A sublease at One Vanderbilt is listed for a record $350 per square foot, targeting Manhattan's high-end office market. The 9,900-square-foot space on the 73rd floor could set new pricing standards for subleases citywide, which usually sell at lower rates.
“Though the sublandlord is asking for rent above its current payment, it is unlikely to profit once transaction costs and the standard sublease requirement to share any gains with the landlord are take...”
The 9,900-square-foot space on the 73rd floor is targeting Manhattan's high-end office market, potentially setting new pricing standards for subleases citywide.
This deal signals a continued demand for premium office spaces in Manhattan, despite broader market pressures, and could influence pricing strategies for similar assets.
Economic Downturn
HighDiversify tenant base to include recession-resistant industries.
Interest Rate Volatility
MediumLock in long-term leases to mitigate refinancing risks.
Market Saturation
MediumFocus on unique amenities and services to differentiate from competitors.
The Real Deal reports on a sublease at One Vanderbilt listed at $350 per square foot, potentially setting a new record for Manhattan office space. The 9,900-square-foot space is on the 73rd floor, leased by GFL Environmental since 2022 at $322 per square foot. The article highlights the ongoing demand for premium office space, despite broader market pressures. It also notes GFL's relocation to Miami Beach and the involvement of Savills' Greg Taubin as the sublandlord's representative.
This source provides detailed insight into the specific lease terms and market context, crucial for understanding the dynamics of Manhattan's high-end office market.
CRE Daily discusses the broader implications of the One Vanderbilt sublease, noting the recent $327 per square foot record set by Soloviev Group at 9 West 57th Street. The article highlights the division in the Manhattan office market, with trophy assets retaining value while older properties face distress. It also provides data on the number of leases signed at premium rates in 2025, underscoring the demand for high-end office space.
This source offers a broader market perspective, highlighting the division between premium and aging office inventory, which is essential for strategic investment decisions.
Premium office rents in Manhattan will continue to rise as demand for trophy assets remains strong.
therealdeal.com, credaily.com
On April 8, 2026, a sublease at One Vanderbilt was listed at $350 per square foot. This follows a recent record set at 9 West 57th Street at $327 per square foot. The space is currently leased by GFL Environmental, which signed in 2022 at $322 per square foot. GFL's relocation to Miami Beach was announced earlier this year [therealdeal.com, credaily.com].
End of Intelligence Report · 3 Sources Verified