The pandemic has drastically slowed Manhattan leasing since March, curbing not only the number of deals, but also their dollar value.
The Real Deal, using data compiled by Compstak, ranked Manhattan office leases signed in 2020 by the amount of rent scheduled to be paid over the life of the deal. The sum of the top 10 was $3.12 billion, down about 60 percent from the 2019 sum, $7.85 billion.
The drop was reflected in the lack of mega deals. The only 2020 lease that exceeded the $1 billion mark was Facebook’s $1.18 billion pact at Vornado Realty Trust’s Farley Post Office redevelopment.
In 2019, there were three such deals, including WarnerMedia’s $1.97 billion lease at 30 Hudson Yards, Google’s $1.5 billion deal in Hudson Square, and law firm Cravath, Swaine & Moore’s $1 billion lease at 2 Manhattan West.
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