Law and government relations firm Bracewell has signed a long-term lease for 54,095 square feet at Paramount Group's 29-story office tower in Midtown Manhattan. Bracewell will occupy the 18th and 19th floors in the building, which is located at 31 West 52nd street between 5th and 6th avenues.
The lease backfills over 40% of the upcoming vacancy, aggregating 131,000 square feet that is scheduled to expire on April 30, 2021.
The lease is welcome news to the submarket, which continues to struggle from the effects of the pandemic. A recent report from Colliers shows that Lower Manhattan's office leasing activity this quarter was 0.35 million square feet, down from 0.75 million square feet in the fourth quarter and staggeringly lower than the 1.69 million square feet recorded pre-pandemic in the first quarter of 2020.
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Property owners that are landing deals are pointing to tried-and-true fundamentals as the reason for their success. "The execution of this lease demonstrates the desirability of the location, the appeal of the asset, and the ability of our team to transact with a quality tenant even in the current environment," said Peter Brindley, executive vice president and head of Real Estate for Paramount, in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
