Financial Services Firm Rothera Signs Lease at 242 West 38th Street
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 October 2026: $2.3B across 7 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Cohen Capital and Solomon Acquisitions have signed three new office deals totaling 10,266 square feet at their Garment District office property at 242 West 38th Street , Commercial Observer has learned. The largest of…
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