Manhattan Office Trophies Lose Luster: Midtown Rents Off 24 Percent, Worse To Come

Summer, 2008. Cut to gauzy image of real estate brokers toasting a $120-per-square-foot deal over martinis at the Four Seasons. Yes, things like that happened. On June 17, 2008, The Observer reported the following, based upon Jones Lang LaSalle’s biannual Skyline Review of rents in upper-crust "trophy" office buildings -- a subset of the larger Class A marketplace:

In these so-called trophy buildings—midtown towers like One Bryant Park and the GM Building—average asking...

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