L
arge office tenants are on the hunt for new spaces, with some looking to downsize. Sources indicate that Havas is downsizing and seeking a 350,000-square-foot space elsewhere. Newmark's David A. Falk confirmed this, stating they're evaluating opportunities in the same range.
Technology-focused hedge fund 2 Sigma is also consolidating its presence, aiming for between 350,000-400,000 square feet in midtown or midtown south. AMC Networks at 11 Penn Plaza may be on the move as well, seeking a 200,000-square-foot space elsewhere.
Nomura Holdings is considering Vornado's Penn 2, which could lead to it leaving its current 900,000-square-foot space at Worldwide Plaza by 2027. This would leave more floors available for re-filling, following Cravath, Swain's departure last year.
Leasing activity has slowed since the January and February surge, but medium-sized deals are still being completed. Webster Bank signed an expansion and extension totaling 46,000 square feet at 360 Lexington Ave., while insurance group Signers National will move in with a new 15,000-square-foot lease.
The boutique tower is undergoing upgrades, including a high-end tenants' amenity space and facade improvements. Octus, a credit intelligence firm, signed for 43,000 square feet at 295 Fifth, which has also attracted Bridgewater Associates and Korean steakhouse Oiji Stk.
The Roosevelt Hotel will close on June 22 due to the end of its $220 million lease from the government of Pakistan. JLL is now tasked with finding a new owner for the property.
