Wall Street Office from $39.00 SF

Wall Street Offices from $39.00 SF 

Wall Street Offices from $39.00 SF are ready for immediate lease at 14 Wall Street. In response to steep decline in new leasing activity due to the Covid 19 pandemic, the owner of 14 Wall Street has reduced pricing to attract Tenants. The $39.00 per square foot base rent is limited to specific pre-built office spaces.

 

 

 

About 14 Wall Street

Entrance is opposite NYSE

• Class A office building (1912), NYC Landmark

• Extensively renovated and modernized

• 1,049,292 square feet, 37 floors and 32 elevators

• 24/7/365 access and attended lobby

• Full service includes HVAC and office cleaning

• Multiple telephone and high-speed internet providers

• Diverse Tenant mix includes  Amerigroup, Barclays, F.J. Sciame, NYU Medical Center, Skidmore, Owings + Merrill and The Street.

•  Within 2 blocks of the 1, 2, 3, 4, 5, A, C, E, J, M, R, W & Z subway and a short walk to the PATH and Staten Island Ferry

 

Elegant renovated lobby

• Leases signed in this building may qualify for the Lower Manhattan Commercial Revitalization Plan which gives Tenants a $10.00 per square foot rent credit amortized over a 5 year term.

 

 

 

 

Sample Wall Street Offices from $39.00 Square Foot

For a limited time pre-built offices ranging in size from 1,848 to 5,820 square feet and priced from $39.00 PSF are available. Most of these units are found on the lower floors of the building. For example, the 5,432 RSF office below features a reception area with adjacent conference room, a corner CEO office plus 6 standard windowed offices, area for workstations and a wet pantry. It is designed for a law firm, sales company or sales-oriented business. This unit overlooks Wall Street, Nassau Street and Federal Hall.

5,423 RSF Pre-built Office

 

 

 

 

 

 

 

14 Wall Street has a broad selection of offices for rent on its tower floors. Some of these units are existing high-end installations and others are “raw space” that the Landlord will custom-build to your specifications. Pricing ranges from $45.00 to $53.00 PSF.

 

About Cogent Realty Advisors, Inc.

Cogent Realty Advisors is an independent and licensed no fee Realtor with 20 years of experience representing businesses that lease NYC office space. We offer solutions for office Tenants seeking stability and value in uncertain times. For information phone Mitchell Waldman at (212) 509-4049.

#WallStreetOfficesFrom$39

 

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Law Office Sublease at City Hall

225 Broadway in Lower Manhattan

A Law Office Sublease at City Hall is now available at 225 BROADWAY at the corner of Barclay Street. This centrally located professional building is just steps from the courts and numerous city, state and federal offices. It is accessible to many subway and bus lines.

There are a limited number of furnished MOVE IN READY PRIVATE LAW OFFICES FOR RENT with immediate occupancy. Other professional service companies are also welcome! A flexible lease term of 1 or 2 years is available.

Our client is an international law firm with a custom built headquarters on a private tower floor which offers panoramic views of Lower Manhattan.

 

 

 

 

 

 

 

Here’s What’s Included in Your Law Office Sublease: 

Entrance

• Reception area and guest services
• Conference room and panty use
• Furnished glass fronted office
• High-speed internet connection
• Central HVAC
• Nightly office cleaning

 

 

 

 

 

Conference Room

 

 

 

 

 

 

 

 

 

Private Office

 

 

 

 

 

Park View

 

 Law Office Sublease Floor Plan and Pricing 

 Office Sublease Floor Plan

 

Office Sublease Pricing

 

225 Broadway is Primarily Occupied by Law Offices

Photo courtesy of Costar

• Located at the corner of Barclay Street, near courts and municipal buildings
• Steps from 2, 3, 4, 5, 6, A, C, R, W subways and buses
• Class B Art Deco styled office building
• 520,951 square feet on 44 floors
•  14 new high-speed passenger elevators
• 24/7/365 access with a concierge attended lobby
• Central HVAC
• Multiple telecom/internet providers
• Amenities include onsite restaurant and printing service

 

 

 

About Cogent Realty Advisors, Inc.

