Some exciting momentum is brewing in Manhattan’s office market. Leasing activity reached 20.7M SF in the first half of 2025, the best performance since 2014. July brought in another ~3.0M SF. And the fundamentals are improving too: availability down to ~15.4%, sublet inventory crashed 30%+, and the market’s tracking toward 40M SF for the year.
But here’s what really gets me fired up: the mega-deals. The ones that make headlines, reshape entire neighborhoods, and give us all something to talk about.
The biggest office leasing deals in Manhattan so far this year.
Every major lease signing this year tells a story. Who paid what? Which landlord gave up serious concessions? Where did tenants find the leverage they didn’t know they had?
The biggest office leasing deals in Manhattan reveal exactly how this market really works when serious money moves.
I’ve been tracking the seven monster signings that define 2025 so far. Each one shows you something different about where we’re headed and where the smartest opportunities are hiding right now.
Deal 1 — NYU | 1,100,000 SF | 770 Broadway (Vornado) | Masterlease
NYU just dropped $935M upfront plus ~$9.3M annually for a 70-year masterlease at 770 Broadway. That’s 1.1M SF of full building control right next to their core campus.
Universities have become the new super-credit anchors. They de-risk entire buildings for landlords and lenders while creating campus-like efficiencies for themselves. Vornado gets massive upfront cash and steady income. NYU gets total control.
The biggest office leasing deals in Manhattan prove masterleases work for legacy assets that need business plan resets. Large tenants can unlock serious economics through bespoke structures like this. And smaller tenants benefit from the improved amenities and capital improvements these institutional anchors trigger.
Deal 2 — Amazon | 330,000 SF | 10 Bryant Park / 452 Fifth Ave (PBC)
Amazon locked up 330K SF for 15 years at 10 Bryant Park, replacing HSBC as the building’s anchor tenant. Big Tech is back, and they’re being selective about where they plant their flag.
Tech companies just had their strongest leasing start in 25 years, and Amazon’s commitment proves Midtown still wins when amenity density matters most. The fully leased towers around Bryant Park show how tight top-tier supply has gotten—landlords can demand firmer face rents and cut back on free rent packages.
Want prime Midtown space with views and killer floorplates? The biggest office leasing deals in Manhattan so far this year show you’ll pay for it. Smart tenants counter with longer terms or early-commencement flexibility to get better economics on A-stack floors.
Deal 3 — Mayer Brown | 330,662 SF (Renewal + Expansion) | 1221 Avenue of the Americas (Rockefeller Group)
Mayer Brown renewed and expanded to ~331K SF at 1221 Avenue of the Americas, and it tells you everything about the pace of law firms right now. Legal tenants are the growth leaders of 2025 and want high-identity Sixth Avenue buildings with killer client amenity packages.
What’s wild is how these renewal-plus-expansion deals are propping up rent floors across the Avenue of the Americas corridor. Flight-to-quality doesn’t just happen with new leases—existing tenants are upgrading within their buildings too.
Professional services firms have found their sweet spot for leverage. The biggest office leasing deals in Manhattan prove landlords will pay serious money for stacking plans and contiguous blocks.
Vertical efficiency and branding continuity? That’s your negotiating gold mine right there.
Deal 4 — KnitWell Group | 246,000 SF (Renewal + Expansion) | 7 Times Square (BXP)
KnitWell Group signed a 20-year lease at 7 Times Square, expanding from ~191K to 246K SF and adding two whole floors. Times Square office space has become something completely different from what people think—apparel companies like KnitWell want the visibility and foot traffic, not just the tourists.
BXP spent real money repositioning 7 Times Square, and KnitWell rewarded them with a massive commitment. When landlords put capital where their mouth is, tenants respond with longer terms and expansion deals. KnitWell got first dibs on future growth space and serious TI allowances.
Often, renewal negotiations are where tenants can win big. KnitWell locked in expansion options and swing space rights that most new tenants can’t get. Renewals with growth built in? That’s where the real value sits.
Deal 5 — Goodwin Procter | ~244,000–250,000 SF | 200 Fifth Avenue (BXP)
Midtown South is having a moment as law firms and tech companies cluster around parks, food scenes, and subway hubs and drive up rents in Flatiron and NoMad. Goodwin Procter’s 20-year commitment to ~245K SF at 200 Fifth Avenue overlooking Madison Square Park perfectly captures this trend.
What catches my eye about this deal is how 200 Fifth Avenue combines prewar architectural charm with LEED credentials and modern amenities. Heritage buildings can clearly go toe-to-toe with glass towers when done right.
I’ve watched park-front floors like these move incredibly fast, and Goodwin probably faced serious competition for this space. The biggest office leasing deals in Manhattan keep teaching me the same lesson: start your test fits early if you want premium space with views like this. Hesitation means watching someone else get the keys to your dream office.
Deal 6 — Verizon (HQ Move) | ~199,000–203,000 SF | Penn 2 (Vornado)
Verizon moved its entire headquarters to Penn 2—19 years, ~200K SF across floors 8-10, plus a 4,400 SF flagship store and outdoor terrace access. Penn District is clearly on the upswing, and Vornado’s expensive redevelopment gamble is finally pulling Fortune 500 companies west of Seventh Avenue.
Verizon’s deal screams return-to-office mandate. They consolidated from multiple locations into one killer space loaded with amenities because they need people back at desks. Companies are picking fewer buildings but demanding way better perks—outdoor space, retail integration, the works.
Mega-repositions like Penn 2 don’t come cheap. However, Manhattan’s biggest office leasing deals in 2025 thus far show you can still win concessions. Verizon probably negotiated phased commencement, premium signage rights, and shared terrace access.
Even when landlords hold most of the cards, smart tenants find ways to get extras beyond rent relief.
Deal 7 — A&E Networks | 151,920 SF (Renewal) | 227 East 45th Street (Republic Investment Co.)
A&E Networks renewed ~152K SF at 227 East 45th Street, and it’s a perfect example of how renewals are driving huge chunks of 2025’s leasing volume. While everyone talks about flashy new deals, credit renewals like this are keeping landlord cash flows steady and lenders happy.
Midtown East keeps winning with media and finance tenants who need Grand Central access. A&E doubled down on its location because efficient blocks near transit still beat trendy neighborhoods when your employees commute from Westchester and Connecticut.
Here’s where renewal tenants have serious leverage: A&E probably traded longer term and early notice for major TI allowances and spec suite upgrades. When push comes to shove, it’s always smart to push for infrastructure refreshes. Think new MEP systems, not just fresh paint and carpet. Landlords will always pay for bones over cosmetics when they want to keep good tenants.
What These Seven Deals Mean for Your Next Move
Here’s what the biggest office leasing deals in Manhattan taught me about 2025: credit plus quality plus term wins everything. Universities, tech giants, law firms, and consumer brands are locking up multi-decade deals in the best buildings, and that’s squeezing availability on trophy floors while pushing up rent floors across prime stacks.
Market math demands speed. We’re tracking toward our busiest year since 2019 with 20.7M SF already done by July. Want floors with views, park-front space, or repositioned mega-projects? Plan for competitive bidding and move fast.
Smart negotiation still works outside the top 10% of buildings—TI and free rent packages remain solid for mid-tier properties. Enterprise leases are back in the 15-20 year range, so lock in expansion rights, contraction options, and multiple renewal terms. Outdoor space, wellness amenities, conferencing facilities, and adjacent retail have also become must-haves.
Yes, the window for great deals is still open. But it’s getting smaller by the month.
