Soloviev and SL Green have made headlines by signing New York City's first leases at a record-breaking rate of $320 per square foot. This milestone reflects the city's strong commercial real estate demand amidst ongoing economic recovery.
“They have done a lot for this city. This is the second deal we’ve done with them.”
“The strong investor demand for this transaction underscores the depth of liquidity available for high-quality office assets, even amid periods of market volatility.”
“We are executing our plan to sell roughly $2.5 billion of property while pursuing about $1 billion in acquisitions and development opportunities.”
“The strength of the Midtown Manhattan office leasing market, coupled with the credit quality of our portfolio and our platform, continues to attract the support of the world’s highest quality financia...”
“The city is poised to reap the benefits of advancements in technology, productivity, and innovation.”
“This transaction continues the execution of a deliberate strategy to illuminate the value of selected assets and unlock embedded value.”
“Despite some setbacks last year, we are committed to leveraging our assets and pursuing new opportunities in a rapidly changing market.”
Nscale, backed by Nvidia, signed a 7,204 SF lease at One Vanderbilt for $320/SF, while Soloviev Group signed a 5,063 SF lease at 9 W. 57th St. for $327.50/SF.
These deals indicate strong demand for premium office space in NYC, suggesting a potential upward pressure on high-end lease rates amidst economic recovery.
Economic downturn
HighDiversify tenant base to include recession-resistant industries.
Increased office supply
MediumFocus on unique building amenities and location advantages.
Remote work adoption
MediumEnhance building technology to support hybrid work models.
Bisnow reports on the record-breaking leases signed by Nscale at One Vanderbilt and Soloviev Group at 9 W. 57th St. The article highlights the $320 per SF lease by Nscale and the $327.50 per SF lease by Soloviev Group. It provides details on the size of the leases, the companies involved, and the historical context of lease rates in NYC. The source also mentions the 100% occupancy of One Vanderbilt and its valuation at $4.7B. Exclusive insights include the involvement of Nvidia in Nscale's operations and the specific brokers managing the deals.
This source provides comprehensive details on the lease deals, including historical context and specific financial figures, essential for understanding the current dynamics in NYC's office market.
NYC's premium office space demand will continue to rise, pushing lease rates higher.
bisnow.com
In April 2026, Nscale signed a lease for $320/SF at One Vanderbilt, followed by Soloviev Group's $327.50/SF lease at 9 W. 57th St. Both leases were finalized in Q1 2026, with Nscale's deal setting a new per-SF price record in NYC [bisnow.com].
End of Intelligence Report · 1 Sources Verified