KnitWell Group Signs 246,000 Square Foot Renewal & Expansion at BXP’s 7 Times Square in New York
BXP (NYSE: BXP) has secured a significant 20-year lease renewal and expansion with KnitWell Group at 7 Times Square in New York City. The agreement covers approximately 246,000 square feet, comprising the existing 191,000 square foot premises plus an additional 55,000 square feet across two full floors.
The 1.25 million square foot tower, located in Midtown Manhattan, has recently undergone amenities enhancement, adding conferencing facilities, client lounge, and café services. The property's strategic location offers convenient access to transportation, restaurants, and Bryant Park.
The lease negotiation was facilitated by a CBRE team. This transaction reinforces BXP's position as the largest publicly traded developer and manager of premier workplaces in the United States, with a portfolio spanning 53.0 million square feet across 184 properties in six major markets.
BXP (NYSE: BXP) ha ottenuto un importante rinnovo e ampliamento di leasing di 20 anni con KnitWell Group presso il 7 Times Square a New York. L'accordo copre circa 246.000 piedi quadrati, comprendenti i 191.000 piedi quadrati esistenti più ulteriori 55.000 piedi quadrati su due piani completi.
La torre di 1,25 milioni di piedi quadrati, situata nel Midtown di Manhattan, ha recentemente subito un miglioramento dei servizi, aggiungendo strutture per conferenze, lounge per clienti e servizi di caffetteria. La posizione strategica della proprietà offre un facile accesso ai trasporti, ai ristoranti e a Bryant Park.
La negoziazione del leasing è stata facilitata da un team di CBRE. Questa transazione rinforza la posizione di BXP come il più grande sviluppatore e gestore di luoghi di lavoro di qualità negli Stati Uniti, con un portafoglio che si estende per 53,0 milioni di piedi quadrati su 184 proprietà in sei importanti mercati.
BXP (NYSE: BXP) ha asegurado una significativa renovación y expansión de arrendamiento de 20 años con KnitWell Group en el 7 Times Square en Nueva York. El acuerdo abarca aproximadamente 246.000 pies cuadrados, que incluyen las instalaciones existentes de 191.000 pies cuadrados más 55.000 pies cuadrados adicionales en dos pisos completos.
La torre de 1.25 millones de pies cuadrados, ubicada en Midtown Manhattan, ha pasado recientemente por una mejora en servicios, añadiendo instalaciones para conferencias, sala de clientes y servicios de café. La ubicación estratégica de la propiedad ofrece un acceso conveniente al transporte, restaurantes y Bryant Park.
La negociación del arrendamiento fue facilitada por un equipo de CBRE. Esta transacción refuerza la posición de BXP como el mayor desarrollador y gerente de lugares de trabajo de primera en los Estados Unidos, con un portafolio que abarca 53.0 millones de pies cuadrados en 184 propiedades en seis mercados principales.
BXP (NYSE: BXP)는 뉴욕 타임스퀘어 7에서 KnitWell Group과 20년 임대 연장 및 확장 계약을 체결했습니다. 이 계약은 약 246,000 평방피트를 포함하며, 기존 191,000 평방피트와 추가로 두 개의 전체 층에서 55,000 평방피트를 포함합니다.
1.25백만 평방피트 규모의 이 건물은 미드타운 맨해튼에 위치하며 최근 회의 시설, 고객 라운지 및 카페 서비스 등의 편의시설이 개선되었습니다. 이 위치는 교통, 레스토랑 및 브라이언트 공원으로의 편리한 접근성을 제공합니다.
임대 계약은 CBRE 팀에 의해 원활하게 진행되었습니다. 이번 거래는 BXP가 미국에서 주요 직장 공간의 최대 상장 개발자이자 관리자로서의 입지를 강화하며, 184개 자산에서 53.0백만 평방피트를 아우르는 포트폴리오를 보유하고 있습니다.
BXP (NYSE: BXP) a obtenu un important renouvellement et une expansion de bail de 20 ans avec KnitWell Group au 7 Times Square à New York. L'accord couvre environ 246 000 pieds carrés, comprenant les 191 000 pieds carrés existants ainsi que 55 000 pieds carrés supplémentaires répartis sur deux étages complets.
