^ That's right. And even though some will probably stay where they are, it makes more sense to consolidate where possible, which usually means a new tower that has more space. Then there is the issue of time. Some of these sites require demolition, and in the case of 15 Penn, the need to close the hotel. So a lease expected to run out in 5-7 years doesn't leave a lot of time for planning.
Quote:
The larger the need, the fewer options there are, even with new towers rising at Hudson Yards and the trade center, as well as SL Green’s 1 Vanderbilt project near Grand Central, said Greg Kraut, a principal at Avison Young, a brokerage with offices in New York. Toronto-Dominion Bank’s TD Bank unit last year agreed to locate a 200,000-square-foot regional headquarters there.
A bank could miss out on the right space if it doesn’t get moving, Kraut said.
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From the article....
-Deutsche Bank AG is in the market for about 1 million square feet of space, enough to anchor a new building.
-HSBC Holdings Plc is seeking as much as 700,000 square feet for its primary New York offices.
-Wells Fargo & Co. wants about 300,000 square feet to house some of its most productive investment bankers.
-Toronto-Dominion Bank’s TD Bank unit last year agreed to locate a 200,000-square-foot regional headquarters to 1 Vanderbilt
But there's still the matter of other space hunts on in the city, including the previous one above...
-News Corp and 21st Century Fox, the separate media giants controlled by Rupert Murdoch, are weighing options for a new Manhattan headquarters when their Midtown leases expire in 2020, sources said......It was understood Monday night that while the companies’ precise future space needs hadn’t yet been determined, it was “in excess of 1 million square feet” — likely more than their current, combined 1.2 million square feet under several different leases at 1211 and 1185 Sixth Ave.
If 21st Century Fox and News Corp opt for a new headquarters, it could be good news for two major developers. Larry Silverstein needs an anchor tenant to get 2 World Trade Center out of the ground, and Related Cos.’ chief Stephen Ross, who has two Hudson Yards towers going up, needs tenants to start work on two more that are planned.