As office developments have helped drive Manhattan leasing in the so-called flight-to-quality trend, a longtime Tishman Speyer executive has joined Newmark to lead its high-profile business aimed at filling new towers with tenants.
Greg Conen, a 25-year-plus veteran at Tishman, joined Newmark as a vice chairman and will work closely with Executive Vice Chairmen Howard Hersch and Steven Rotter, and Vice Chairman Scott Klau, Newmark said Monday in a statement.
At Tishman, Conen, most recently managing director of leasing, led the “successful development and leasing” of the 66-story Spiral, a 2.8 million-square-foot office building, Newmark said. The trophy tower, with a cascading series of terraces its signature design feature, counts among a who’s who list of tenants including Pfizer and HSBC. Conen also oversaw leasing for Morgan North, the 630,000-square-foot office and mixed-use redevelopment of a former post office in West Chelsea, Newmark said.
“We are determined to be in every conversation as a go-to provider in New York City, a leading commercial real estate market and home to our headquarters,” Newmark Chief Executive Barry Gosin said, adding Conen’s
“relevant experience and expertise helps us to offer what we believe will be an evolutionary capability within the industry.”
Conen’s appointment comes as employers seek top-tier office space to attract talent. A recent Newmark study found trophy offices in Manhattan to be “among the most in-demand property types” that can command a 25% to 40% premium over Class A space especially as the availability rate for this property type averaged just 6.7% in the fourth quarter in established markets such as Manhattan. In contrast, the office availability rate in New York averages about 15%, according to CoStar data.
Major brokerages watching the market recently also reported favorable first-quarter data in Manhattan for these types of properties, usually located near transit hubs and which tend to have modern updates and appealing amenities. Analysts pointed to a tightened supply, with some tenants having signed for rents above $200 per square foot.
“I spent over 25 years at Tishman Speyer straight out of school, immersed entirely on the ownership side, leading a range of high-profile and complex projects,” Conen said.