

By |2019-10-15T12:40:24-04:00October 15th, 2019|wework space nyc|Comments Off on The Impact of a Potential WeWork Bankruptcy – the Day of Attornment?