Office Leasing

The publisher of relentlessly cheery Sunday magazine Parade signed a 10-year lease renewal for 89,413 square feet of space at SL Green's 711 Third Avenue. The publisher occupies the entire sixth floor and parts of the seventh and 15th floors in the 20-story building at 44th street. The asking rent, according to brokerage CB Richard Ellis, which represented Parade on the deal, was $65 a square foot, about average for the area.

Gregory Tosko, Mary Ann Tighe and Ramneek Rikhy of CBRE represented Parade. SL Green handled the renewal in-house.

Release below:

CB RICHARD ELLIS ARRANGES 89,413-SQUARE-FOOT

PARADE PUBLICATIONS LEASE RENEWAL

New York, NY – June 30, 2008 – CB Richard Ellis announced today that it arranged a 10-year, 89,413-square-foot lease renewal at 711 Third Avenue on behalf of Parade Publications, Inc.  read more »

The biggest Manhattan office lease in January was the 550,000-square-foot one taken by advertising giant Ogilvy & Mather at 636 11th Avenue. The company, a subsidiary of WPP, will take the entire building, owned by the Hakimian Organization. More of the month's major leases are listed in a new report from brokerage Colliers ABR.

It’s been a sleepy year so far in the Manhattan office-leasing world, which is to be expected. Vacancy rates are at a huge low and average rents are at an all-time high.

But brokers are quietly saying it’s going to be a very busy summer and, indeed, things are picking up. Take midtown recently: In April, leasing activity there nearly tripled what it was in March, according to stats from brokerage CB Richard Ellis; companies leased 1.84 million square feet of office space versus 660,000 square feet in March.  read more »