Cogent Realty Advisors is an independent and licensed no fee Realtor with 20 years of experience representing businesses that lease NYC office space. We offer solutions for office Tenants seeking stability and value in uncertain times. For information phone Mitchell Waldman at (212) 509-4049.

#LawOfficeSublease

 

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Manhattan Office Rental Market, Fall 2020

Manhattan Office Rental Market, Fall 2020 remains in limbo. The volume of leases being executed for new offices is at its lowest point since 9/11.  There is deep uncertainty about whether employees can return to work safely- even after modifications are made to transportation systems, building common areas and private work spaces. Alternatively, the long-term viability of the Work From Home (WFH) strategy remains unknown.

 

 

 

 

 

Costar’s Analysis of the Manhattan Office Rental Market

CoStar is the world leader in commercial real estate information and has the most comprehensive database of real estate data throughout the US, Canada, UK, France, Germany and Spain.

 

Key Costar Manhattan Office Indicators:

• Vacancy Rate: 9.4%
• Market Rent: $58.26*  (The rental income that a property would most probably command in the open market.  This is the weighted average across all Manhattan office buildings.)
• Deliveries: 2,165,804 SF
• Under Construction: 23,408,262 SF

     “Stay-at-home orders issued in March followed by a cautious approach to reopening in June have largely dampened a New York City market that was fresh off two consecutive years of record leasing activity. The pandemic has caused building tours to be canceled, negotiations to be halted, and the postponement of meetings as the face-to-face nature of commercial real estate was ill-equipped to immediately handle social distancing measures.”

    “The pandemic is likely to be an accelerant of existing trends rather than a 180-degree change agent. The leasing demand for new, modernized office space has driven the market’s fundamentals over the past decade, and will likely continue as tenants who are still willing to spend the capital on relocating will pursue notably improved spaces. Short-term renewals, with a term of three to five years, will likely be the preferred option for many tenants with landlords happy to avoid the possibility of a future large vacancy during a time of weakened demand. Leasing activity has already sharply declined in 20Q2 as owners adjusted to instituting more technology in their workflow and large corporations handled the pandemic across their global office portfolio. Fundamentals will be affected further if a sharp increase in sublet space were to hit the market due to companies making the difficult decision to ditch their office space altogether by choosing financial survival over in-person collaboration.”

 

Back-of-the-Envelope Projections

The CRE Brokerage community is projecting Effective Rents* may be reduced 15%-20% from the peak recorded in 2019. This is consistent with the rent adjustments that occurred after 9/11. Notwithstanding, offices buildings that have a minimal amount of vacant units and a stable Tenant roster with long term lease commitments are unlikely to offer significant discounts on their rent.

*Effective Rents: The average rent paid over the term by a tenant adjusted downward for concessions paid for by the landlord (such as free rent, moving expenses, or other allowances), and upward for costs that are the responsibility of the tenant (such as operating expense pass throughs).

Office occupiers that are flexible in regards to their lease term and space design will secure the deepest rental discount with a Sublease.  Refer to our recent report Sublease Risk & Rewards in 2020.

Manhattan Office Rentals in the News

 

 

 

Are office landlords turning a corner or rolling over? With Facebook and other large companies growing their footprints while #WFH remains a dominant trend, the terms of office leasing in big cities are changing fast

Got space? Manhattan office availability hits 7-year high  Leasing down 21% in August as sublet space dilutes market

Teleworking Could Turn Two Million Renter Households in Home Owners With nearly half of Americans theoretically able to telecommute, Zillow found that almost 2 million American renters living in pricey metro regions could afford starter homes in less expensive parts of the country.

Subleasing, Rent Pressures Spell Trouble for the Office Sector It may take several quarters, and multiple phases of reopening, before firms can fully assess their space needs, Colliers says in a new report.

SL Green opens One Vanderbilt as leaders urge return to office Tenants to move into new Midtown tower later this year

New York City offices are on the comeback trail “I reopened our offices on Sept. 14 for our people to come back on a voluntary basis,”

Remote Work’s Appeal Shows Signs of Fading  A study from workplace strategy consulting firm Vocon found that work-from-home fatigue is increasing and productivity is decreasing.

This landlord is calling on his tenants to come back to the city  RXR Realty, run by Chief Executive Scott Rechler, owns more than 25 million square feet of office space in the city, but most of it sits empty now, thanks to the pandemic.

