RAMP has signed one of the largest office leases of the year so far in Manhattan, with its new deal at 28 West 23rd Street.
In total, the fintech firm will operate 285,303 square feet at the property that's located in the Flatiron/Gramercy Park submarket, according to a first-quarter market report from Avison Young. The CRE firm reported that the deal occurred in March.
The other terms of the deal were unclear, but annual direct asking rents per square foot FS in the Flatiron/Gramercy Park submarket averaged $83.23. Also, availability in the area of 11.3 percent outpaced the Manhattan average of 12.2 percent.
The only other larger Manhattan office leases in the first quarter were Gibson Dunn & Crutcher's 361,569 square foot deal, followed by Bank of America's 600,000 square feet. Clay Labs and Caryle Group rounded out the top five, signing for 150,036 and 118,157 square feet, respectively.
Avison Young reported that overall office leasing in Manhattan came in at 10.4 million square feet in the first quarter, which was in line with the same period of last year and 41 percent higher than the average posted between 2020 and 2024. The firm said that leasing is seeing a shift from larger to mid-sized buildings, with the latter's activity (10,000 square feet to 50,000 square feet range) jumping by 14 percent year-over-year and accounting for 40.5 percent of the total signings in the first three months of 2026.
Overall, rents in Manhattan are averaging $91.52 per square foot.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.