Real Estate Discussion

First page Table of contents 1 Next page Last page

REAL ESTATE DISCUSSION February 25, 2020

Prepared by: Mark S. Weiss Executive Vice Chairman +1 212 841 7871 mark.weiss@cushwake.com

TABLE OF CONTENTS

SECTION I:

620 Eighth Avenue – The New York Times Building Stack

SECTION II:

Select Recent Law Firm Comps

SECTION III:

Midtown Comps

SECTION IV: Downtown Comps

SECTION V:

Zip Code Analysis

SECTION VI: Manhattan Submarkets

SECTION I: 620 Eighth Avenue The New York Times Building Stack

(Acquired FCR)

THE NEW YORK TIMES BUILDING 620 EIGHTH AVENUE

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 51 50 52

Mechanical Mechanical

35,715 35,715 35,715 35,715 35,715 35,715 35,715 31,058 31,058 31,058 35,715 35,715 35,715 35,715 30,980 30,980 30,980 30,980 30,980 31,602 30,917 30,917 30,917 30,917 30,917 30,917 32,303 32,303 32,303 31,753 32,623 31,753 31,753 31,753 31,753 31,753 31,753 31,753 31,753 32,623 30,524 32,545 32,545 32,545 32,545 32,545 30,589 31,753

LXD 12/2023 LXD 12/2023

LXD 12/2023

Not yet focused on their pending lease expiration

LXD 12/2023

(Occupied by

) LXD 12/2023

(Occupied by

) LXD 12/2023

(Occupied by

) LXD 9/2027

LXD 9/2027

Pepper is likely combining with

LXD 9/2027

Troutman on 3rd Avenue.

Government of Flanders LXD 12/2028 (7,000 RSF) LXD 12/20 8 (7,00 RSF)

LXD 2/2026 (24,753 RSF)

(Occupied by ) LXD 5/2022

(Occupied by ) LXD 5/2022 (13,589 RSF)

LXD 5/2022 (19,000+/-RSF)

LXD 3/2023

Strong candidate for lease renewal

LXD 3/2023

Goodwin is in the market negotiating at 2 Manhattan

LXD 3/2023

Common Area / Mechanical / Storage

West as well as a potential renewal

LXD 3/2023

LXD 3/2030

LXD 1/2035 LXD 1/2035

Base Rent: $74/RSF, TI: $70/RSF, Free Rent: 12 months

Base Rent: $74/RSF, TI: $70/RSF, Free Rent: 12 months Base Rent: $74/RSF, TI: $70/RSF, Free Rent: 12 months

LXD 1/2035

Base Rent: $74/RSF, TI: $70/RSF, Free Rent: 12 months

Available (14,219 RSF) - Asking $80/RSF (Prebuilt)

Base Rent: $75/RSF

Separate condominium

Available - Asking $78/RSF

Retail

SECTION II: Select Recent Law Firm Comps

SELECT RECENT LAW FIRM COMPS

Date

Tenant

Building

Floors

RSF

Term

Base Rent

Free Rent

Work Allowance

Lease Type

$110.00 x 5 Yrs $118.00 x 5 Yrs $127.00 x 5 Yrs $136.00 x 5 Yrs $94.00 x 5 Yrs $103.00 x 5 Yrs $112.00 x 5 Yrs $121.00 x 5 Yrs $79.00 x 5 Yrs $84.00 x 5 Yrs $89.00 x 5 Yrs $94.00 x 5 Yrs $99.00 x 2 Yrs $83.00 x 5 Yrs $87.00 x 5 Yrs $87.00 x 6 Yrs $94.00 x 5 Yrs $101.00 x 5 Yrs $72.00 x 5 Yrs $77.00 x 5 Yrs $82.00 x 5 Yrs $87.00 x 5 Yrs $92.00 x 5 Yrs $97.00 x 5 Yrs $131.00 x 5 Yrs $141.00 x 5 Yrs $151.00 x 5 Yrs $93.50 x 5 Yrs $100.50 x 5 Yrs $107.50 x 5 Yrs $84.00 x 5 Yrs $90.00 x 5 Yrs $97.00 x 5 Yrs

