Sunday Summary: Bring Back That Leasing Feeling

COMMERCIAL OBSERVER

The 100,000-square-foot-plus lease used to be no big deal.

It’s not that this sized lease happened every single week, exactly, but if you look back at the week before lockdown orders were put in place, the biggest lease of the week was Pace University’s 220,000-square-foot doozy to occupy all of SL Green Realty’s 15 Beekman Street. The week before that there were four leases that cracked the 100,000 mark: the city renewing 516,115 at Rentar Plaza in Queens while Amazon took 300,000 square feet at the same complex; Apple making its 220,000-square-foot lease official at 11 Penn Plaza and MDC taking nearly 200,000 square feet at 1 World Trade Center.

Looking south

South Florida also saw a lot of activity in the last week.

Fresh off his appearance at CO’s Future Forward conference in Miami, Barry Sternlicht’s Starwood Property Trust plunked down $371 million on the two-building property, Palmer Dadeland, making it the priciest multifamily sale in South Florida thus far this year.

Penn-Florida Companies snagged $335 million for its seven-acre, mixed-use condo/hotel Via Mizner development in Boca Raton. 

And, in leasing, Izzy Englander’s Millennium Management took a 40,000-square-foot lease at the CityPlace Tower in West Palm Beach and international law firm Reed Smith signed a 22,495-square-foot space at Southeast Financial Center.