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New York was pushed from its top slot and even must share the No. 1 US spot with Los Angeles in this year's AFIRE survey.

“Our flagship K- and SB-Deals both had exceptional years.”

The market failed to accumulate one million square feet of annual net absorption for the first time in five years, and it was the second consecutive year with negative net absorption in the final quarter.

The median sales price for entering contracts in Brooklyn rose 73% year-over-year with inventory falling more than 22%, while Manhattan new development inventory rose 18% in 2017.

An entity associated with Hana Asset Management Co., is the buyer of the 95%-leased building.

The price per square foot record was broken last year when 900 16th St., NW, sold for $1,252 per square foot.

The REIT has also executed a non-binding Letter of Intent with an institutional buyer to sell 2445 M St., NW.

“We have seen some select firms overestimate the efficiencies they could get from rightsizing but that is not going to make up for the consolidation we will see from future mergers.”