Cushman & Wakefield get a new office – but only a few blocks removed.
The Gigant Brokerage signed a lease agreement of 130,000 square foot in the 31 West 52nd Street of Paramount Group, where it will move its office in New York at the end of 2026, according to the commercial observer. It will also take over the lease tasks with the 29 -storey Midtown Tower.
Cushman will occupy floors 11 to 15, a stack of contiguous space that, according to him, makes a more cooperation and modern office layout possible. It is a return to 52nd Street after a 17-year-old run on Vornado’s 1290 Sixth Avenue (in which it occupies approximately 180,000 square feet); Before that, the company held offices on 51 West 52nd.
Details regarding the duration and the request of rent were not announced.
Northeast-Regional President Todd Schwartz described the move as less about leaving 1290 than grabbing the chance of a better footprint, a true internal stairs and a uniform layout support a “people-first” design.
The company tapped Perkins+Will to design the space, and the innovation team in the workplace coordinates the Buildout. CEO Michelle Mackay will be located at the location, which will also serve as a customer showcase. On the other side of the street, C&W employees have access to the 1301 Sixth Avenue of Paramount, including event and wellness areas and the Paramount Club with only members.
The decision of the brokerage to stay in Midtown was not incidental. SCHWARTZ said that the company questioned employees who have expressed a clear preference to stay in the core – from third to Seventh Avenue, and between Central Park and 42nd Street. The bill fits with transit and customer proximity at the top, 31 West 52nd.
The Manhattan office market embraced the summer heat last month. Tenants ompt deals for 3 million square feet in July, an increase of almost 11 percent compared to the previous month, according to a necklace report.
The town is on schedule for 40 million square feet of lease activity at the end of the year, a level that is not seen since the pre-Pandemic heyday of 2019, per necklace. The availability of Manhattan is shrinking to 15.2 percent, the lowest since January 2021. Sublet Supply also continued his downward trend and reached its leanest level in five years.
– Holden Walter-Warner
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