Olmstead Properties leases 24,000 s/f at 299 Broadway, reaches 96% occupancy as tenant demand shifts in Tribeca

Manhattan, NY Olmstead Properties has signed 14 leases totaling 24,000 s/f at 299 Broadway during the past six months, bringing the Tribeca office building to 96% leased. The transactions represent one of the building›s most active leasing periods in recent years and underscore a broader shift in tenant demand, with architecture, design, technology, creative, showroom and boutique financial firms increasingly driving leasing activity at the property.

Highlighting that momentum, Gluckman Tang Architects signed a seven-year, 3,400 s/f lease on the building’s 17^th floor, where Olmstead is constructing a custom-designed office tailored to the firm’s specific design requirements. Gluckman Tang Architects was represented by Nick Farmakis and Gianni Esposito of Savills. Ownership was represented by Jonathan Bock and Steven Marvin of Olmstead Properties.

While Gluckman Tang’s office is being custom built, the lease reflects broader demand from architecture, design, technology, financial and creative firms seeking distinctive office space in Tribeca. In response, Olmstead is launching a new office initiative featuring redesigned common corridors, elevated finishes and a collection of premium office suites designed to appeal to the next generation of Tribeca office tenants.

For decades, 299 Broadway’s proximity to City Hall made it a destination for law firms and professional services companies. Today, the building is attracting a markedly different tenant profile, reflecting the continued evolution of Tribeca’s office market.

“299 Broadway is a reflection of how the Lower Manhattan office market is evolving,” said Bock. “Five years ago, much of the demand came from legal and professional services firms. Today, architects, designers, technology companies, creative firms and boutique financial companies are driving leasing activity. They want offices that reflect their brand while offering the character and authenticity of neighborhoods like Tribeca. Our investment in premium office environments is a direct response to that shift.”

As part of the initiative, Olmstead is transforming larger floor plates into premium office suites ranging from 2,600 to 6,500 s/f, complemented by redesigned common corridors and upgraded finishes.

Additional speculative suites totaling 2,600 and 6,500 s/f are under construction on the 17^th floor, which offers sweeping views of Tribeca, the Hudson River, One World Trade Center, Midtown Manhattan and the Empire State Building. The initiative will also extend to the building’s 16,000 s/f fifth floor, where a traditional full-floor office will be transformed into four to five premium office suites ranging from approximately 1,000 to 6,000 s/f.

Rather than waiting for tenants to undertake lengthy build-outs, Olmstead is delivering highly designed office environments that align with today’s leasing patterns, allowing companies to occupy high-quality space with less time and upfront capital.

“We’ve focused on creating premium office environments tailored to today’s midsize tenants,” said Marvin. “As Tribeca has evolved into one of Manhattan’s premier residential neighborhoods, we saw an opportunity to create office space that reflects the same quality, design and experience people have come to expect from the neighborhood. By combining efficient layouts, elevated design and upgraded common areas, we’re creating exactly the type of workplace today’s market is demanding. The leasing momentum we’ve experienced over the past six months reinforces that strategy.”

Located at the corner of Broadway and Thomas St., 299 Broadway offers access to Tribeca, City Hall, SoHo and subway lines, making it one of Lower Manhattan’s most connected office destinations.