Deloitte's $2.6B Hudson Yards Deal Tops NYC's Priciest Leases Of 2025
A big four consulting firm last year signed the most expensive lease in New York City since the pandemic amid a resurgent office market, demonstrating the eye-popping sums companies are willing to pay for space in new towers.
Deloitte is set to pay more than $2.6B over the nearly 22-year, 807K SF lease it signed last year at 70 Hudson Yards, according to a CompStak analysis of the highest-valued Manhattan office leases provided exclusively to Bisnow.
Related Cos. and Oxford Properties Group arranged $2.45B in construction financing for the tower, which won’t be ready for move-in until at least late 2028.
The deal is the most expensive office lease signed in NYC since the pandemic, according to CompStak, and more than double the highest-priced lease of 2024, when TPG agreed to pay Tishman Speyer more than $1B for its 300K SF in The Spiral.
Starr Cos.’ 275K SF lease at 343 Madison Ave., signed just before the holidays, also topped 2024's high-water mark. The insurance and investment company will pay nearly $1.3B for its 20-year lease. The deal allowed BXP to move forward with construction of its $2B, 930K SF office tower, which isn’t expected to be completed until 2029.
The developer has also secured a letter of intent for another 16% of the building, just above Starr, BXP executives said during its fourth-quarter earnings call Wednesday.
Deloitte didn't quite match Deutsche Bank's roughly $3B deal from 2018, when it took 1.1M SF at 1 Columbus Circle and renamed the property Deutsche Bank Center from Time Warner Center.
But existing prestigious trophy towers remain sought after. Gibson Dunn's lease extension at 200 Park Ave., known as the MetLife Building, was the third-priciest deal of 2025. It will stay in its almost 362K SF for another 16 years, paying a total of $990M to landlord The Irvine Co.
The deal is the only lease on Park Avenue that made the list, but that isn’t due to a lack of interest. The corridor scored three of 2024’s top leases. Its vacancy rate is down to 10.5%, the lowest in the city, according to Cushman & Wakefield.
Manhattan ended the year with more than 32M SF of office leases inked, up 37% from 2024, according to CBRE. As new construction has been slow to deliver and more space is removed from the market due to conversions, absorption skyrocketed to almost 14M SF.
Overall, Manhattan's office vacancy rate is now below 13%, with asking rents averaging $77.89 per SF, according to CBRE. But in some neighborhoods, the market is tighter, jacking up prices.
After dominating leasing in 2024, Midtown’s core districts continue to be competitive. Grand Central recorded 3.5M SF of activity in 2025, an 8% year-over-year increase, according to CBRE. Availability is 13.6%. CompStak places three of the top 10 leases in the neighborhood.
The Penn District and Hudson Yards have also risen sharply in popularity. The availability rate there is down to 7.6%, making it the tightest office market in the city, according to CBRE.
On Sixth Avenue, also known as Avenue of the Americas, near Rockefeller Center, availability has dropped to 11.3%. There, Salesforce signed the city’s fourth-priciest lease, at 1095 Sixth Ave. The firm expanded to 350K SF for $776M over 15 years, according to CompStak.
Lower Manhattan also had a comeback, although the availability rate remains high at 18.8%, CBRE data shows. The area near the World Trade Center snagged two of the city’s highest-paying tenants, although those were more about the size of the deals than the rents they paid.
At 250 Vesey St., known as Brookfield Place, Jane Street decided to stay for another 10 years for just under $694M. To accommodate the company’s request to expand to 984K SF, Brookfield relocated its own office within the complex.
Moody’s relocated its headquarters to 200 Liberty St., taking 455K SF. The firm will pay roughly $521M over 15 years, but Moody’s said in a release that the move-in won’t be completed until 2027.
The company’s starting rent is among the lowest on the list, with CompStak placing it in the $70s per SF. Salesforce’s lease is in the mid $150s, while Starr’s is in the low $230s — by far the highest on the list and a sign of the high cost of new construction in Midtown.
