(Bloomberg)—Trump Tower, the Manhattan landmark home to the president and his namesake real estate company, has seen commercial occupancy fall to 84% from close to 100% in 2013, according to data compiled by Bloomberg.
While the lease for the largest tenant, Gucci America Inc. with 48,667 square feet, doesn’t expire until 2026, about 90,000 square feet -- or 37% of the skyscraper’s commercial space -- is up for renewal over the next 12 months, the data show.
Trump Tower
Gucci is followed by the Trump Corporation and Marc Fisher Inc. with 35,893 and 33,359 square feet, respectively. The percentage of commercial leases expiring between 1 and 4 years is less than 10%, and the majority expires in more than 4 years.
The building has a net 244,482 rentable square feet. Despite the drop in occupancy, 2018 revenue exceeded expenses by a wide margin.
--With assistance from Kristina D’Alessio Bloomberg global data.
To contact the reporter on this story: Alex Tanzi in Washington at [email protected].
To contact the editors responsible for this story: Alex Tanzi at [email protected]
Chris Middleton
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