Office Locations
1114 Avenue of the Americas New York, NY 10036
176 Yonge Street Toronto, ON
418 N Main Street Royal Oak, MI 48067
227 W Monroe Street Chicago, IL 60606
1595 Wynkoop Street Denver, CO 80202
1048 Pearl Street Boulder, CO 80302
400 Spectrum Center Irvine, CA 92618
6100 Center Drive Los Angeles, CA 90045
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42 N Chestnut Street Ventura, CA 93001
50 W San Fernando Street San Jose, CA 95113
425 Market Street San Francisco, CA 94105
10900 NE 8th Street Bellevue, WA 98004
3601 Fremont Avenue Seattle, WA 98103
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New York, NY
Location / Submarket
AT A GLANCE
TTD Office Address
1114 Avenue of the Americas
154,558 SF
TTD Office Size
$118 / $139 PSF (Years 1-6) $128 / $148 PSF (Years 7-11)
TTD Rent
LXD: August 2031
TTD Term / LXD
11 / 13 months Free Rent $99.04 / $111 TIA
TTD Concessions
San Francisco, CA
425 Market Street
27,542 SF
$91.00 FS/GRS (3% bump)
84 months LXD: 8/31/2027
3 months Free Rent $75 TIA
Chicago, IL
227 W. Monroe Street
25,576 SF
$48.00 / SF
Lease Amendment currently in progress.
Denver, CO
1595 Wynkoop Street
20,263 SF
$34.00 / SF
60 months
4 months Free Rent $70 TIA
Boulder, CO
1048 Pearl Street
13,010 SF
$39.00 / SF
65 months LXD: 12/2026
5 months Free Rent $30 TIA
Ventura, CA
42 N. Chestnut Street
12,500 SF
$30.00 / SF (annualized)
N/A
Los Angeles, CA
6100 Center Drive
11,582 SF
$49.80 / SF (annualized)
63 months LXD: 12/31/2023
1 month Free Rent $56.12 TIA
Bellevue, WA
10900 NE 8th Street
9,129 SF
$58.00 / SF
Irvine, CA
400 Spectrum Center
7,748 SF
$49.20 / SF (annualized)
Seattle, WA
3601 Fremont Avenue
3,600 SF
$32.00 / SF
San Jose, CA
50 West San Fernando Street
13,950 SF
$68.76 / SF
63 months LXD: 11/30/2025
3 months Free Rent
Toronto, ON
$87.57 / SF
298,195,202 SF
18.10%
Market Overview - New York
Back to Map
LOCATION
SUBMARKET STATS
IN DEVELOPMENT
RENT
Market
New York City
Submarket
Midtown
Inventory
Vacancy Rate
10.90%
YTD Net Absorption
738,505 SF
Under Construction
8,574,658 SF
Class A Average Rent
$86.13
(annual gross)
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Space Leased
95,580 SF
Rent
$139 / SF
Lease Term
133 months
Lease Expiration
August 2031
Free Rent
13 months
Tenant Improvement Allowance
$111.00 / SF
1114 Avenue of the Americas New York, NY
• Tale of Two Cities – leasing activity in premium space and locations is strong, versus commodity-type space which is weak with limited signs of near-term rebound • Amenity and outdoor spaces are being created in many buildings and are resulting in improved leasing activity • Increases in work allowance tapered off in Midtown but continued a steady upward pace in Midtown South and Downtown • Year-to-date leasing activity reached 30.1 million square feet through November. Absorption pushed negative for the first month since June • New York City building occupancy rates jumped after Labor Day Weekend. Employees favor Tuesdays and Wednesdays with in-office rates reaching 57.5%
TENANT DEMAND IN NEW YORK
RELEVANT COMPS: NEW YORK
Tenant
Address
Size
Lease Term / LXD
Insight Venture Partners
20,000 SF
120 months
$60 / SF
12 months
Market Stats
TTD Lease
Tenant Demand
Relevant Comps
Back to Top
Top
Years 1-5: $85 / SF Years 6-10: $92 / SF
Arch Insurance
44,510 SF
134 months
$145 / SF
14 months
Years 1-5: $85 / SF Years 6-11: $92 / SF
58,978 SF
118 months
(Years 1-6)
(Years 7-11)
$148 / SF
(Years 1-5)
$118 / SF
(Years 6-10)
$128 / SF
11 months
$99.04 / SF
Brunswick Group, Inc.
