M
anhattan’s premium office market is on the brink of a major transformation, with a surge of new high‑rise projects while many older towers convert to residential use. JLL New York chairman Peter Riguardi supplied the latest snapshot for Realty Check, highlighting a mix of early‑construction sites, deals with signed anchor tenants, and projects still hunting for financing and occupants.
Key developments poised to move forward after JPMorgan Chase’s new headquarters include:
* **350 Park Ave** – the Vornado‑Rudin‑Griffin “Citadel” tower, slated to break ground next year, will host two of Griffin’s Citadel companies as anchors.
* **70 Hudson Yards** – Related has secured Deloitte as a tenant, a lease brokered by JLL.
* **343 Madison Ave** – Boston Properties (BXP) is lining up CV Starr as a potential anchor tenant.
* **570 Fifth Ave** – Extel’s 1 million‑sq‑ft office block will feature Ikea’s flagship store and a likely lease with Simpson Thacher & Bartlett, with Gary Barnett close to a deal.
Other projects still in the negotiation phase include:
* **175 Park Ave** – a proposed 1,600‑ft “cloudbuster” on East 42nd St. that would replace the Grand Hyatt, with design tweaks underway by SOM.
* A Vornado supertall on the vacant former Pennsylvania Hotel site, and a smaller SL Green project at 346 Madison Ave.
* High‑profile question marks: a secretive Two World Trade Center deal between Larry Silverstein and American Express, and the future of the former Roosevelt Hotel, where Pakistan International Airlines is exploring options.
Demand for office space remains fierce, driving developers to secure leases above $200 per square foot to cover land, construction, interest, and yield targets.
**Lever House (390 Park Ave)** has achieved full occupancy after a $100 million renovation. The 11,000‑sq‑ft tower now hosts hedge funds, private equity firms, and “distinguished family offices,” following extensive upgrades overseen by the Landmarks Preservation Commission.
**245 Park Ave** – a 1.8‑million‑sq‑ft tower under SL Green’s control since 2022 – has reached 95.7% occupancy after EQT Partners added 38,358 sq ft in an expansion lease, bringing its total commitment to 114,562 sq ft at $190 per square foot. The building is undergoing a “transformative redevelopment” featuring a new plaza, storefronts, a redesigned lobby by KPF Architects, a large wellness center, and a terra cotta overcladding.
These projects illustrate the dynamic shift in Manhattan’s office landscape, where new developments, anchor tenants, and strategic renovations are reshaping the skyline and redefining premium office space.