66 Hudson Boulevard

Q1 20

E40-E52

530,884

20 Yrs

30 Mos

$110.00

New Lease

2 Manhattan West

Q4 19

E25-E37

481,921

20 years

16 months

$100.00

New Lease

GRND, E2- E7, P8, E9- E12

599 Lexington Avenue

Q4 19

338,000

22 years

Renewal

50 Rockefeller Plaza

Q4 19

E5-9

125,097

10 years

13 months

$107.00

New Lease

1251 Avenue of the Americas

P35, E37- E38

Q4 19

99,615

16 years

14 months

$117.00

New Lease

Q3 19

1675 Broadway E31-34, P35

86,102

15 years

12 months

$100.00

New Lease

3 World Trade Center

Q3 19

E66-E68

103,000

15 years

20 months

$105.00 per RSF

New Lease

Q2 19

1 Bryant Park

E41-E47

280,000

15 years

10 months

$95.00

Renewal

200 Park Avenue

Q1 19

E51-E53

144,000

15 years

16 months

$120.00 per RSF

Renewal

1290 Avenue of the Americas

E31-E33, P34

Q1 19

90,508

15 years

13 months

$110.00 per RSF

New Lease

SECTION III: Midtown Comps

MIDTOWN COMPS

Free Rent

Work Allowance Lease Type

Date Building

Tenant

Floors

RSF

Term

Base Rent

Q1 20 375 Park Avenue

E29-30

36,428

10 Yrs

$170.00 x 5 Yrs $177.00 x 5 Yrs

8 Mos

$130.00

Relocation/ Expansion/ Renewal

Q1 20 66 Hudson Boulevard

E40-E52

530,884 20 Yrs

$110.00 x 5 Yrs $118.00 x 5 Yrs $127.00 x 5 Yrs $136.00 x 5 Yrs $102.00 x 5 Yrs $112.00 x 5 Yrs $122.00 x 5 Yrs $80.00 x 5 Yrs $86.00 x 4 Yrs, 4 Mos $145.00 x 6 Yrs $155.00 x 5 Yrs $126.00 x 5 Yrs $136.00 x 5 Yrs $146.00 x 5 Yrs

30 Mos

$110.00

New Lease

Q1 20 399 Park Avenue

E20-21

48,860 15 Yrs

15 Mos

$120.00

New Lease

Q1 20 1155 Avenue of the Americas

E9-10

44,277

9 Yrs, 4 Mos

11 Mos

$95.00

New Lease

Q4 19 1095 Avenue of the Americas

E32, P33

49,324 11 Yrs

6 Mos

$100.00

Renewal/ Expansion

Q4 19 1 Vanderbilt Avenue

E16

45,954

15 Yrs

8 Mos

$100.00

New Lease

Q4 19 825 Eighth Avenue

E17

41,715

10 Yrs

$69.00 x 5 Yrs $74.00 x 5 Yrs

6 Mos

$105.00

New Lease

Q4 19 590 Madison Avenue

E23-E24

50,060 15 Yrs

$106.00 x 5 Yrs $116.00 x 5 Yrs $126.00 x 5 Yrs $134.00 x 5 Yrs $144.00 x 5 Yrs $154.00 x 5 Yrs

8 Mos

$100.00

Relocation/ New Lease

Q4 19 590 Madison Avenue

E36, 37, 38, P35

90,000 15 Yrs

18 Mos

$150.00

Relocation/ New Lease

MIDTOWN COMPS

Free Rent

Work Allowance Lease Type

Date Building

Tenant

Floors

RSF

Term

Base Rent

Q4 19 590 Madison Avenue

P28

13,934

11 Yrs

$112.00 x 6 Yrs $122.00 x 5 Yrs

15 Mos

$135.00

Relocated before lease expiration to accommodate

American Securities transaction. Relocation/ New Lease Relocation/ New Lease Relocation/ New Lease

Q4 19 299 Park Avenue

28,320

10 Yrs

$83.00 x 5 Yrs $90.00 x 5 Yrs $90.00 x 6 Yrs $95.00 x 5 Yrs $132.00 x 6 Yrs $142.00 x 5 Yrs $152.00 x 5 Yrs $94.00 x 5 Yrs $103.00 x 5 Yrs $112.00 x 5 Yrs $121.00 x 5 Yrs $83.00 x 5 Yrs $87.00 x 5 Yrs $79.00 x 5 Yrs $84.00 x 5 Yrs $89.00 x 5 Yrs $94.00 x 5 Yrs $99.00 x 2 Yrs $87.00 x 6 Yrs $94.00 x 5 Yrs $101.00 x 5 Yrs