60,194 SF
180 months
16 months
Years 1-5: $112 / SF Years 6-10: $120 / SF
Flow Traders
45,914 SF
$100 / SF
Years 1-5: $96 / SF Years 6-10: $104 / SF
3D Building Stack
Market Overview - Seattle
Seattle
Fremont
3,385,589 SF
4%
114,856 SF
0 SF
$50.58
3601 Fremont Avenue Seattle, WA
• Overall vacancy in the Puget Sound market for Q2 2022 was 11.0%, with direct vacancy at 10.2%. • Sublease availability has decreased by 31.0% year-over-year, signaling recovery from pandemic conditions. • Tenant demand has rebounded dramatically, with over 7.9 million square feet of active requirements across Puget Sound in June 2022. • Though hybrid models are certain to remain, “the office” remains vital to product innovation, speed to market, and employee satisfaction. • Employee retention is central to employer RTO motivations and “welcome back” hospitality focused strategies.
TENANT DEMAND IN SEATTLE
RELEVANT COMPS: SEATTLE
Winfield Homes LLC
5001 25th Ave NE
1,700 SF
LXD: 05/01/2027
$14.12 / SF
4 months
$45.00 / SF
TJH Seattle LLC
701 N 34th St
6,799 SF
LXD: 06/01/2024
As-is
2 months
$42.00 / SF
Northwest Research Associates
1100 NE 45th
7,050 SF
LXD: 06/01/2030
$21.25 / SF
7 months
$43.00 / SF
(Signed 10/2018)
Market Overview - Boulder
Boulder
Downtown
8,411,043 SF
14.50%
65,317 SF
162,866 SF
$36.00 / SF
(median)
65 months
12/2026
5 months
$30.00 / SF
1048 Pearl Street BOULDER, CO
• Life Sciences demand is extremely high • Short term, plug & play • Newer buildings in desirable locations • Amenity rich environments including access to outdoor space • Flexible lease terms to accommodate expansion/contraction
TENANT DEMAND IN BOULDER
RELEVANT COMPS: BOULDER
Bryan Cave Leighton Paisner
1800 Broadway
12,765 SF
LXD: October 2025
$10.00 / SF
None
$33.63 / SF
Strem.IO
1215 Spruce St
7,123 SF
LXD: February 2025
$14.00 / SF
$26.25 / SF
*As of 4Q21
Market Overview - Denver
Denver
31,995,529 SF
28.65%
-854,190
1,707,388 SF
$44.72 / SF
$70.00 / SF
1595 Wynkoop Street DENVER, CO
• Short term, plug & play • Newer buildings in desirable locations • Amenity rich environments including access to outdoor space • Flexible lease terms to accomodate expansion/ contraction
TENANT DEMAND IN DENVER
RELEVANT COMPS: DENVER
DynaTrace, Inc.
1900 16th St
52,886 SF
LX: September 2032
$95.00 / SF
Rubin Brown
23,736 SF
LX: January 2033
$102.00 / SF
$37.00 / SF
Little Mendelson
17,157 SF
LX: December 2027
$40.00 / SF
3 months
$38.00 / SF
Pivot Energy
1601 Wewatta St
22,627 SF
LX: 11/30/30
$50.00 / SF
$37.00 / SF NNN Up to $35.00/SF of TIA can be used for purchase of FF&E or rent credit.
Market Overview - San Jose
San Jose
10,272,264 SF
Vacancy
163,416 SF
-132,835 SF
1,500,000 SF
$55.56 / SF
63 months
11/30/25
50 West San Fernando Street SAN JOSE, CA
• Downtown San Jose has been one of the hardest hit markets since the beginning of the pandemic • One of the main reasons for tenants to consider Downtown San Jose was access to public transportation. The demand for public transportation has disappeared • Downtown San Jose is the only market in the Silicon Valley that charges for parking. This is one of the factors contributing to the high vacancy rates • Due to the low number of employees coming into the office in the Downtown San Jose market, many of the restaurants have remained closed for lunch • The outlook on Downtown San Jose is projected to improve in the next 5 years as Google breaks ground on their 7.3 million SF campus
TENANT DEMAND IN SAN JOSE
RELEVANT COMPS: SAN JOSE
Polycom
Riverpark Towers
20,061 SF
55 Months
$4.85 FSG (base) 3% annual increase
Ferrari Ottoboni Caputo & Wunderling LLP
333 Santa Clara St
5,924 SF
$20 / SF
$3.00 FSG (base) 3% annual increase
Judicial Council of California
43,758 SF
84 months
$25.00 / SF
$3.45 FSG (base) 3.5% annual increase
Shutterfly
10 Almaden Blvd
9,740 SF
LX: 8/18/2027
Market Overview - Chicago
Chicago
West Loop
22,110,000 SF
17.5%
414,756 SF
$42.52
Currently finishing a lease amendment.
