Richard Plehn - Commercial Real Estate Advisor

06/16/2026

➡What's moving the NYC commercial real estate market this week?
From major office leases to emerging trends impacting landlords and tenants, I cover some of the top CRE stories making headlines.
🌐To subscribe please visit: www.richardplehn.com
Our weekly newsletter brings the latest on leasing news, and insights from across New York City.

06/12/2026

A sign of how much the New York office market has changed.

In this video, I share my thoughts on the sale of 10 East 53rd Street in Midtown Manhattan. Just a couple of years ago, I believe this building would have traded for around $400 per square foot. Instead, it just sold for approximately $800 per square foot — a remarkable shift that speaks to renewed investor confidence and the growing demand for high-quality office assets in prime locations.

Read the article here: https://therealdeal.com/new-york/2026/06/01/sl-green-selling-10-east-53rd-street-to-meadow-partners/

06/04/2026

📍 World Trade Center: A quick stop at the Oculus between meetings.
No matter how many times I pass through, the scale, light, and design are always impressive.

The Oculus has become much more than a transportation hub. Beyond connecting hundreds of thousands of commuters and visitors each week, it serves as a gathering place for events, exhibitions, performances, and public activations that bring energy to Lower Manhattan.

It's a reminder that great real estate and urban design don't just move people—they create destinations and experiences.

🌐Visit www.richardplehn.com for more images and info

06/04/2026

🏢 CRE News | Strong Ownership Still Wins

While 345 Park Avenue may sit just below Manhattan's newest generation of trophy office towers, its latest leasing success is another reminder that quality ownership and proactive asset management continue to drive results.

The recent lease with Centerbridge Partners reinforces the building's enduring appeal in a market increasingly defined by the flight to quality. As tenants evaluate their workplace strategies, well-located, institutionally owned assets with strong capital backing remain highly competitive—even against newer developments.

In a city focused on shiny new towers, 345 Park Avenue shows that premier ownership, strategic reinvestment, and operational excellence still matter.
Read full story:

Rudin is in the process of bringing 45,000 square feet of new amenities to the property.

06/01/2026

🤔Need a 2–3 year office lease in Manhattan? It's becoming harder than you might think.

While recently searching space for a client, we found very few landlords willing to commit to terms under 5 years—a sign that the market is shifting.
Midtown's average lease term has increased from 86 months to 93 months year-over-year.

Visit my website for the latest Q1 2026 Manhattan Office Market Report, to understand why this is happening: www.richardplehn.com

05/29/2026

🏢Proud to have collaborated on this exciting new office lease at The Westory in Washington, D.C. Congratulations to Liu Shur Kravis LLP on the launch of their new firm and best wishes for continued success in this next chapter.
Thank you Lee & Associates Chesapeake Region, Kristin Rebeck and Mia Eglinton.
💪A great example of how strong partnerships and cross-market collaboration continue to drive opportunities in today’s office market. Thank you to everyone involved in helping bring this deal together.

Richard Plehn I Lisa Ann Pollakowski I Cory Gahr I Lee & Associates NYC

05/28/2026

🏢Highlight CRE news: Law firms continue to be one of the strongest drivers of Manhattan office leasing activity.

According to a new report highlighted by The Real Deal, firms including Willkie Farr & Gallagher and Kirkland & Ellis recently expanded their NYC footprints by more than 50,000 SF each — another sign that top-tier tenants are still committing to quality office space in Manhattan.

The legal sector remains one of the most active and stable tenant categories in today’s office market, particularly in Midtown and Midtown East.

➡Read the full story on https://therealdeal.com/new-york/2026/05/21/law-firms-keep-manhattans-office-market-humming/

Willkie Farr and Kirkland & Ellis each expanded by more than 50,000 square feet at their Midtown locations.

05/26/2026

🧐CRE News This Week: Another sign that tech demand continues to support Manhattan office leasing.
Marketing intelligence platform Profound signed a 30,000 SF lease across two full floors at GFP Real Estate’s 5-9 Union Square West, with asking rents reported at $75 per square foot. The fast-growing company is expanding from its existing Union Square presence, as the area continues to attract innovative firms looking for a vibrant environment and strong transit connectivity.

🌐Read the full story on

Profound has leased two full floors of GFP Real Estate's eight-story building at 5-9 Union Square West.

05/26/2026

👔Would you pay $84/SF in Midtown when Downtown office space is averaging closer to $50/SF?

🧐As the rent gap widens, I expect more tenants to take a serious look at Downtown in the coming quarters.
Here I break down what I'm seeing in the Manhattan office market and why this trend matters.

✅Read the full Q1 2026 Market Report on my website:
www.richardplehn.com

05/22/2026

🏢 Downtown Manhattan entered 2026 with improving leasing momentum as tenants continued prioritizing value, upgraded infrastructure, and flexible floor opportunities.
The market continues to show:
• Competitive effective rents
• Active relocation discussions
• Growing appeal for creative and financial tenants
• Increased attention around repositioned assets
📈 Our "Q1 2026 Market Report" breaks down the key leasing, pricing, and availability trends shaping Downtown Manhattan, read in full on my website:
https://richardplehn.com/market-report-downtown-commercial-office-q1-2026/