 

About Cogent Realty Advisors, Inc.

Cogent Realty Advisors is an independent and licensed no fee Realtor with 20 years of experience representing businesses that lease NYC office space. We offer solutions for office Tenants seeking stability and value in uncertain times. For information phone Mitchell Waldman at (212) 509-4049.

#ManhattanOfficeRental

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Pandemic Office Rental in New York City, New Leases & Strategies

Pandemic Office Rental in New York City

Thermal imaging scans are now required to enter some office buildings.

Reduced elevator capacity will result in longer commuting times.

Pandemic Office Rental New York City. The office rental market came to a screeching halt during the early days of the pandemic. Transaction volume plummeted to levels not seen in more than a decade, a reminder of the cyclical nature of the industry and its vulnerability to black swan events. Notwithstanding, there have been positive indicators including some large new lease signings.

As disclosed in our blog New York City Office Rental Report July 2020 LINK HERE,  “the pandemic will result in a more favorable office market for Tenants that execute new leases and renewal leases”. In the coming months the NYC office market “at large” will offer: (1) Increased space availability; (2) Modest reductions in asking rents and negotiated contract rents; (3) Increased Landlord incentives for new leases and renewal leases. (4) Increased flexibility in lease terms, especially duration.

 

Large New Office Leases Signed during the Pandemic

421 Eighth Avenue aka James A. Building Post Office Building. 730,000 square feet. New lease. Facebook has now leased 2.2M of new office space in NYC in less than a year.

 

NBCUniversal: 1221 Sixth Avenue. 340,000 square feet. Renewal.

BNP Paribus: 787 Seventh Avenue, 323,000 square feet. Renewal and reduction.

Securities and Exchange Commission: 100 Pearl Street. 241,000 square feet. Relocation.

One Five One aka 151 West 42nd Street. 232,000 square feet. New lease.

 

 

AIG: 28 Liberty Street. 217,000 square feet. Relocation.

Allen & Overy: 1221 Sixth Avenue, 143,000 square feet. Renewal.

BNY Mellon: 200 Park Avenue. 130,000 square feet. Renewal.

Mitsubishi International:  655 Third Avenue. 120,000 square feet. Renewal.

32 Old Slip. 86,000 square feet. Relocation.

 

 

Read About the Office of the Future

How the Pandemic Has Impacted Commercial Real Estate: Mary Ann Tighe, CBRE New York Tri-State Region chief executive officer, discusses the state of commercial real estate in New York since the coronavirus pandemic. She speaks with Bloomberg’s David Westin on “Bloomberg: Balance of Power.” (Source: Bloomberg) Video Link Here.

 

Office Landlords Hire Hygienists, Scientists and ‘Ambassadors’ to Try to Check COVID-19 at the Door: Reopening Puts Workplace Habits, Office Staff Under the Microscope Link Here.

 

Return to office will be much slower than expected, survey says. Link Here.

 

About Cogent Realty Advisors, Inc.

Cogent Realty Advisors is an independent and licensed no fee Realtor with 20 years of experience representing businesses that lease NYC office space. We offer solutions for office Tenants seeking stability and value in uncertain times. For information phone Mitchell Waldman at (212) 509-4049.

#PandemicOfficeRental

 

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Sublease Risks & Sublease Rewards in 2020

Sublease Rewards & Sublease Risks in 2020

About Sublease Rewards & Sublease Risks in 2020: The impact of the Covid 19 pandemic on the New York City office market is now being revealed. In our recent blog NYC Office Rental Report July 2020, Cogent Realty predicted that “Sublease office space availability will increase and be offered at a discount”. In recent weeks the volume of Subleases has indeed surged. Anecdotal evidence points to many of these Subleases originating in the TAMI (technology, advertising, media and internet) sector that had already been utilizing remote working. Additionally, some financial firms have listed their offices for Sublease after decentralizing operations and renting spaces in suburban areas. Surprisingly, a number of law firms have determined that their NYC office is superfluous because discussions with a client can be accomplished online with apps like  Zoom. Critical “in person” meetings are occurring in private offices and conference rooms that are rented by the hour.