La tour de 1,25 million de pieds carrés, située dans le quartier de Midtown à Manhattan, a récemment bénéficié d'une amélioration des commodités, ajoutant des installations de conférence, un salon client et des services de café. L'emplacement stratégique de la propriété offre un accès pratique aux transports, aux restaurants et à Bryant Park.
La négociation du bail a été facilitée par une équipe de CBRE. Cette transaction renforce la position de BXP en tant que plus grand développeur et gestionnaire d'espaces de travail de premier plan aux États-Unis, avec un portefeuille s'étendant sur 53,0 millions de pieds carrés répartis sur 184 propriétés dans six grands marchés.
BXP (NYSE: BXP) hat einen bedeutenden 20-jährigen Mietverlängerungs- und -erweiterungsvertrag mit KnitWell Group im 7 Times Square in New York City abgeschlossen. Der Vertrag umfasst etwa 246.000 Quadratfuß, einschließlich der bestehenden 191.000 Quadratfuß sowie zusätzlichen 55.000 Quadratfuß auf zwei kompletten Etagen.
Der 1,25 Millionen Quadratfuß große Turm, der sich in Midtown Manhattan befindet, hat kürzlich eine Verbesserung der Annehmlichkeiten erfahren, darunter Konferenzräume, eine Kundenlounge und Café-Dienste. Die strategische Lage der Immobilie bietet bequemen Zugang zu Verkehrsanbindungen, Restaurants und dem Bryant Park.
Die Mietverhandlungen wurden von einem Team der CBRE unterstützt. Diese Transaktion stärkt BXPs Position als der größte börsennotierte Entwickler und Verwalter von erstklassigen Arbeitsplätzen in den Vereinigten Staaten mit einem Portfolio von 53,0 Millionen Quadratfuß über 184 Immobilien in sechs wichtigen Märkten.
- Secured long-term 20-year lease renewal and expansion for 246,000 square feet
- Expanded existing tenant relationship with 55,000 square feet of additional space
- Recent amenities enhancement completed at the property
- None.
Insights
KnitWell Group's 246,000 square foot lease renewal and expansion at 7 Times Square represents a substantial commitment in Manhattan's commercial real estate market. The 20-year duration is particularly noteworthy, signaling strong tenant confidence in both the location and BXP's management. The deal includes 191,000 square feet of renewed space plus 55,000 square feet of expansion, demonstrating organic tenant growth and potentially improved rental rates for BXP.
The transaction strengthens BXP's position in the competitive New York market, where office occupancy rates have been a concern. For context, this lease represents approximately 20% of 7 Times Square's total 1.25 million square feet. The recent amenities enhancement, including conferencing and café services, likely played a important role in securing this long-term commitment, reflecting successful property repositioning strategies in the post-pandemic office market.
This lease transaction bolsters BXP's revenue stability and cash flow predictability. Long-term leases with quality tenants are particularly valuable in the current market environment, where office REITs face occupancy challenges. The 20-year commitment reduces tenant turnover risk and likely includes built-in rent escalators that hedge against inflation.
The expansion component is especially positive, as it not only fills additional space but likely comes at current market rates, potentially providing a bump in per-square-foot revenue compared to the renewal portion. For BXP's
“We are in an industry that thrives on in-person collaboration across functions and brands, which is why we are thrilled to be able to bring all of our
“7 Times Square offers unmatched convenience and opportunity at the center of New York City’s busiest transportation and entertainment hub,” said Hilary Spann, Executive Vice President of BXP’s
7 Times Square is in the heart of Midtown Manhattan. The 1.25 million square foot tower, developed by BXP, recently underwent an amenities enhancement with conferencing, client lounge, and café services added. Conveniently located in the center of Midtown at the nexus of transportation options, 7 Times Square is steps away from cafés, restaurants, and Bryant Park.
A CBRE team of Eric Deutsch, Ken Meyerson, Jared Freede, Ariel Ball, and Elliot Bok represented KnitWell in the lease negotiations.
About BXP
BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in
View source version on businesswire.com: https://www.businesswire.com/news/home/20250113934320/en/
BXP
Heather Betz
Marketing Director
hbetz@bxp.com
Laura Sesody
Senior Vice President, Corporate Marketing & Communications
lsesody@bxp.com
Source: BXP, Inc.
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