Midtown Office Tower Tenants "Rushing to Break" Leases

The faltering economy is claiming victims left and right--even those glassy office towers that are perfectly positioned in Midtown. The NY Times details how tenants at 1095 Avenue of the Americas are trying to break their lease or sublease parts of their space. The building underwent a $250 million make-over to get rid of its white marble facade for a green glass one and attract big companies (MetLife, Bank of Scotland) and financial firms to pay $132/square foot. However, now MetLife and two other companies are trying to get rid of over 300,000 square feet, which would now go for $95/square foot. The Times points out that the companies are required to pay their rent if they can't find subletters, "But trouble could emerge if any of the companies tumble into bankruptcy court and stopped paying rent."