12 Mos

$100.00

Q4 19 11 Times Square

E36

29,089

11 Yrs

12 Mos

$125.00

Q4 19 65 East 55th Street

E30

15,356

16 Yrs

12 Mos

$160.00

Q4 19 2 Manhattan West

E25-E37

481,921

20 Yrs

16 Mos

$100.00

New Lease

Q4 19 50 Rockefeller Plaza

E5-9

125,097 10 Yrs

13 Mos

$107.00

New Lease

Q4 19 599 Lexington Avenue

GRND, E2- E7, P8, E9- E12

338,000 22 Yrs

Renewal

Q4 19 1251 Avenue of the Americas

P35, E37- E38

99,615

16 Yrs

14 Mos

$117.00

New Lease

MIDTOWN COMPS

Free Rent

Work Allowance Lease Type

Date Building

Tenant

Floors

RSF

Term

Base Rent

Q4 19 399 Park Avenue

E20-E21

48,860

16 Yrs

$102.00 x 5 Yrs $112.00 x 5 Yrs $122.00 x 5 Yrs $72.00 x 5 Yrs $77.00 x 5 Yrs $82.00 x 5 Yrs $118.00 x 5 Yrs $128.00 x 5 Yrs

15 Mos

$120.00

New Lease

Q3 19 1675 Broadway

E31-34, P35 86,102

15 Yrs

12 Mos

$100.00

New Lease

Q3 19 1114 Avenue of the Americas

E26-E27

58,978 10 Yrs

11 Mos

$95.00

Extension/ Expansion

Q3 19 767 Fifth Avenue

E17, P21

55,000 5 Yrs

$117.50 x 5 Yrs

4 Mos

$45.00

Renewal

Q3 19 1211 Avenue of the Americas

E26

41,385

3 Yrs, 8 Mos

$66.00 x 3 Yrs, 8 Mos $86.00 x 5 Yrs $93.00 x 5 Yrs $100.00 x 5 Yrs

3 Mos

$15.00

Sublease

Q3 19 299 Park Avenue

E18-E19

58,244 15 Yrs

11 Mos

$47.50

Renewal

Q3 19 1185 Avenue of the Americas Q3 19 220 East 42nd Street

E30-P31

44,689 5 Yrs

$55.00 x 5 Yrs

8 Mos

$25.00

Sublease

P1, P4, E10 84,000 15 Yrs

$63.00 x 5 Yrs $68.00 x 5 Yrs $73.00 x 5 Yrs $89,50 x 5 Yrs $96.50 x 5 Yrs $103.50 x 5 Yrs

9 Mos

$65.00

Renewal

Q2 19 1345 Avenue of the Americas

E29

42,250

15 Yrs

24 Mos

$115.00

Expansion

MIDTOWN COMPS

Free Rent

Work Allowance Lease Type

Date Building

Tenant

Floors

RSF

Term

Base Rent

Q2 19 1 Bryant Park

E41-E47

280,000 15 Yrs

$131.00 x 5 Yrs $141.00 x 5 Yrs $151.00 x 5 Yrs $58.00 x 5 Yrs $62.00 x 5 Yrs $66.00 x 5 Yrs $91.00 x 5 Yrs $98.00 x 5 Yrs $105.00 x 5 Yrs $115.00 x 5 Yrs $125.00 x 5 Yrs E9: $80.00 x 5 Yrs $86.00 x 5 Yrs $92.00 x 5 Yrs E29-E33: $90.00 x 5 Yrs $96.00 x 5 Yrs $102.00 x 5 Yrs $90.00 x 5 Yrs $97.00 x 5 Yrs $65.00 x 6 Yrs $71.00 x 6 Yrs

