Bloomberg widens footprint at ‘P.J. Clarke’s building’ to boost sagging Midtown corridor

Bloomberg LP, the media company founded in 1981 by future three-term Mayor Michael Bloomberg, recently made a significant impact on Midtown’s office corridor. The company signed a nearly 1 million square-foot lease extension and expansion at SL Green’s 919 Third Ave., injecting new energy into the area.

The lease extension includes an additional 175,841 square feet on top of the existing 749,035 square-foot lease, spanning multiple floors of the building between East 55th and 56th streets. This move comes as a surprise to commercial market-watchers as details of the transaction remained confidential until finalized.

Despite the high vacancy rate on Third Avenue, 919 Third’s 1.5 million square feet are 92.1% leased, showcasing the building’s appeal to major tenants. Other occupants of the tower include prominent firms such as Schulte Roth & Zabel and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo.

The deal marks a milestone for SL Green, which has been actively securing new leases in Manhattan. The company expects to complete more than 3.3 million square feet of deals by the end of 2024, with additional potential leases in negotiation.

Steven Durels, executive VP and director of leasing for SL Green, emphasized the increasing leasing activity in well-located and upgraded buildings. The success of the Bloomberg deal underscores the demand for premium office spaces in the market.

CBRE’s Howard Fiddle, Chris Mansfield, Zach Weil, and Ryan Luck represented Bloomberg in the transaction, while SL Green was represented by Robert Alexander, Ryan Alexander, Emily Chabrier, Taylor Callahan, Alex D’Amario, and Nicole Marshall of CBRE.