April’s largest lease in Manhattan not all it seems to be

When is a 475,000-square-foot lease a disappointment in Manhattan’s office market? When it appears to be a downsizing. Law firm Cleary Gottlieb Steen & Hamilton signed a deal for that size at Brookfield Properties’ One Liberty Plaza last month, according to a monthly Colliers report. The deal at the Financial District office tower topped the month’s activity, the Commercial Observer reported. Details about the lease, including length and asking rent, were not disclosed. The average asking rent in Lower Manhattan last month was $62.21 per square foot, according to Colliers. In a statement to the publication, the law firm said […] This article originally appeared on The Real Deal. Click here to read the full story.