Park Adjacency Raises Office Rents In NYC, Report Finds

Law360, New York (August 29, 2012, 7:07 PM EDT) -- Office buildings adjacent to any of five major Manhattan parks are attracting tenants willing to pay 44 percent more on average than at similar buildings just a block away, a sign that many landlords' leasing woes may be due at least in part to location, a CBRE Group Inc. report showed Wednesday.

As Battery Park, Bryant Park, the High Line, Hudson River Park and Madison Square Park have undergone significant improvements over the last few years, the value of parkside office space has skyrocketed, with some...
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