[yankeesfan1000]

I would imagine the big issue with landing an anchor tenant is that there are a handful of different developers who are all trying to court the same 12-15 big tenants for their different developments. So Vornado with 15 Penn to some extent, Silverstein with the WTC, Related at the Hudson Yards, and Brookfield with Manhattan West.

So, if you're a company like say, Viacom who's looking for 1M sf, depending on when you're willing to move, you're options are 3 WTC, 2 WTC, Hudson Yards South, Hudson Yards North, 15 Penn, Manhattan West 1 and Manhattan West 2, and the Girasole actually too. So why not hold out and try and get one of the developers to capitulate and offer a little lower rent in order to secure you as a tenant so they can start their development, or even just bluff and say you're not convinced you want to move to try and get them to lower rents?

The good news is that the companies that are looking for space, are looking for huge blocks of space in a single building. So if say a monster tenant like Time Warner signs a lease at Hudson Yards North, that one company will require so much space there, that another monster tenant Credit Suisse has to look elsewhere because that building isn't big enough for both of them. Or if, Credit Suisse and Jones Day move into 3 WTC, a Viacom or News Corp have to look elsewhere.

So I agree with you assessment that we're waiting for the dominoes to fall. The economy is getting better, and these companies understand, especially the ones with big leases expiring in the near future, that they have a huge amount of uncertainty on their balance sheets just in regard to how much they're going to have to pay for rent in say 2017. But once one or two of these big fish, News Corp, Credit Suisse, Viacom, Time Warner, sign a lease somewhere, I think we'll start to see leases signed at these buildings with increasing frequency.

Sorry, that was wayyyy longer than I expected.