 

 

Office owners brace for competition – from their tenants

 

A Sublease can offer both rewards and risks to a Sub-Tenant (the company that leases and occupies the Subleased space). Subleases are offered by Sub-landlords (the holder of the master lease) to dispose of their surplus office space and mitigate financial obligations. This brief introduction is written for a Sub-tenant.

SUBLEASE REWARDS THAT MAY BENEFIT SUB-TENANTS

1. Rent is usually below the current market value.

2. Term length is often shorter than that which would be required by the building owner on a direct lease basis.

3. Office space is usually delivered pre-built and cosmetically finished. This eliminates the necessity of large capital outlays to renovate the space.

4. Potential inclusion of furniture, phones, network cabling, etc. This yields substantial savings.

5. Potential “turn key” move-in condition saves valuable time.

 

 

 

 

SUBLEASE RISKS THAT MAY INJURE SUB-TENANTS

1. As a Sub-tenant your lease contract is between you and the Sub-landlord. If the Sub-landlord defaults on its obligation to pay the rent to the building owner, a Sublease will usually terminate and the Sub-tenant is evicted.

2. As a Sub-tenant your Security Deposit is held by the Sub-landlord. In the event of financial difficulties or a default by the Sub-landlord, the Security Deposit can be lost.

Basic Strategies for Reducing Sublease Risks

1. Perform due diligence on the financial condition of the Sub-landlord and the outlook for its future business.

2. Your real estate attorney should have language added to the Landlord’s Consent (this is the document by which the Landlord gives its approval of the Sublease) that requires that the Sub-Tenant is notified of any default by the Sub-landlord and provided with an opportunity to cure (correct) the default.

3, Where a substantial risk is perceived, your real estate attorney should have language added to Sublease document that requires that your Security Deposit is held in escrow.

 

About Cogent Realty Advisors

Cogent Realty Advisors is an independent and licensed no fee Realtor with 20 years of experience representing businesses that lease NYC office space. Whether your business is looking for a Direct Lease from a Landlord or a discounted Sublease, our knowledge and experience will protect your interests and yield positive results. For information contact Mitch Waldman at (212) 509-4049.

#SubleaseRewards2020

 

 

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NYC Office Rental Report July 2020

New York City Office Rental Report July 2020

New York City Office Rental Report July 2020 is presented by Cogent Realty Advisors, Inc. Cogent Realty Advisors is a licensed and independent no fee Realtor with 20 years of experience representing businesses that lease NYC office space. Our goal is to find you the right office at the right price.

For information phone (212) 509-4049.

 

 

 

 

 

The Covid 19 health crisis is having a profound effect the economy of New York City. The long term impact on the office rental market remains unknown. Our common-sense predictions follow:

The pandemic will result in a more favorable office market for Tenants that execute new leases and renewal leases.

In the coming months the NYC office market “at large” will offer:

(1) Increased space availability;

(2) Modest reductions in asking rents and negotiated contract rents;

(3) Increased Landlord incentives for new leases and renewal leases.  These may include free rent and cash contributions for the renovation of an office.

(4) Increased flexibility in lease terms, especially duration.

The magnitude of the changes in the office market will be contingent upon the duration and severity of the pandemic.

Sublease office space availability will increase and be offered at a discount. Link here for information about Sublease Rewards and Sublease Risks.

Other significant factors influencing the overall NYC office market include:

(1) The success/efficiency of corporate directed full- and part-time work from home strategy;

(2) Whether the reduction in office headcounts that are needed to meet social distancing requirements will result in the leasing of additional office space square footage;

(3) Whether decentralizing office occupancy by relocating employees to suburban locations gains traction; and

(4) Will co-working operators that occupy million’s of square feet of  NYC office space terminate certain leases and increase the quantity of vacant space on the market.

 

NYC Office Rental Data

CoStar, the world leader in commercial real estate information reports the following New York City (Manhattan only) office market indicators on July 13, 2020:

 

In the News

Uncertainty Plagues New York City’s Office Market in the Second Quarter. Costar July 14, 2020

Manhattan office leasing lowest since Great Recession. Crain’s July 1, 2020

Remote Work Is Here to Stay, But Office Footprints Likely Won’t Shrink. GlobeSt.com June 29, 2020

About Cogent Realty Advisors, Inc.

