May 19, 2022 3:00 PM
Newmark announces that holding company Eldridge has signed a 37,150-square-foot lease at the General Motors Building located at 767 Fifth Avenue in Manhattan. Newmark Managing Director E.N. Cutler and Executive Managing Director Noel Flagg represented the tenant in the transaction. Headquartered in Greenwich, Connecticut, Eldridge has offices throughout the United States and in London. The firm provides businesses and management teams with capital and resources to help execute their strategic plans by providing debt and equity capital along with perspective, relationships, and a network of supportive businesses with a shared commitment to growth.
“We are honored to have worked with Eldridge since its inception in 2015, completing numerous leasing transactions with the firm and its subsidiaries during that time,” said Cutler. “Eldridge’s new New York office at the GM Building will be the perfect space to continue their successful track record and attract and retain the best and brightest talent.”
Bordered by Fifth Avenue to the west and Madison Avenue to the east, the General Motors Building stands proudly between 58th and 59th Streets, occupying an entire block on Central Park. The iconic 50-story building measures 1.8 million square feet. Building ownership, Boston Properties, is currently constructing a new 35,000-square-foot amenity center, including a café, fitness, wellness, conferencing, lounge, and locker rooms. Major tenants in the building include Estee Lauder, Weil Gotshal Manges, Perella Weinberg, and Baron Capital.
According to Newmark Research, Midtown leasing velocity totaled 5.5 million square feet during the first quarter of 2022, an increase of 47.5% from the first quarter of 2021. Since the pandemic, quarterly velocity remained 6.1% below the five-year average of 5.9 million square feet despite the activity improvement. Eight leases of at least 100,000 square feet drove the bump in activity. Five of those large deals were relocations. Midtown average asking rents were stable, down just 0.3% from the fourth quarter of 2021 to register $82.55 per square foot during the first quarter.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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