Top 10 Office Deals & Market Movements — Week of 2026-07-13
Week of 2026-07-13 · Published July 13, 2026
Market Context
The national office sector for the week of July 13, 2026, is characterized by a stark divergence between record-setting trophy leasing and high-velocity distressed sales. While premium assets in Manhattan are commanding historic rents, aging Class B and C assets across major metros like Denver, Chicago, and D.C. are trading at unprecedented discounts to facilitate residential and alternative-use conversions.
Rankings
Simpson Thacher & Bartlett at 570 Fifth Avenue, Manhattan
916,000 SF · 25-year term · 25 floors
In the largest Manhattan office lease signed so far in 2026, the law firm finalized a 916,000-square-foot anchor agreement at Extell Development's new 1.1 million-square-foot tower.
Bank of America Plaza, Los Angeles
$210M · 1.4M SF · Largest LA multi-tenant deal since 2023
Capital Group acquired the 1.4 million-square-foot trophy tower via receivership for $210 million to consolidate its regional workforce of 2,100 employees.
80 Broad Street Recapitalization, Manhattan
$175M loan · 326 rental units · 430,000 SF conversion
Broad Street Development secured $250 million in total recapitalization, including a $175 million construction loan, to convert this Financial District tower into residential units.
One and Two Columbia Place, San Diego
$103.5M · 50%+ discount · 35.8% market vacancy
Ganmi Corp acquired these downtown towers at a price representing a massive 50% discount from the 2021 valuation, highlighting extreme distress in the local CBD.
1 Whitehall Street, Manhattan
$100M+ · Foreclosure sale · 2026 YTD volume benchmark
Metro Loft and Quantum Pacific Group entered a contract to acquire this office building following foreclosure, targeting a residential conversion as NYC conversion volume surges.
Manhattan Leasing Surge (May/June Volume)
4.24M SF total signings · 17.3% monthly surge
Driven by mega-leases like Simpson Thacher, Manhattan saw its strongest monthly leasing volume in years, signaling a concentrated flight-to-quality by top-tier tenants.
Nscale Lease at One Vanderbilt, Manhattan
$320 per SF · 7,204 SF · Record NYC Rent
An AI infrastructure firm set a new all-time high for New York City office rents, underscoring the extreme scarcity of premium trophy space.
301 7th Street SW, Washington D.C.
$24M · $25 per SF · Government-to-Residential conversion
A former GSA office building was sold for a nominal $25 per square foot to be fully gut-renovated into a new multifamily complex.
Energy Center, Denver
$5.3M · 97% valuation drop · Value-play residential conversion
In one of the most drastic valuation resets to date, the Energy Center sold for just $5.3 million following foreclosure, down from a $176 million valuation in 2013.
401 South State Street, Chicago
$4M · $68.1M former valuation · 485,000 SF conversion
This Loop landmark sold for a fraction of its former value to be transformed into an urban farming and food innovation hub, representing the new 'adaptive reuse' floor for office values.
Side-by-Side Comparison
| Rank | Deal / Asset | Price / SF | Deal Type | Source | Source |
|---|---|---|---|---|---|
| 1 | Simpson Thacher & Bartlett at 570 Fifth Avenue, Manhattan | 916,000 SF · 25-year term · 25 floors | In the largest Manhattan office lease signed so far in 2026, the law firm finalized a 916,000-square-foot anchor agreement at Extell Development's new 1.1 million-square-foot tower. | - | GlobeSt |
| 2 | Bank of America Plaza, Los Angeles | $210M · 1.4M SF · Largest LA multi-tenant deal since 2023 | Capital Group acquired the 1.4 million-square-foot trophy tower via receivership for $210 million to consolidate its regional workforce of 2,100 employees. | - | GlobeSt |
| 3 | 80 Broad Street Recapitalization, Manhattan | $175M loan · 326 rental units · 430,000 SF conversion | Broad Street Development secured $250 million in total recapitalization, including a $175 million construction loan, to convert this Financial District tower into residential units. | - | GlobeSt |
| 4 | One and Two Columbia Place, San Diego | $103.5M · 50%+ discount · 35.8% market vacancy | Ganmi Corp acquired these downtown towers at a price representing a massive 50% discount from the 2021 valuation, highlighting extreme distress in the local CBD. | - | Voit Real Estate Services |
| 5 | 1 Whitehall Street, Manhattan | $100M+ · Foreclosure sale · 2026 YTD volume benchmark | Metro Loft and Quantum Pacific Group entered a contract to acquire this office building following foreclosure, targeting a residential conversion as NYC conversion volume surges. | - | The Real Deal |
| 6 | Manhattan Leasing Surge (May/June Volume) | 4.24M SF total signings · 17.3% monthly surge | Driven by mega-leases like Simpson Thacher, Manhattan saw its strongest monthly leasing volume in years, signaling a concentrated flight-to-quality by top-tier tenants. | - | CoStar News |
| 7 | Nscale Lease at One Vanderbilt, Manhattan | $320 per SF · 7,204 SF · Record NYC Rent | An AI infrastructure firm set a new all-time high for New York City office rents, underscoring the extreme scarcity of premium trophy space. | - | CoStar News |
| 8 | 301 7th Street SW, Washington D.C. | $24M · $25 per SF · Government-to-Residential conversion | A former GSA office building was sold for a nominal $25 per square foot to be fully gut-renovated into a new multifamily complex. | - | The Real Deal |
| 9 | Energy Center, Denver | $5.3M · 97% valuation drop · Value-play residential conversion | In one of the most drastic valuation resets to date, the Energy Center sold for just $5.3 million following foreclosure, down from a $176 million valuation in 2013. | - | CRE Daily |
| 10 | 401 South State Street, Chicago | $4M · $68.1M former valuation · 485,000 SF conversion | This Loop landmark sold for a fraction of its former value to be transformed into an urban farming and food innovation hub, representing the new 'adaptive reuse' floor for office values. | - | CRE Daily |
Rankings are built using live web research and publicly available data. Sources are cited inline. This content is for informational purposes only and does not constitute investment advice. View all rankings →