227 W. Monroe Street CHICAGO, IL
• Tenant demand in the submarket is strong as the West Loop is home to the most premier trophy towers, including two new towers that opened in the last 18 months with access to public transportation and highways. • The West Loop continues to attract tech tenants but is also dealing with a significant amount of sublease space placed on the market by some of these tech tenants such as Motorola, Cars.com and Expedia. • Transactions in the submarket this quarter have been mid-size as office tenants continue to struggle with post-pandemic work policies and space concerns giving up space.
TENANT DEMAND IN CHICAGO
RELEVANT COMPS: CHICAGO
–
1 S Wacker
11,201 SF
$26.00 / SF (base) 2.5% escalation
30 S Wacker
9,052 SF
$110.00 / SF
10 months
$32.00 / SF (base) 2.75% escalation
71 S Wacker
8,559 SF
$31.00 / SF (base) 2.5% escalation
111 S Wacker
14,202 SF
$80.00 / SF
$35 .00 / SF
Market Overview - Toronto
Toronto
Midtown (Bloor St)
23,100,000 SF
11%
Net Absorption - Past 12 Months
289,000 SF
127,000
$45.02
(standard office)
176 Yonge Street TORONTO, ON
• Although net absorption remains negative in this submarket, it has decreased within the last two years of the pandemic • Vacancy is at an all-time high sitting close to 8%, while available sublease space remains around 20% of the overall available SF • Occupiers are adjusting their office footprints to fit their needs with hybrid workmodels • Despite face rates continuing to push upwards, this is more of a tenant-favored market as landlords are offering concessions like free rent to bring down the overall cost of leasing
TENANT DEMAND IN TORONTO
RELEVANT COMPS: TORONTO
Comments
Industrious
33 Bloor St. E
30,000 SF
Nikki Ray Media
2 Charles St. E
9,000 SF
LX 2028
3 months gross (fixturing—2 months net)
Sunnybrook Health Sciences Centre
1929 Bayview Ave.
31,700
Loews Corporation
9 West 57th Street
64,853 RSF
$150 / SF
15 months
Years 1-5: $108 / SF Years 6-10: $116 / SF Years 11-15: $124 / SF
(coworking)
$150 - $175
Market Overview - Los Angeles
Los Angeles
Marina del Rey / Venice
18,884,926 SF
14.60%
44,548 SF
$5.30
$4.15 / SF
12/31/2023
1 month
$56.12 / SF
6100 Center Drive LOS ANGELES, CA
• Sublease space increased to almost 5% of current inventory. • Honey just put their space on the sublease market for 131,000 SF • Tech sector valuations are down, driving additional subleases and increased vacancy • Sublease availability is expected to increase in the next few quarters, however trophy subleases continue to be in demand. • Leasing activity in WLA where TradeDesk is located was down 40% last quarter.
TENANT DEMAND IN LOS ANGELES
RELEVANT COMPS: LOS ANGELES
SpringCoin, Inc.
4551 Glencoe Ave (Class B Space)
3,985 SF
63 months expansion
$5.00 / SF
$5.25 / SF (FS) 3.5% annual escalation
Innovid, LLC
4063 Glencoe Ave (Class B Space)
5,146 SF
26 months expansion
0
$4.49 / SF (FS) 3.5% annual escalation
(monthly)
Consultant Productions, LLC
4505 Glencoe Ave (Class B Space)
2 months renewal
$4.85 / SF (FS) Flat / no escalation
Market Overview - Irvine
Irvine
Irvine Spectrum
12,392,830 SF
13.60%
671,230 SF
633,230 SF
$3.19
• Trade Desk is in talks to expand at the project by approximately 22,000 SF to 29,000 SF
$4.10 / SF
400 Spectrum Center IRVINE, CA
• TradeDesk has possibly finalized their expansion for between 22,000 and 29,000 SF • Asking rates remain flat and generally unchanged since the start of the pandemic • South County continues to lead the overall market as tenants flock towards more quality space • Irvine Spectrum had the strongest quarter with leasing activity from Costar, Sega, Glasir Group and Supernal • Many tech companies in Orange County have announced layoffs and hiring freezes.
