The Moinian Group secured a 27,500-square-foot, five-year lease renewal with Gardiner & Theobald, an independent construction and property consultancy for the built environment, at 535 & 545 Fifth Ave. in Manhattan’s Midtown East. Gardiner & Theobald will continue utilizing its space to carry out its office operations.

Omar Sozkesen, VP of commercial leasing at The Moinian Group, represented ownership in-house. The tenant was represented by Evan Fiddle, SVP at CBRE.

“The renewal of Gardiner & Theobald’s lease is a testament to the quality of spaces at our properties, and we are pleased the company has chosen to continue its operations at 535 & 545 Fifth Ave.,” said Sozkesen. “Located within one of New York City’s most prominent retail and office corridors, we’re proud of the continued leasing success we’ve had at the property.” 

In addition to the building’s office component, the property’s retail space recently reached 100% occupancy with the signing of Paris-based professional football club Paris Saint-Germain.

Led by Ropes & Gray’s 429,342-square-foot commitment at 1285 Ave. of the Americas, Manhattan office leasing activity totaled 1.82 million square feet in November, 10% ahead of the five-year monthly average of 1.65 million square feet, CBRE reported. This marks the eighth consecutive month of leasing volume surpassing the five-year average. 

Year-to-date leasing activity through Nov. 30 totaled 20.75 million square feet, up 29% from the prior year. Renewals totaled 755,000 square feet in November, bringing the YTD total to 8.31 million square feet.

The availability rate was unchanged from last month at 18.9% but was down 120 basis points year-over-year, according to CBRE. Net absorption was positive 199,000 square feet in November, bringing the YTD total to positive 5.16 million square feet.

At $77.97 per square foot, the average asking rent was essentially flat month-over-month, but gained 1% Y-O-Y. The sublease availability rate declined 10 bps from last month to 4.2%, with the average asking rent remaining flat from one year ago at $57.89 per square foot.