Deals west, as in Hudson Yards and north, as in north of $200 per square foot, helped to define the boundaries of what turned out to be an intriguing second quarter of the year. Although overall leasing activity more or less bumped along, for the fourth consecutive quarter, two major leases and one likely transaction at Hudson Yards caused considerable buzz throughout the real estate community. The former consisted of L’Oreal USA committing to 402,000 square feet and SAP obligating for 115,000 at the Related Companies’ 1.7 million square foot South Tower, where Coach Inc. had earlier purchased 750,000 square feet of space. The latter was represented by Time Warner making a tentative deal to move into Related’s planned 80-story at 10th Avenue and West 33rd Street. As part of the transaction, Time Warner would sell its Columbus Circle headquarters to Related and lease back the space until the new building is ready for occupancy.
Source : DTZ (Groupe UGL)