NYC Law Dept. Inks 6-Floor Lease Renewal in Downtown Manhattan
- Feb 11, 2008
The New York City Law Department will renew it lease at 100 Church Street, continuing to occupy six floors of the Downtown New York City building. Terms of the lease were not disclosed. The building is currently undergoing a significant capital improvement program, encompassing structural, building, window replacements, and mechanical upgrades, as well as aesthetic enhancements to the common area spaces. The building, built in 1958, is a 21-story, 1.1-million-square-foot multi-tenant office building. CB Richard Ellis Inc. is the leasing agent and property manager for the building. Lower Manhattan’s office market posted a lower overall availability rate than the Midtown market for 2007, the first time that has occurred since September, 2001, according to just-released report from the Alliance for Downtown New York. Downtown office space had an availability rate of 7.6 percent, compared to a 7.7 percent rate for the Midtown market. The Downtown market ended the year on a resounding note, as December was the best month for leasing during the year, with 550,000 square feet of leasing activity, according to CB Richard Ellis. Major transactions during the last quarter of the year included Omnicom, which leased approximately 180,000 square feet, and American Lawyer Media, which leased 91,000 square feet. Downtown’s office market is strengthening as Lower Manhattan continues to evolve into more of a 24-hour community. Three new residential buildings opened for occupancy in the final quarter of the year, adding more than 900 units. The area now contains just over 25,000 units. The retail market continues to grow and diversify, as well as the lodging industry. In last year’s fourth quarter, the 116-room, 10-suite Gild Hall, a boutique hotel owned by Thompson Hotels, opened at the site of a former Holiday Inn. Newly built hotels, along with those under construction and proposed projects, are set to double Downtown’s hotel inventory to 6,000 rooms, according to the Alliance for Downtown New York.