[NYguy]

https://www.businessinsider.com/ibm-...kefield-2020-7

IBM is on the hunt for a massive Manhattan space, showing that worries about the death of the big-city office may be overblown


By Daniel Geiger

The $110 billion public company has narrowed its options to roughly half a dozen buildings, these sources said. Among the spaces IBM is said to be considering is a deal to anchor a potential redevelopment of the office property One Madison Avenue.

IBM is seeking between 450,000 and 500,000 square feet and has hired the real estate services firm Cushman & Wakefield to help it evaluate and procure the space.

"Years go into the decision-making process of where to locate a company, lease space, and grow," said Nelson Mils, the president and CEO of Columbia Property Trust, which owns and operates nearly 3 million square feet of space in the city and also owns buildings in other major markets such as San Francisco, Boston, and Washington DC. "Successful companies spend a lot of time and energy making these decisions and Covid is just one more aspect of the process."

https://therealdeal.com/2020/07/31/i...hattan-office/

IBM narrows search for big Manhattan office
Despite pandemic, tech giant taps Cushman & Wakefield to find space





July 31, 2020

Much has changed since last fall, when IBM was looking for a sizable new office in Manhattan.

One thing that hasn’t is that IBM is still pursuing it, even as the pandemic and work-from-home has raised doubt about the future of offices in urban centers.

In fact, the blue-chip giant has narrowed its search down to about six buildings — including SL Green’s One Madison Avenue — and has hired Cushman & Wakefield to find it, Business Insider reported. At One Madison Avenue, it would potentially anchor a redevelopment. Crain’s reported on the tech company’s search and rumored Cushman hiring in October.

The Blue Chip tech giant, which two months ago ditched an enormous WeWork office, is seeking between 450,000 and 500,000 square feet to consolidate other Manhattan offices.

The move would restore some confidence in the office sector, which has nosedived. Just 8.3 million square feet has been leased in Manhattan this year, down from almost 15 million at this point last year, CBRE reported.

Some tech firms are pushing ahead with leases, however. Facebook agreed to take 700,000 square feet on Manhattan’s West Side at the Farley Building, which continues to take shape. Social media site TikTok recently scored 200,000 square feet from the Durst Organization at 151 West 42nd Street in Times Square.