Oppenheimer & Co. Signs 220,000 SF Office Headquarters Lease in Lower Manhattan
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. New York continues to bifurcate sharply: trophy office leasing at record rents, commodity Class B in conversion discussions or court-supervised processes. Rent-stabilized multifamily remains supply-constrained and tightly held. 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
- The 142nd New York story tracked on the wire in November 2026. All New York coverage →
- Disclosed office deal value tracked in November 2026: $7.5B across 41 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
NEW YORK CITY — Investment bank and financial services company Oppenheimer & Co. has signed an approximately 220,000-square-foot office headquarters lease in Lower Manhattan. The space spans six floors within 32 Old S…
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