N
ew York City's commercial landlords are benefiting from a surge in demand, particularly on Midtown's East Side. Bloomberg LP's significant lease renewal and expansion at 919 Third Ave. has been a welcome surprise for SL Green Realty, with the media giant committing to nearly 1 million square feet of space.

    SL Green CEO Marc Holliday described the deal as a pleasant surprise, exceeding initial expectations. Meanwhile, Vornado Realty Trust also secured a major win, with Bloomberg extending its lease at 731 Lexington Ave. until 2040. The deal was sweetened by a $300 million pledge from Vornado's Steve Roth, which included capital upgrades and free rent.

    Vornado is poised for another boost in January when New York University is expected to master-lease all 1.1 million square feet of office space at 770 Broadway. This comes as Manhattan office leasing shows signs of resilience, with overall availability dropping to 17.2% in October - the lowest since March 2021. Leasing activity was also 57% ahead of the five-year monthly average, reaching 1.73 million square feet.