Office

Harlem has always had a smaller sample size of office product relative to the rest of the city. But that hasn't stopped developers from building in the submarket and convincing investors to wrap their heads around smaller office floor sizes, Brent Glodowski, director at Avison Young, tells GlobeSt.com.

Allegiance Retail Services, a current subtenant, signed a direct long-term lease for 18,928 square-feet at the property. In addition, Office Evolution, an existing tenant, signed a long-term lease extension and expanded its total square footage to 14,500 square-feet.

Hellyer Oaks Technology Park consists of two interconnected office/R&D buildings which Vertical Ventures recently sold to Swift Real Estate Partners in a $55.65 million transaction.

The coronavirus has brokers guessing as to how this will affect leasing in the short term, and Avison Young says leasing activity is likely to have a degree of decline in transaction volumes compared to pre-crisis expectations.

As East Austin continues to mature and expand, The Block Yard positions tenants and residents to take advantage of a walkable location near key employment and entertainment hubs.

New projects cannot be started at this time unless it meets certain criteria. Any currently permitted and active construction project must be in a secure situation by Monday, March 23.

Newmark Knight Frank has tapped real estate veteran Sam Buckley for the appointment of Executive Vice President of New York Brokerage Services.

Leasing dropped for the second consecutive quarter to 1.9 million square feet in fourth quarter 2019, which translates to leasing activity falling below the five-year average, according to Savills research.