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Commercial leases boom on Avenue of the Americas

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The celebration will take place on May 25, when the Americas Association Avenue will hold its annual meeting in the Rainbow Loom. What most New Yorkers call Six Avenue enjoys a little-recognized commercial boom, despite the struggles of Manhattan’s offices and the retail market as a whole.

In a nutshell, 42 million square feet of Six Avenue / Rockefeller Center submarkets are cleaning watches in other office districts. According to Cushman & Wakefield, vacancy rates were 14.6% in the first quarter, compared to over 20% in all other similarly sized submarkets.

CBRE found that Sixth / Rock availability was 12.3%, while Manhattan overall was 18.5%.

Dust Organization’s 1155 Six has a leasing enthusiasm, and Global Relay USA recently signed the top five floors.

Law firm Latham & Watkins brought Rockefeller Group’s 1/6 to 100 percent occupancy in 1271. A huge new Avra ​​restaurant will open on the ground floor of the tower in June.

A spectacular new $ 50 million public plaza will open later this year on Rock Group’s 1221 Six Avenue.

Brookfield has transformed the monotonous 1100 Sixth Ave., also known as Two Bryant Park, into a gleaming glass jewelry box from Bank of America.

Landlords such as Rockefeller Group, Durst, SL Green and Fisher Brothers have sent tens of millions of upgrades to their properties.

CBRE deal maker John Maher said: However, these large blocks have created large space opportunities for large tenants. “

“Reinvesting and releasing high-quality, large-scale tenants at the time created the strength and stability we see today,” Maher added.

Six Avenue and Park Avenue are “the best business streets in the world,” Maher said.

But there is a difference.

“Park Avenue is dominated by banking and financial elites, but Six has an extraordinary level of variety, including sports headquarters such as MLB, Media and Entertainment (News Corporation, Comcast), and high-tech companies (SalesForce). I have sex, “Maher said.

The diverse workforce of the tenants helps support the new retail and restaurant climate, including Del Frisco, Steinway Piano Showrooms, and Rough Trade Records.

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