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The Downtown office market is in even worse shape than widely reported data indicate, according to several major dealmakers.

One of them, an industry legend not given to doom-and-gloom scenarios, told us that huge amounts of space are quietly up for sublease even at the World Trade Center and Brookfield Place Lower Manhattans best-performing properties.

Most brokerage firms cite FiDi-area availability including space currently vacant or soon to be — at between 20% and 23%, compared with around 16% uptown. But so-called shadow space cited by the market insider could raise the total much higher.

Not every building is in trouble. The districts grim overall data are skewed by two particular enormous properties Paramount Groups transitioning 60 Wall Street, where most of 1.6 million square feet are yet to be leased, and 111 Wall Street, an entirely empty 1 million square-foot address thats now in foreclosure.

But other struggling buildings are also on the downbound train, such as 40 Wall Street. The landmark tower is about 30% empty and its plight will likely worsen as the Trump Organization skyscraper is at risk of seizure by state attorney general Letitia James.

Even more vulnerable are Downtowns large number of pre-war, Class B-minus buildings that few tenants want at any rent and which cant easily convert to residential use.

Yet hope might be on the way. According to VTS, the national real estate technology platform that uses AI to monitor and interpret market office-space tours — look-sees by companies eyeing a move or expansion have recently been higher Downtown than in Midtown or Midtown South.

Lower Manhattan saw 40% more so-called tire-kicking visits in the months of December 2023 through February 2024 than it did between September and November 2023.

A 43% increase in tours month over month easily beat Midtowns 25% and Midtown Souths 11%, according to VTS. Much of the tenant interest Downtown was by companies seeking 50,000 square feet or more.

VTS chief strategy officer Ryan Masiello said, I think generally, companies are starting to realize were at the bottom of the market right now. More companies are exploring to try to take advantage of lower rents, especially downtown, he said.

But one highly accomplished downtown market-watcher was skeptical of VTS findings.

They can only be true if theyre including the smallest users. It definitely is not true of tenants looking for more than 20,000 square feet, the insider said.

Manhattan leasing in all submarkets hit the mute button in the first quarter, according to Savills which cited a dearth of large deals.

The first quarters 6.8 million sf of transactions was 6.6% lower than in the first three months of 2023, Savills said.

Interestingly, three of the largest office deals were renewals and/or expansions by major retailers — including for Michael Kors, Burlington Stores and David Yurman, which tallied a total of nearly a half-million square feet.

At least one major landlord saw some positive news. At SL Greens 485 Lexington Ave., four recent new leases and one renewal totalled 64,303 square feet.

Leasing director Steven Durels said, Our recent success at 485 Lexington confirms that well-located buildings are experiencing increased tenant demand.

In the two largest new leases, RSC Insurance Brokerage took 27,964 square feet on the entire 17th floor and Exponent, Inc., an engineering and scientific consulting firm, took 14,383-square feet on the 22nd floor.

Smaller deals include capital markets company William ONeil & Co. for 4,797 square feet and Graham Holdings Company signed for 3,006 square feet.

In addition, Tegna, Inc., a broadcast, digital media and marketing services company, renewed its 14,078-square-foot lease on the 27th floor.

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UK

Man charged with 11 counts of attempted murder over mass train stabbing and another attack at station hours earlier

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Man charged with 11 counts of attempted murder over mass train stabbing and another attack at station hours earlier

A 32-year-old man has been charged with 10 counts of attempted murder after a mass stabbing on a high-speed train.

Anthony Williams, 32, from Peterborough, was arrested on Saturday evening following an attack on the Doncaster to London King’s Cross LNER service.

He has been charged with 10 counts of attempted murder, one count of actual bodily harm and one count of possession of a bladed article following a knife attack on a train in Cambridgeshire on Saturday, British Transport Police (BTP) said.

BTP said he has also been charged with another count of attempted murder and possession of a bladed article in connection with an incident on a London train in the early hours of 1 November.

Police said a victim suffered facial injuries after being attacked at 12.46am with a knife on a train at Pontoon Dock station on the Docklands Light Railway (DLR) in east London.

In a statement to Sky News, BTP said the suspect had left the location before police arrived and officers subsequently identified Williams as a suspect.

Williams will appear at Peterborough Magistrates on Monday morning, police said.

Armed police were deployed to Huntingdon, Cambridgeshire, where the train was stopped and made the arrest within eight minutes of the first 999 call.

Forensic teams gathering evidence at Huntingdon train station on Sunday, after a mass train stabbing. Pic: PA
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Forensic teams gathering evidence at Huntingdon train station on Sunday, after a mass train stabbing. Pic: PA

Footage of the arrest has emerged, showing a man on the ground surrounded by officers and a barking police dog, with the sound of a Taser being deployed.

Another man, 35, from London, who was also detained, was later released after officers established he was not involved.

On Monday, Transport Secretary Heidi Alexander told Sky News that one man, originally suffering life-threatening injuries, was now in a critical but stable condition in hospital.

She told Mornings with Ridge and Frost programme: “He went in to do his job, and he left work a hero. And there are people who are alive today because of his actions and his bravery.”

On Sunday, British Transport Police (BTP) confirmed he was a member of LNER rail staff who tried to stop the attacker.

“Having viewed the CCTV from the train, the actions of the member of rail staff were nothing short of heroic and undoubtedly saved people’s lives,” said BTP Deputy Chief Constable (DCC) Stuart Cundy.

The train driver, named as Andrew Johnson, has also been hailed as “courageous” for his actions during the stabbings.