10 Mos

$95.00

Renewal

Q2 19 622 Third Avenue

E2-5, E16- E28

464,598 15 Yrs

6 Mos

$70.00

Renewal

Q2 19 1271 Avenue of the Americas

E20-E21

77,672

15 Yrs

15 Mos

$120.00

New Lease

Q2 19 360 Madison Avenue

E4-5

45,038 12 Yrs

12 Mos

$105.00

New Lease

Q2 19 1114 Avenue of the Americas

P38, E40

51,641

10 Yrs

5 Mos

$25.00

Renewal

Q2 19 151 West 42nd Street

E9, E29- E33

214,469 15 Yrs

15 Mos

$95.00

New Lease

Q2 19 1271 Avenue of the Americas

P22-E23

57,829

10 Yrs

15 Mos

$120.00

New Lease

Q2 19 1359 Broadway

E3-E4

47,344 12 Yrs

$62.00 x 5 Yrs $68.00 x 7 Yrs

13 Mos

$80.00

Renewal/ Expansion

MIDTOWN COMPS

Free Rent

Work Allowance Lease Type

Date Building

Tenant

Floors

RSF

Term

Base Rent

Q2 19 1411 Broadway

E11

44,181

10 Yrs

$66.00 x 5 Yrs $72.00 x 5 Yrs

10 Mos

$95.00

New Lease

Q2 19 66 Hudson Boulevard

E25-E28

198,448 22 Yrs, 1 Mo

$105.00 x 7 Yrs, 1 Mo $114.00 x 5 Yrs $123.00 x 5 Yrs $132.00 x 5 Yrs

25 Mos

$100.00

New Lease

Q2 19 300 Park Avenue

P5, E6-E11 241,000 15 Yrs

$84.50 x 5 Yrs $90.50 x 5 Yrs $96.50 x 5 Yrs $85.00 x 5 Yrs $90.00 x 5 Yrs $95.00 x 5 Yrs $80.00 x 5 Yrs $85.00 x 5 Yrs $64.50 x 6 Yrs $69.50 x 6 Yrs

0 Mos

As Is

Renewal

Q2 19 460 West 34th Street

E2-E6

212,000 15 Yrs

12 Mos

$100.00

New Lease

Q2 19 90 Park Avenue

E17-E18

52,412

10 Yrs

12 Mos

$115.00

New Lease

Q2 19 498 Seventh Avenue

P14, E15

59,798 12 Yrs

9 Mos

$100.00

New Lease

Q2 19 101 Park Avenue

E18-E19

49,200 10 Yrs

$75.00 x 5 Yrs $81.00 x 5 Yrs

12 Mos

$90.00

Expansion

Q2 19 1411 Broadway

E20-E22

74,535 10 Yrs

$70.00 x 5 Yrs $75.00 x 5 Yrs

11 Mos

$100.00

New Lease

Q2 19 1 Vanderbilt Avenue

E52

28,024 15 Yrs

$185.00 x 5 Yrs $195.00 x 5 Yrs $207.00 x 5 Yrs

14 Mos

$95.00

New Lease

MIDTOWN COMPS

Free Rent

Work Allowance Lease Type

Date Building

Tenant

Floors

RSF

Term

Base Rent

Q2 19 1271 Avenue of the Americas

E11-E12, E35, E37- E41

320,745 15 Yrs

E11-E12: $91.00 x 5 Yrs $98.00 x 5 Yrs $105.00 x 5 Yrs E35: $97.00 x 5 Yrs $104.00 x 5 Yrs $111.00 x 5 Yrs E37-E41: $100.00 x 5 Yrs $107.00 x 5 Yrs $114.00 x 5 Yrs

18 Mos

$120.00

New Lease

SECTION IV: Downtown Comps

DOWNTOWN COMPS

Date

Building

Tenant

Floors

RSF

Term

Base Rent

Free Rent Work Allowance

Lease Type

Q1 20

55 Water Street

PLL, E33-35

235,065

14 Yrs, 2 Mos

$51.00 x 5 Yrs; $56.00 x 5 Yrs; $61.00 x 4 Yrs, 2 Mos

15 Mos

$110.00

New Lease

Q1 20

28 Liberty Street

E37-E38, E56 108,917

15 Yrs

$70.00 x 5 Yrs; $75.00 x 5 Yrs; $80.00 x 5 Yrs $53.00 x 5 Yrs; $58.00 x 5 Yrs; $63.00 x 5 Yrs $70.00 x 6 Yrs; $75.00 x 5 Yrs; $80.00 x 5 Yrs E20: $58.00 x 5 Yrs; $63.00 x 5 Yrs E21: $54.00 x 5 Yrs; $59.00 x 5 Yrs E22: $44.00 x 5 Yrs; $48.00 x 5 Yrs $42.00 x 5 Yrs; $45.00 x 5 Yrs; $48.00 x 5 Yrs

