“The growth of e-commerce has triggered a permanent, structural change in demand for these properties,” says Adam Mullen at CBRE.

Although the Galleria is known for its smaller deal size relative to CBD occupiers, recent long-term commitments by several large tenants are evidence that the submarket is still capable of attracting large users.

Pinnacle Tower checked the boxes on the amenities Guidestone employees wanted: secured underground parking, nearby dining and on-site fitness center, combined with its cost savings.

CBRE reports last year was a strong year for office leasing in Manhattan, with the FIRE sector leading the way.