Balyasny Asset Management has signed an office renewal and expansion in New York City, according to a Midtown Manhattan third-quarter market report from CBRE.
The deal will give the investment service firm a total of 164,000 square feet at 767 Fifth Avenue, also known as The General Motors Building. A Security Exchange Commission filing shows that Balyasny is now occupying the 12th, 21st, 23rd, 34th, and 35th floors.
The 50-story property is owned 60 percent by a joint venture, which includes BXP, Inc. The more than two million speculative office space offers views of Central Park and features a marble cladding design, architected by Edward Durell Stone. Also, 767 Fifth is home to the Apple Cube, which it dubs a "retailing phenomenon."
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Generally speaking, JLL's office report showed strong fundamentals for landlords. The three months through September leasing activity in Midtown reached 3.47 million square feet, which is five percent above the quarterly average in the past half-decade. Also, the year-to-date total of 11.16 million square feet is 41 percent higher than the same period in 2023.
Net absorption in the third quarter was positive 2.21 million square feet and the availability rate fell 80 basis points from the June quarter to 17.4 percent.
Also, on JLL's report, three third-quarter leases were larger than Balyasny's. This includes Ares Capital's 307,336-square-foot space, Willkie Farr & Gallagher LLP's 315,635 square feet, and Christie's Inc.'s 373,212 square feet.
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