Fisher Brothers has given office owners hope by securing the year's biggest lease deal with 2023 just days away. Just a few weeks later, the company secured another major lease in the same building, 1345 Sixth Avenue.
Intercontinental Exchange has signed a lease for 143,000 square feet at a midtown Manhattan property, according to a report in the Commercial Observer. The landlord announced a major lease last month but did not reveal the tenant at the time.
InterContinental, an Atlanta-based company that operates a number of exchanges including the New York Stock Exchange, will occupy floors five through eight of the 50-story office tower. The asking rent for the 15-year lease was in the low $80s per square foot.
Last year, Intercontinental Exchange acquired Black Knight in a deal that also faced pushback from the Federal Trade Commission.
In addition to its Atlanta headquarters, the company has offices in Manhattan at 11 Wall Street and 55 East 52nd Street, the latter also owned by Fisher Brothers. It is unclear whether Intercontinental Exchange plans to maintain any of these office spaces.
CBRE brokered the lease agreement.
Toward the end of last year, the law firm Paul, Weiss, Rifkind, Wharton & Garrison signed a 20-year lease for 765,000 square feet at 1345 Sixth Avenue, making it the largest in the country this year. It is believed that this will be an office rental agreement. The landlord is benefiting from a $120 million capital project to update the exterior and add an amenity floor and public art installations.
Law firm Greenspoon Marder also recently signed a lease for 41,000 square feet in the building.
Office rents in Manhattan plummeted 40% last month compared to December, according to Colliers' monthly report. For the second month in a row, the ward's vacancies hit a record high of 17.9%.
— holden walter warner
