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<\/p>\nA big four consulting firm last year signed the most expensive lease in New York City since the pandemic amid a resurgent office market, demonstrating the eye-popping sums companies are willing to pay for space in new towers.<\/p>\n
<\/p>\n
\n Courtesy of Related Cos.\n <\/p>\n
\n A rendering of 70 Hudson Yards\n <\/p>\n
Deloitte<\/a>\u00a0is set to pay more than $2.6B over the nearly 22-year, 807K SF lease it signed last year at 70 Hudson Yards<\/a>, according to a\u00a0CompStak<\/a>\u00a0analysis of the highest-valued Manhattan office leases provided exclusively to\u00a0Bisnow.<\/p>\n Related Cos<\/a>. and Oxford Properties Group<\/a>\u00a0arranged $2.45B in construction financing<\/a> for the tower, which won\u2019t be ready for move-in until at least late 2028.<\/p>\n The deal is the most expensive office lease signed in NYC since the pandemic, according to CompStak, and more than double the highest-priced lease of 2024<\/a>, when TPG<\/a> agreed to pay Tishman Speyer<\/a> more than $1B for its 300K SF in The Spiral<\/a>.<\/p>\n \u00a0<\/p>\n Starr Cos.\u2019 275K SF lease at 343 Madison Ave<\/a>., signed just before the holidays,\u00a0also topped 2024’s high-water mark. The insurance and investment company will pay nearly $1.3B for its 20-year lease. The deal allowed BXP<\/a> to move forward with construction<\/a> of its $2B, 930K SF office tower, which isn\u2019t expected to be completed until 2029.\u00a0<\/p>\n The developer has also secured a letter of intent for another 16% of the building, just above Starr, BXP executives said during\u00a0its fourth-quarter earnings call Wednesday.<\/p>\n Deloitte didn’t quite match Deutsche Bank’s roughly $3B deal from 2018, when it\u00a0took 1.1M SF<\/a> at 1 Columbus Circle and renamed the property Deutsche Bank Center from Time Warner Center.<\/p>\n But existing prestigious trophy towers remain sought after. Gibson Dunn<\/a>‘s lease extension\u00a0at 200 Park Ave., known as the MetLife Building<\/a>, was the third-priciest deal of 2025. It will stay in its almost 362K SF for another 16 years, paying a total of $990M to landlord The Irvine Co.<\/p>\n \u00a0<\/p>\n The deal is the only lease on Park Avenue<\/a> that made the list, but that isn\u2019t due to a lack of interest. The corridor scored three of 2024\u2019s top leases. Its vacancy rate is down to 10.5%, the lowest in the city, according to Cushman & Wakefield<\/a>.<\/p>\n Manhattan ended the year with more than 32M SF of office leases inked, up 37% from\u00a02024, according to CBRE<\/a>. As new construction has been slow to deliver and more space is removed from the market due to conversions, absorption skyrocketed to almost 14M SF.\u00a0<\/p>\n Overall, Manhattan’s office vacancy rate is now below 13%, with asking rents averaging $77.89 per SF, according to CBRE. But in some neighborhoods, the market is tighter, jacking up prices.\u00a0<\/p>\n After dominating leasing in 2024, Midtown\u2019s core districts continue to be competitive. Grand Central recorded 3.5M SF of activity in 2025, an 8% year-over-year increase, according to CBRE<\/a>. Availability is 13.6%. CompStak places three of the top 10 leases in the neighborhood.<\/p>\n The Penn District<\/a> and Hudson Yards<\/a> have also risen sharply in popularity. The availability rate\u00a0there is down to 7.6%, making it the tightest office market in the city,\u00a0according to CBRE.\u00a0<\/p>\n \u00a0<\/p>\n On Sixth Avenue, also known as Avenue of the Americas, near Rockefeller Center<\/a>, availability has dropped to 11.3%. There, Salesforce<\/a> signed the city\u2019s fourth-priciest lease, at 1095 Sixth Ave. The firm expanded to 350K SF for $776M over 15 years, according to CompStak.<\/p>\n Lower Manhattan<\/a> also had a comeback, although the availability rate remains high at 18.8%, CBRE data shows. The area near the World Trade Center snagged two of the city\u2019s highest-paying tenants, although those were more about the size of the deals than the rents they paid.<\/p>\n At 250 Vesey St., known as Brookfield Place<\/a>, Jane Street decided to stay for another 10 years for just under $694M. To accommodate the company\u2019s request to expand to 984K SF, Brookfield<\/a>\u00a0relocated\u00a0its own office<\/a> within the complex.<\/p>\n Moody\u2019s<\/a> relocated its\u00a0headquarters to 200 Liberty St., taking 455K SF. The firm will pay roughly $521M over 15 years, but\u00a0Moody\u2019s said\u00a0in a release<\/a>\u00a0that\u00a0the move-in won\u2019t be completed until 2027.<\/p>\n The company\u2019s starting rent is among the lowest on the list, with CompStak placing it in the $70s per SF. Salesforce\u2019s lease is in the mid $150s, while Starr\u2019s is in the low $230s \u2014 by far the highest on the list and a sign of\u00a0the high cost of new construction in Midtown.<\/p>\n","protected":false},"excerpt":{"rendered":"A big four consulting firm last year signed the most expensive lease in New York City since the…\n","protected":false},"author":2,"featured_media":90278,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[51566,51568,34703,27337,51561,42920,51563,51564,51565,51567,9083,39591,9,11,10,51562,35037],"class_list":{"0":"post-116673","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-200-park-ave","9":"tag-343-madison-ave","10":"tag-70-hudson-yards","11":"tag-bloomberg","12":"tag-compstak","13":"tag-deloitte","14":"tag-gibson-dunn","15":"tag-goodwin-procter","16":"tag-guggenheim-partners","17":"tag-jane-street-capital","18":"tag-metlife","19":"tag-moodys","20":"tag-new-york","21":"tag-new-york-headlines","22":"tag-new-york-news","23":"tag-salesforce","24":"tag-universal-music-group"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/116673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=116673"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/116673\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/90278"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=116673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=116673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=116673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}