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EY Opens New US Headquarters at One Manhattan West

More than 3.5 years after committing to a lease, Ernst & Young LLP began employee occupancy at One Manhattan West today, on Monday July 19, 2021. The initial lease commitment was made in October 2017 for ~600k RSF across 17 floors, but was then increased by ~71k RSF in December 2017, for a total nearing 675k RSF.


According to EY, the space will accommodate over 12,000 employees - making the density ratio theoretically ~56 RSF per employee. Of course, the "as built" density ratio (desks - not employees - per SF) is certainly much more generous, with a very high hoteling ratio.


EY reportedly received up to $12 million in tax credits through NY State's Excelsior Jobs Program, based on a commitment to create over 1,000 net new jobs at the location.


The current tenant stack for One Manhattan West is:

  • Floors 6-22, 48: Ernst & Young (EY)

  • Floors 23-27: National Hockey League (NHL)

  • Floors 28-46: Skadden Arps [relocated from 4 Times Sq; announced 2014; moved 2019]

  • Floors 50-51: McCool Smith

  • Floor 56: Pharo Management

  • Floors 59-67: Accenture

EY is relocating from 5 Times Square, where it occupied more than 90% of the building which was built in 2002. Building owner RXR is reportedly planning to spend more than $50 million on upgrades to lure new tenants.


PROFESSIONAL TEAM


Tenant Rep: Newmark Knight Frank (Neil Goldmacher, Moshe Sukenik)

Landlord Rep: Cushman & Wakefield (Bruce Mosler, Josh Kuriloff, Rob Lowe, Ethan Silverstein, Matthias Li)


SEE ALSO

  1. Ernst & Young Establishes HQ at One Manhattan West. Betsy Kim; GlobeSt.com; Nov 2 2017.

  2. EY Takes 600 KSF at One Manhattan West. Barbra Murray; Commercial Property Executive; Nov 6 2017.

  3. EY Signs for Extra Space in One Manhattan West. Steve Cuozzo; New York Post; Jan 2 2018.

  4. EY US opens US headquarters at One Manhattan West. EY Press Release; Jul 19 2021.


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