Cogent Realty Advisors is an independent and licensed no fee Realtor with 20 years of experience representing businesses that lease NYC office space. We offer solutions for office Tenants seeking stability and value in uncertain times. For information phone Mitchell Waldman at (212) 509-4049.

#NYCOfficeRentalJuly2020

 

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NYC Office Rental Market, the Pandemic and Future

The pandemic is having a profound effect on society, health and the economy of New York City. The long term impact on the NYC office rental market remains unknown in spite of countless predictions (often contradicting) from industry-related spokespersons including economists, building owners, brokers, architects, etc.

Our common-sense evaluation of the NYC Office Rental Market concludes the following:

The pandemic will result in a more favorable office rental market for Tenants.

Building Owners will be by forced to revise their economic model (expectations) to secure new leases and renewal leases.

In the near future the office market will offer: (1) increased availability of space; (2) reductions in asking rents and negotiated contract rents; and (3) increases in leasing incentives provided by Landlords such as free rent and cash contributions for the renovation of an office.

The magnitude of the changes in the office market will be contingent upon the duration of the pandemic and New York State’s “pause”.

Other pandemic-related factors influencing the overall NYC office market include: (1) the success of the corporate directed full- and part-time work from home strategy; (2 ) the reduction in office headcount density to meet the requirement of social distancing; (3) whether decentralizing office occupancy by relocating employees to suburban locations gains traction; and (4) the survival of coworking operators like WeWork which collectively occupy almost 3.0 % of all of the space in the city.

 

NYC Office Rental Data

CoStar, the world leader in commercial real estate information reports the following New York City (Manhattan only) office market indicators on May 15, 2020:

 

Projections for Future Leasing

CoStar states: “While no clear signs of the effects of the pandemic are evident after two months, it is clear what will be affected due to the shutdown of all non-essential businesses. With building tours canceled and large firms tackling the pandemic across their global office portfolio, leasing activity will surely be impacted into the third quarter of 2020 at the very least. Vacancies are sure to rise if deliveries for certain projects deliver on or close to schedule, which is likely the case as projects are slated to resume activity sometime in June. With more than 23 million-SF of projects under construction, it is not the best time for the city to witness a demand shortage. Fortunately for developers, tenant demand should still center around the best product while vintage assets may deal with spaces sitting on the market for an extended period of time. ”

Major tenants are delaying big leases in NYC as they re-think their office space needs for the post-coronavirus world

Class A Meet Plan B: How the Coronavirus Could Impact NYC’s Newly Built Office Space

Moody’s Analytics Predicts 20% NYC Office Rent Drop In 2020

Commercial Landlords are Feeling the Pain

Commercial Landlords are having difficulty collecting rent.

 SL Green cuts guidance with virus hampering city rent collection

Steve Roth: ‘Life Is Upside Down’ As Vornado Furloughs 1,800, Loses Millions In Revenue

ESRT ‘Will Aggressively Pursue’ Rent Collection From Tenants Who Can Pay

Landlords call for property tax strike

Landlord-Tenant Issues

  Commercial Landlord-Tenant Issues During The Pandemic

 Landlords ‘Taken Aback’ As Starbucks Requests Yearlong Rent Concessions

 A WeWork Agreement is Not a Lease, and Why This Matters Now

 

Companies Pause and Re-evaluate

Around the world, companies have been shown both the limits and benefits of keeping workers in their homes. BISNOW May 18, 2020 reported: “By the end of April, 69% of companies had plans to shrink their office footprint in accordance with increased remote work, according to a CoreNet Global survey. Similarly, a survey of over 300 chief financial officers by Gartner, an S&P 500 research and advisory company, found that 74% of companies intend to shift at least 5% of their workforces to remote work. For most of those companies, at least 10% or 20% of workers are expected to remain remote.”

 Twitter to Let Employees Work From Home Permanently

 

Seeking Opportunity In a Time of Crisis

Loaded with cash, real estate buyers wait for sellers to crack

 

Published by Cogent Realty Advisors

Cogent Realty Advisors is an independent and licensed NO FEE Realtor with 20 years of experience representing businesses that lease NYC office space. Our goal is to help you find the right office at the right price. For information, phone Mitchell Waldman at (212) 509-4049.

#NYCOfficeRentalPandemic

 

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