Bloomberg mega-deal at ‘PJ Clarke’s tower’ lifts Third Avenue

Bloomberg LP, nan media institution founded successful 1981 by early three-term Mayor Michael Bloomberg, conscionable gave Midtown’s sleepiest agency corridor a severely needed changeable of adrenaline.

In a astonishment to commercialized market-watchers, Bloomberg signed a astir 1 million-square-foot lease hold and description astatine SL Green’s 919 Third Ave. betwixt East 55th and 56th streets. The 47-story building is known arsenic nan “P.J. Clarke’s building” for nan two-story, 1884 saloon building connected nan area that’s regarded arsenic portion of nan property.

Bloomberg extended its existing 749,035-square-foot lease for 11 years starting successful March 2029. At nan aforesaid time, it signed for an further 175,841 quadrate feet connected portion of nan 34th level and the full floors connected 35 and 41-44.

Talks for ample agency transactions pinch marquee-name companies usually make their measurement into nan media agelong earlier nan deals are completed — but not a connection leaked retired this time.

Bloomberg, which has steadily grown astatine 919 Third since it first moved into nan building successful 2015, plainly doesn’t perceive to claims that “work from home” intends smaller firm footprints. Earlier this year, nan institution extended its lease astatine its 731 Lexington Ave. office until 2040.

While Third Avenue suffers Midtown’s highest vacancy complaint of complete 20% — a resistance connected nan full marketplace — 919 Third’s 1.5 cardinal quadrate feet are 92.1% leased. Other awesome agency tenants see financial ineligible specialists Schulte Roth & Zabel, and nan rule patient Mintz, Levin, Cohn, Ferris, Glovsky and Popeo.

A commercialized agent who wasn’t progressive successful nan woody but didn’t want to beryllium named commented, “Maybe each nan ‘Dead Avenue’  jokes were premature.”

The Bloomberg woody marks different advance for SL Green, which has signed astir 2.8 cardinal quadrate feet of Manhattan offices this year. The  city’s largest commercialized landlord expects to complete much than 3.3 cardinal quadrate feet of deals by nan extremity of 2024.

SLG is besides closing successful connected 1.1 cardinal quadrate feet successful imaginable caller Manhattan leases, including word sheets and deals nether negotiation.

Steven Durels, executive VP and head of leasing for SL Green, said, “Overall leasing velocity continues to summation arsenic tenants prioritize their penchant for well-located, upgraded and amenitized buildings.”

Bloomberg was represented astatine 919 Third by CBRE’s Howard Fiddle, Chris Mansfield, Zach Weil and Ryan Luck. SL Green was represented by Robert Alexander, Ryan Alexander, Emily Chabrier, Taylor Callahan, Alex D’Amario and Nicole Marshall of CBRE.