12 Mos

$100.00

New Lease

Q1 20

120 Broadway

E15-E16

102,440

15 Yrs

15 Mos

$95.00

New Lease

Q1 20

140 Broadway

E47-48

52,412

16 Yrs

16 Mos

$105.00

Renewal

Q1 20

115 Broadway

E20, E21, E22 52,409

10 Yrs

10 Mos

NBI

New Lease

Q1 20

55 Broad Street

P2, E3

41,000

15 Yrs

10 Mos

$60.00

New Lease

Q4 19

1 New York Plaza

E3-12, E16-18, E35, E37-41, E31-33

1,253,589 13 Yrs

E3-12, E16-18, E35, E37-41: $55.00 x 5 Yrs; $60.00 x 5 Yrs; $65.00 x 3 Yrs E31-33:

8 Mos

$75.00

Extension/ Expansion

$55.00 x 5 Yrs; $60.00 x 5 Yrs; $65.00 x 3 Yrs $70.00 x 5 Yrs; $74.00 x 5 Yrs $83.00 x 5 Yrs; $90.00 x 5 Yrs; $97.00 x 5 Yrs

Q4 19

200 Liberty Street

E30-32

92,139

10 Yrs

12 Mos

$95.00

New Lease

Q4 19

3 World Trade Center

E55, P56

77,000

15 Yrs

12 Mos

$100.00

New Lease

DOWNTOWN COMPS

Date

Building

Tenant

Floors

RSF

Term

Base Rent

Free Rent Work Allowance

Lease Type

Q4 19

140 Broadway

E33-E34

57,000

15 Yrs

$68.00 x 5 Yrs; $73.00 x 5 Yrs; $78.00 x 5 Yrs

12 Mos

$85.00

Renewal

Q4 19

100 Broadway

E18-E20

52,176

5 Yrs

$60.00 x 5 Yrs

5 Mos

$65.00

Renewal

Q3 19

3 World Trade Center

E43-E49

307,970

12 Yrs

$80.00 x 6 Yrs; $87.00 x 6 Yrs $87.00 x 5 Yrs; $92.00 x 5 Yrs; $97.00 x 5 Yrs E27-E28: $65.00 x 5 Yrs; $70.00 x 5 Yrs; $75.00 x 5 Yrs P27: $65.00 x 5 Yrs; $70.00 x 5 Yrs; $75.00 x 5 Yrs $72.00 x 5 Yrs; $79.00 x 5 Yrs; $86.00 x 5 Yrs $76.00 x 4 Yrs; $84.00 x 4 Yrs $70.00 x 5 Yrs; $76.00 x 5 Yrs

18 Mos

$105.00

New Lease

Q3 19

3 World Trade Center

E66-E68

103,000

15 Yrs

20 Mos

$105.00

New Lease

Q3 19

195 Broadway

E27-E28, P27 83,685

15 Yrs

E27-E28: 14 Mos; P27: 28 Mos

$105.00

New Lease

Q3 19

7 World Trade Center

E35-E36

81,966

15 Yrs

14 Mos

$95.00

New Lease

Q3 19

7 World Trade Center

E27-E28

78,568

8 Yrs

0 Mos

$110.00

New Lease

Q3 19

225 Liberty Street

E30

43,374

10 Yrs

13 Mos

$90.00

New Lease

SECTION V: Zip Code Analysis

Harrison

Mamaroneck

Hawthorne

Wayne EMPLOYEE ZIP CODE LOCATION MAP 620 8TH AVENUE, NEW YORK, NY ALL EMPLOYEES Lincoln Park Fair Lawn

