Some of the commercial leases that were made public last month span a variety of industries and totaled more than 1.2 million square feet, ranging from media and law to government and retail. One of the biggest real estate transactions involving a lease, however, involved Amazon. In fact, the online retailer signed the biggest deal at 5 Manhattan West.
Amazon ended up signing a lease that will last 15 years and give the company a whopping 360,000 square feet at the New York site. This area will serve as the company's chief location for its hub for advertising. The company will take up the whole sixth and seventh floors of the building, which is 16 stories tall, along with some of the eighth floor and 10th floor.
Amazon will join other tenants at the site, including Whole Foods, which Amazon owns, and JPMorgan Chase. Other companies that signed some of the largest leases in New York in September include Guardian Life Insurance Co. of America as well as Group Nine Media. Other new tenants include hedge fund Third Point and Convene, a company that provides shared meeting spaces.
Some commercial real estate transactions go smoothly, but not all do. In some cases, a deal can end up being rocky and even falling through altogether if the parties on both sides of the deal cannot find common ground. An attorney can provide guidance to ensure that one's goals and best interests are protected and upheld during each phase of a real estate transaction in New York.
Source: therealdeal.com, "These were September's 10 biggest office leases in NYC", Ashley Mchugh-Chiappone, Oct. 3, 2017