As Manhattan’s physical office occupancy continues to fluctuate around 41%, as per Kastle Systems’ Back-to-Work Barometer, it seems counterintuitive that many companies show no sign of cutting back their space.
In one of this year’s largest rebuttals to the “work from home” panic, public relations consulting giant Edelman just renewed on 173,618 square feet for 15 years at Jack Resnick & Sons’ 250 Hudson St. The firm has been there for 13 years — “one of the best decisions we’ve made,” said CEO Richard Edelman.
The renewal is more impressive given that companies in the media and marketing fields such as Edelman supposedly lend themselves to WFH more than financial-services firms.
The 1932-vintage former printing trades building was converted into a Class-A office property in 2009 for $40 million.
Resnick was a pioneer in transforming the Hudson Square area, once a center of printing and manufacturing, into a modern office destination. Resnick also recently redeveloped 315 Hudson St., which is now mainly leased to Google.
CBRE’s Mary Ann Tighe, Ken Meyerson, Todd Lippman and Adele Huang repped Edelman in the lease renewal. Adam Rappaport and Brett Greenberg repped Resnick in-house.
[Written in collaboration with other media outlets with information from the following sources]