Paramus

Dumont

WESTCHESTER

Yonkers

New Milford

River Edge

Bergenfield

Tenafly

Mount Vernon

Paterson

New Rochelle

Elmwood Park

Englewood

Eastchester

Woodland Park

ALL EMPLOYEES -27

Hackensack

Lodi

Garfield

Glen Cove

Clifton

Passaic

Fort Lee

Port Washington

Ridgefield

BRONX

Edgewater

Rutherford

Montclair

Fairview

!( !(!( !( !(!( !( !( !( !(!( !( !(!( !(!( !(

Jericho

North Arlington

Whitestone

Livingston

Secaucus

College Point

Bayside

!( !(

!(!(

Union City

MANHATTAN

¬ o

Orange

!( !( Astoria- LIC

Hicksville

Kearny

Jackson Heights

!(!(

Mineola

East Orange

Douglaston-Little Neck

Flushing

LONG ISLAND

Hoboken

Woodside

Fresh Meadows

NEW JERSEY

!( !( !(!(

Newark

Garden City

Maplewood

Floral Park

Maspeth

Jersey City

Kew Gardens

Uniondale

Queens Village

East Meadow

Summit

Hempstead

QUEENS

Elmont

Ridgewood

Uniondale

Williamsburg

Woodhaven- Richmond Hill

Bushwick

Downtown

Jamaica

¬ o

Bedford- Stuyvesant

Carroll Gardens

Bellmore

Rockville Centre

Merrick

Valley Stream

East Brooklyn

Park Slope

Roselle

Brownsville

Flatbush

Lynbrook

Freeport

Red Hook

Elizabeth

Westfield

Howard Beach

BROOKLYN

Oceanside

Sunset Park

Canarsie

Borough Park

¬ o

LEGEND

Woodmere

Rosedale

Linden

Bay Ridge

CURRENT LOCATION

620 8th Avenue

Bensonhurst

Rahway

STATEN ISLAND

The Rockaways

Total Employees- 27* Position !( Partner

Gravesend-Sheepshead Bay

Long Beach

Avenel

Iselin

Carteret

Colonia

Coney Island

Staff

Woodbridge

0.75

1.5

4.5

Miles

* 26 out of 27 employees shown.

