Midtown Office Tower Scores Leases Totaling 182K SF
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in September 2026: $462.2M across 3 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
A trio of companies have inked leases totaling more than 182,000 square feet at The Swig Company’s 1411 Broadway following a $100 million renovation of the Midtown office tower. Software company Zeta Global signed a 1…
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