- Bloomberg’s 925 KSF lease at 919 Third Ave. includes an 11-year extension on its existing space and a 15-year expansion, bringing its total long-term office commitments in Manhattan to nearly 2 MSF in 2024 alone.
- SL Green, the building’s landlord, attributes Bloomberg’s continued tenancy to significant upgrades, including renovations to the lobby, entrances, and elevators.
- Bloomberg’s two major deals this year are among the five largest office leases in Manhattan, signaling potential tightening in a market that has seen rising vacancies in recent years.
Bloomberg LP has further expanded its office presence in Midtown Manhattan, signing a massive 925 KSF lease at 919 Third Avenue, as reported by Bisnow.
A Closer Look
The deal, announced by landlord SL Green (SLG), includes an 11-year renewal of Bloomberg’s existing 749 KSF and an additional 176 KSF for 15 years. This marks Bloomberg’s second significant lease in Manhattan this year, following a major extension at its headquarters on Lexington Avenue.
The lease at 919 Third Ave. ensures that Bloomberg will continue to occupy the second through 18th floors, as well as the 28th through 33rd floors. The expansion adds coverage on part of the 34th floor, plus the entire 35th, 41st, and 42nd floors. This strategic expansion brings Bloomberg’s total Manhattan office commitments to nearly 2 MSF in 2024 alone.
CBRE facilitated the lease, and brokers from both sides were involved in negotiations.
Market Implications
This latest deal is part of a broader trend in the Manhattan office market, where vacancy rates have been high, but demand for prime, upgraded properties is showing signs of recovery.
Bloomberg’s eye-popping lease surpasses SL Green’s total leasing volume for Q3, which amounted to 764 KSF. The REIT, which owns 28 MSF of office space across Manhattan, reported 90.1% occupancy at the end of September and expects it to exceed 92% by year-end.
Steven Durels, SL Green’s Executive Vice President, noted that the company’s investments in upgrading the building played a key role in retaining Bloomberg. Improvements have included renovations to the building’s lobby, entrances, and elevators, making it more appealing to tenants seeking well-amenitized office spaces.
Why It Matters
The 925 KSF lease at 919 Third Ave. follows another significant deal earlier this year when Bloomberg extended its lease at its 947 KSF headquarters at 731 Lexington Avenue. Combined, these two leases total just under 1.9 MSF, placing Bloomberg’s commitments among the largest office deals in Manhattan in 2024.
These agreements come as the Manhattan office market shows signs of tightening after years of rising vacancies, with tenants increasingly prioritizing modern, well-located buildings. Bloomberg’s choice to extend and expand in Midtown reflects a strategic focus on maintaining a strong presence in New York’s key business hubs.