Edison DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY. Fords

181ST ST

J E R O M E A V E

MAIN ST

B L

V E

R I

BROAD AVE

E R G

CENTER AVE

G R A N

E EMPLOYEE ZIP CODE LOCATION MAP N T P K E

165TH ST

DEERWOOD RD

168TH ST

JEROME AVE

158TH ST

169TH ST

HE N CURRENT LOCATION 620 8TH AVENUE D R I

AMSTERDAM AVE

C K

C SWY

A V E

SHALER BLVD

MANHATTAN TOTAL EMPLOYEES- 14

155TH ST

E DR

P A

I D

ART LN

1 S

T S T

V E

ANDERSON AVE

Position !(

145TH ST

161ST ST

R I

Partner

EDGEWATER RD

145TH ST

Staff

R S I

S O N A V E

MELROSE AVE

143RD ST

149TH ST

RI VE

MA L C O L M X B L V D

G E R D

135TH ST

I S A V

N D E

BROOK AVE 149TH ST

3RD AVE

G O R

R R

122ND ST

M O

5TH AVE

A V E

V E

138TH ST

130TH ST

AMSTERDAM AVE

A D E A

116TH ST

LIN C O L N

I S A V E

127TH ST

BROOK AVE

L I

C L I

128TH ST

138TH ST

124TH ST

135TH ST

278

I L

F F AVE

116TH ST

126TH ST

MALCOLM X BLVD 119TH ST

124TH ST

106TH ST

117TH ST

79TH ST

CATHEDRAL PKY

T ON A VE

79TH ST

RIVERSIDE DR

116TH ST

2ND AVE

GR A N

71ST ST

96TH ST

68TH ST

110TH ST

PARK AVE

COLUM B U S A V E

61ST ST

102ND ST

MADISON AVE

68TH ST

62ND ST

99TH ST

3RD AVE

WEST END AVE 86TH ST

1ST AVE

96TH ST

51ST ST

79TH ST

5TH AVE

81ST ST

CENTRAL PARK

!( !(

LEXINGTON AVE

BERGENLINE AVE

BROADWAY

92ND ST

77TH ST

72ND ST

86TH ST

DITMARS BLVD

N E D Y B L V D

45TH ST

2ND AVE

PARK AVE

38TH ST

K E

79TH ST

HOYT AVE

R D

COLUMBUS AVE

3 2 N

31ST ST

B OUL E

MAIN AVE

YORK AVE

WEST END AVE

D S T

A V E

PARK AVE

1ST AVE

AMSTERDAM AVE

57TH ST

73RD ST

I T

21ST ST

5TH AVE

M M

12TH AVE

MADISON AVE

2 1 S T

59TH ST

3RD AVE

S T

STEINWAY ST

57TH ST

63RD ST

31ST AVE

34TH AVE

2ND AVE

60TH ST

10TH AVE

31ST ST

16TH ST

11TH AVE

42ND ST

57 T H ST

GREGORY AVE

40TH ST

!( 9TH AVE

1ST AVE

21ST ST

BROADWAY

V I

7TH AVE

40TH AVE

W I

PARK AVE

31ST ST

G 14TH ST

40TH ST

LEXINGTON AVE

5TH AVE

PARK AVE

QUEENS PLZ

8TH AVE

WING VIA

41ST ST

30TH ST

11TH AVE

48TH ST

38TH ST

S K I L LM A N A V E

36TH ST

34TH ST

PARK AVE

43RD AVE

23RD ST

SKILLMAN AVE

!( 10TH AVE

9TH AVE

7TH AVE

QUE E N S B LV D

39TH ST

49TH AVE

14TH ST

AVENUE OF THE AMERICAS PARK AVE 3RD AVE MADISON AVE

1ST AVE

23RD ST

GREENPOINT AVE

VAN DAM ST

2ND AVE

HUDSON ST

14TH ST

8TH AVE

M CG U I N

!( !( !(

7TH AVE

8TH ST

3RD AVE

5TH AVE

4TH ST

4TH AVE

N E S S BL V D N O

14TH ST

2ND AVE

N A V E

1ST AVE

MAN H A

HUDSON ST

VANDERVOORT AVE

T T A

HOUSTON ST

CANAL ST BROADWAY

LAFAYETTE ST

VARICK ST

BOWERY ST

GREENWICH ST

G R A

WILLIAMSBURG BRIDGE

N D S T

MEEKER AVE

ALLEN ST

GRAND AVE

BEDFORD AVE

FDR DR

CLINTON ST

GRAND ST

CHURCH ST

BERRY ST

P I K E S T

CENTRE ST

GRAND ST

HUMBOLDT ST

L ST

A VE

UNION AVE GRAND ST

S H W I C K A V E

E A

M A N H A T TAN A V E

G S

SOUTH ST

U L T O

I G

AV E

D R

I O

A VE

DIV I

N G

H I

B R O

S T

TRINITY PL

F L U

A D W AY

LEE AVE

E A R

B U

Miles

F O

FLU S H I N G A V E

0.25

0.5

W I

Miles

D AVE

MYRTLE AVE

NASSAU ST

K A V E

FLUSHING AVE

PARK AVE

ENRY ST

SECTION VI: Manhattan Submarkets

Manhattan Office Market

MIDTOWN Total Size:

248.7 msf

Jan-20 Jan-19 12.1% 9.3%

Vacancy

Leasing Activity 1.3 msf

2.1 msf

Asking Rents Class A

$83.92 $81.37 $61.65 $61.85

Class B

MANHATTAN Total Size:

MIDTOWN SOUTH Total Size:

406.7 msf

68.3 msf

Jan-20 Jan-19 11.3% 9.4%

Jan-20 Jan-19 8.3% 8.1%

Vacancy

Leasing Activity 2.2 msf

4.2 msf

Leasing Activity 223k sf

469k sf

Asking Rents Class A

$80.72 $78.95 $62.67 $63.24

$93.42 $94.12 $71.13 $74.30

Class B

DOWNTOWN Total Size:

89.8 msf

Jan-20 Jan-19 11.0% 10.5%

Vacancy

Leasing Activity 643k sf

1.6 msf

Asking Rents Class A

$66.95 $67.69 $56.91 $56.66

Class B

Midtown Submarket Snapshot

PARK AVENUE Total Size: 20.2 msf

Jan-20 Jan-19 11.3% 6.9%

MADISON/FIFTH Total Size: 22.5 msf

SIXTH AVENUE/ROCK CENTER Total Size: 41.8 msf Jan-20 Jan-19 Vacancy 8.6% 7.0% Asking Rents Class A $80.61 $80.13 Class B $62.60 $56.77