TENANT DEMAND IN IRVINE
RELEVANT COMPS: IRVINE
Nissan North America
20 Pacifica
12,287 SF
62 months
$3.45 / SF (NNN)
Katten Muchin Rosenman
100 Spectrum Center Dr
5,795 SF
24 months
$3.30 / SF (NNN)
Procopio, Cory, Hargreaves and Savitch
200 Spectrum Center Dr
7,877 SF
$20.00 / SF
$4.50 / SF (FS) 4% annual escalation
Lease amendment is currently in progress.
Market Overview - Ventura
Ventura
1,966,480 SF
19.00%
121,847 SF
$2.32
$2.50 / SF
42 N. Chestnut Street VENTURA, CA
• Farmer's Insurance put 500,000 SF in the West Valley on the market for sublease, driving sublease availability up • As a tertiary market, Ventura employers are working to bring employees back to the office and vacanct space availability declined slightly • Vacancy has remained relatively flat at 12% • Industrial / Flex assets continue to drive the market activity both for leasing and sales • Landlords continue to offer additional concessions to attract and retain tenants
TENANT DEMAND IN VENTURA
RELEVANT COMPS: VENTURA
Charlotte Stone Shoes
159 N Ventura Ave
7,489 SF
LXD: 07/29/2025
$1.10 / SF (NNN)
HUB International
3585 Maple St
5,750 SF
LXD: 07/31/2027
$1.85 / SF (MG)
1872, LLC
10,213 SF
LXD: 8/31/2026
$7.00 / SF
$0.90 / SF (MG)
Market Overview - San Francisco
San Francisco
South Financial District
27,713,767 SF
13.70%
-485,107 SF
$78.63
$91 FS/GRS
8/31/2027
$75 / SF
425 Market Street SAN FRANCISCO, CA
• Return to office is gradually increasing, but San Francisco continues to lag other urban markets • Leasing velocity is start-stop with many requirements unsure of their future needs. • Trophy space continues to have rent growth and outperform other asset classes, even as the overall market softens • Funding to San Francisco companies remains strong, and recently funded companies continue to grow their real estate footprint • Total Subleasing availability has dropped slightly from its peak in Q421. Sublessors continue to drop rates as their term lengths shorten
TENANT DEMAND IN SAN FRANCISCO
RELEVANT COMPS: SAN FRANCISCO
Iconiq
300 Mission
88,600 SF
LX: 5/1/2022
$96.89 (FSE)
Sigma
116 New Montgomery
82,597 SF
LX: 10/21/2022
$35.24 / SF
(3% bump)
Databricks
160 Spear Street
75,000 SF
LX: 10/31/2022
$81.82 (FS)
Market Overview - Bellevue
Bellevue
CBD
10,718,299 SF
4.60%
653,021 SF
4,628,000 SF
$62.37
10900 NE 8th Street Bellevue, WA
• Bellevue facing mass exodus from Microsoft pushing vacancy to 30% by 2025 • Demand for Bellevue has dampened significantly as Amazon, Google and Meta pull back on requirements and put space on sublease market • Landlords continue to hold rates as they are not yet in a position of pain having successfully leased up during the pandemic • Most new developments are on hold. Few projects will go spec which is a pivot from 12 months ago
TENANT DEMAND IN BELLEVUE
RELEVANT COMPS: BELLEVUE
Calligo
155 108th Ave NE
6,500 SF
LXD: 10/01/2032
$110.15 / SF
6 months
Mark Douglas Kimball, PS
777 108th Ave NE
3,876 SF
LXD: 04/01/2025
$10.50 / SF
Bristlecone Advisors
10900 NE 4th St
7,361 SF
LXD: 07/01/2032
$60.00 / SF
(Signed 10/2021)
Summary
