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June 22, 2011

Less than meets the eye: decoding Forest City's announcement of new MetroTech leases

Atlantic Yards Report

Norman Oder takes a closer look at a recent Forest City Ratner announcement of MetroTech leasing activity, and doesn't believe the hype.

In other words, the 365,000 square feet taken at Two MetroTech--thanks significantly to government tenants--does not quite make up for the departure of SIAC/NYSE, which, according to Crain's, lost 387,000 square feet.

Yes, the 22,000 square feet remaining to lease is relatively small, but, at least according to that January 2011 Crain's report, J.P. Morgan Chase left about 352,000 square feet at 4 MetroTech. No wonder Forest City Ratner was trying to recruit Panasonic.

At One Pierrepont Plaza, Morgan Stanley is set to renew less than half the space it leases, leaving a gap of 250,000 square feet.

It still does not bode well for the office space planned for the Atlantic Yards site.

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Posted by eric at June 22, 2011 1:10 PM