Microsoft signed a lease for 150,000 square feet of office space in the 10-story Flatiron District tower at 122 Fifth Ave. at Union Square. The tech giant will occupy about half of the property – floors six through 10, previously leased to Barnes & Noble. The question of rents remains unknown for the time being and Microsoft has not yet set a clear relocation date.

JLL’s Lisa Kiell and Randy Abend represented Microsoft, while a team consisting of David Falk, Pete Shimkin, Eric Cagner and Ben Shapiro of Newmark negotiated on behalf of the lessor, The Bromley Companies.

The property at 122 Fifth Ave. was originally built in 1899 by architect Robert Maynicke and developer Henry Corn. Then, in March of this year, the Monument Preservation Commission assessed the owner’s property propose renovation for the structure. Plans include expanding the floorboards to 27,000 square feet by merging 122 Fifth with a new development. The lobby will also be relocated to provide additional access to 17th and 18th Streets, and the ground floor will house retail spaces and other amenities for office tenants. Bromley also plans to add a 13,000-square-foot communal roof terrace, topped by a 6,000-square-foot glass jewelry box.

However, Microsoft’s real estate portfolio is more than just prime Manhattan office space. It in Redmond, Wash. The incumbent company also recently signed a lease for nearly 50,000 square feet of Miami office space for its regional headquarters in a tower under development in the city’s Brickell Financial District.

Notably, Microsoft, Amazon, Facebook and Google have all stepped up their commercial real estate efforts — despite postponing their own return-to-office dates, as well as the relative volatility of the real estate market during the pandemic. By renting and buying space, technology companies are gradually replacing large banks and other financial firms in New York City. And while some choose to buy to avoid expensive and complicated leases, there are also signs that great technology can be. follow in the footsteps of McDonald’s, which owns most of the land on which its stores are built.

Manhattan NY New York City

Last modified: November 4, 2021

You may also like this

Source