Vacancy

Asking Rents Class A

Jan-20 Jan-19 17.1% 15.2%

$96.18 $95.59

Vacancy

Asking Rents Class A

$94.66 $92.01 $67.65 $65.28

EAST SIDE/UN Total Size: 21.3 msf

Class B

Jan-20 Jan-19 12.3% 8.4%

57 TH STREET

EAST SIDE/ UN

MADISON/

Vacancy

WEST SIDE Total Size: 31.0 msf

FIFTH

Asking Rents Class A

EIGHTH AVENUE

$74.58 $72.44 $64.79 $62.52

Jan-20 Jan-19 15.5% 10.4%

Class B

Vacancy

SIXTH AVENUE/

ROCK CENTER

Asking Rents Class A $81.67 $74.32 Class B $71.91 $68.45

52 ND STREET PARK AVENUE

THIRD AVENUE

GRAND CENTRAL Total Size: 44.1 msf

49 TH STREET

TIMES SQUARE SOUTH Total Size: 31.0 msf

Jan-20 Jan-19 13.2% 11.1%

WEST SIDE

Vacancy

Jan-20 Jan-19 12.2% 8.5%

Asking Rents Class A

Vacancy

$75.82 $78.42 $62.38 $60.44

Asking Rents Class A $66.84 $71.78 Class B $57.17 $61.27

Class B

42 ND STREET

GRAND CENTRAL

39 TH STREET

TIMES SQUARE SOUTH

PENN STATION Total Size: 22.7 msf

MURRAY HILL Total Size: 14.1 msf

Jan-20 Jan-19 8.8% 5.9%

Jan-20 Jan-19 10.2% 8.3%

MURRAY HILL

Vacancy

Asking Rents Class A

PENN STATION

$104.91 $78.83 Class B $57.69 $58.15

$64.43 $64.30 $59.16 $57.32

Class B

30 TH STREET

Midtown South Submarket Snapshot

MADISON/UNION SQUARE Total Size: 32.5 msf

Jan-20 Jan-19 8.1% 8.4%

32 ND STREET

Vacancy

30 TH STREET

Asking Rents Overall

SIXTH AVENUE

CHELSEA Total Size:

$73.84 $79.61

16.6 msf

MADISON/ UNION SQUARE

23 RD STREET

Jan-20 Jan-19 9.7% 8.1%

Vacancy

CHELSEA

Asking Rents Overall

GREENWICH/NOHO Total Size: 4.8 msf

$72.16 $76.75

Jan-20 Jan-19 5.8% 3.9%

14 TH STREET

Vacancy

Asking Rents Overall

HUDSON SQUARE/ WEST VILLAGE

$86.52 $79.46

GREENWICH/NOHO

HUDSON SQUARE/ WEST VILLAGE Total Size: 10.0 msf

Jan-20 Jan-19 6.3% 8.5%

Vacancy

Asking Rents Overall

SOHO Total Size: 4.1 msf

SOHO

$90.57 $87.35

Jan-20 Jan-19 12.7% 9.8%

Vacancy

Asking Rents Overall

$86.53 $86.86

Downtown Submarket Snapshot

TRIBECA Total Size: 5.1 msf

CITY HALL Total Size: 7.7 msf

Jan-20 Jan-19 3.2% 3.1%

Jan-20 Jan-19 7.4% 2.6%

Vacancy

Asking Rents Class A

TRIBECA

$71.71 $74.13 $73.19 $73.13

$47.32 $43.34 $67.68 $57.57

Class B

CITY HALL

WORLD TRADE Total Size: 24.1 msf

INSURANCE Total Size: 13.0 msf

Jan-20 Jan-19 12.1% 12.4%

Jan-20 Jan-19 9.9% 11.3%

WORLD TRADE

Vacancy

Asking Rents Class A

$71.40 $75.43 $58.00 $61.83

$66.35 $63.78 $54.26 $47.47

Class B

INSURANCE

FINANCIAL WEST Total Size: 6.0 msf

FINANCIAL EAST Total Size: 33.8 msf

Jan-20 Jan-19 18.9% 21.2%

Jan-20 Jan-19 11.4% 9.9%

FINANCIAL WEST

FINANCIAL EAST

Vacancy

Asking Rents Class A

$71.52 $53.06 $57.83 $60.35

$62.23 $60.12 $51.87 $51.34

Class B

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