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Following the announcement about the charges on Monday, DCC Cundy warned against anyone interfering with their ongoing investigation.

“Our investigation is also looking at other possible linked offences. Following the charges authorised by the Crown Prosecution Service (CPS) I would stress the importance of not saying or publishing anything which might jeopardise or prejudice ongoing criminal proceedings, or the integrity of the investigation.”

Ms Alexander also told Sky News that BTP would be “increasing the visible patrols at stations” over the next few days.

“But generally, our trains are some of the most safest forms of public transport anywhere in the world,” she added.

Armed police officers on patrol at St Pancras International station on Monday morning. Pic: PA
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Armed police officers on patrol at St Pancras International station on Monday morning. Pic: PA

Tracy Easton, chief crown prosecutor for CPS Direct, said: “Our team of out-of-hours prosecutors worked to establish that there is sufficient evidence to bring the case to trial and it is in the public interest to pursue criminal proceedings.

“We worked closely with British Transport Police to review a huge volume of evidence including CCTV. The number of charges will be kept under review as this continues to progress.

“We know the devastating impact the events on Saturday’s train has had and how the incident shocked the entire country. Our thoughts remain with all those affected.”

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Pregnant British teenager held on drugs charges freed from Georgian jail

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Pregnant British teenager held on drugs charges freed from Georgian jail

A pregnant British teenager has been released from jail in Georgia after being held on drug smuggling charges.

Bella May Culley, 19, of Billingham, County Durham, was arrested in May at Tbilisi Airport and accused of attempting to smuggle 12kg of marijuana and 2kg of hashish into the country.

She was found guilty by a Georgian court on Monday and sentenced to five months and 25 days in prison, the total time she had already spent in custody. Her family also paid a 500,000 lari (about £138,000) as part of a plea deal aimed at reducing her sentence.

Culley and her mother, Lyanne Kennedy, both cried as the verdict was read.

Wearing a cream blazer, the teenager looked overwhelmed as she was released from custody on Monday.

Asked how she felt, she said she was “happy” and told reporters she did not expect to be freed.

Bella Culley at an earlier court hearing in May. Pic: RUSTAVI 2/AP
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Bella Culley at an earlier court hearing in May. Pic: RUSTAVI 2/AP

Culley’s mother held her daughter’s hand as she was released.

Georgian prosecutors were considering a two-year sentence, but “decided to consider the time she has already served,” case prosecutor Vakhtang Tsalughelashvili told The Associated Press.

Culley’s lawyer, Malkhaz Salakhaia, said she would be given her passport and would be free to leave the country on Monday.

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Police footage released in May showed Culley in handcuffs as she made an initial court appearance. Pic: AP

The teenager pleaded not guilty to the charges after her arrest, saying she was tortured in Thailand and forced to carry the drugs.

Culley initially pleaded not guilty at a hearing in July to possession and trafficking illegal drugs.

She initially faced a maximum penalty of up to 15 years or life imprisonment, but was in talks with prosecutors about a potential plea bargain.

Bella Culley walks with her mother, Lyanne Kennedy, following her release. Pic: Reuters
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Bella Culley walks with her mother, Lyanne Kennedy, following her release. Pic: Reuters

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In Georgia, a nation of 3.7 million in the South Caucasus, the law allows for financial plea agreements that can be reached to reduce or eliminate a prison sentence in certain cases.

Such plea agreements are often obtained in drug-related cases.

Culley was reported missing in Thailand before her arrest at Tbilisi Airport on May 10.

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Government rules out airport-style security scanners at train stations following stabbing attack

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Government rules out airport-style security scanners at train stations following stabbing attack

The transport secretary has ruled out installing airport-style security scanners in stations, following an alleged stabbing attack on a train on Saturday evening.

Speaking to Mornings with Ridge and Frost on Sky News on Monday, Heidi Alexander said the government did not want to make “life impossible for everyone”.

Chris Philp, the Conservative shadow home secretary, has called for “tough and radical action” to tackle knife crime, including rolling out live facial recognition technology in town centres and train stations.

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The questions around security on public transport comes after 10 people were injured in an alleged mass stabbing attack on a high-speed train on Saturday, and a train staff member – hailed as a hero for confronting the attacker – remains in a critical but stable condition.

A 32-year-old man from Peterborough has been charged with 11 counts of attempted murder following the attack on the Doncaster to London King’s Cross LNER service near Huntingdon, and another at a station on London’s Docklands Light Railway (DLR), early on Saturday morning.

Armed police officers patrolling at St Pancras International station on Monday. Pic: PA
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Armed police officers patrolling at St Pancras International station on Monday. Pic: PA

Asked by Mornings presenter Sophy Ridge if airport-style scanners should be installed at railway stations to ensure public safety on trains, the transport secretary replied: “I don’t think airport-style scanners would be the way to go.

“I understand why you asked the question, and I understand why some of your viewers might be wondering about that.

“We have thousands of railway stations across the UK, and those stations have multiple entrances, multiple platforms. So what we can’t do is make life impossible for everyone.

“But we do need to take sensible and proportionate steps to make the public transport network safe.”

She also said there will be increased “visible” police patrols at train stations for “the next few days” to provide reassurance to the travelling public.

Will extra security be enough to calm the concern?

For commuters at King’s Cross station in London – one of the busiest in the country – it will have been hard not to think of Friday night’s incident in Cambridgeshire.

This morning, I caught the train with passengers heading into the capital, ready for a new week.

Pulling into the concourse, we were immediately met with a handful of police community support officers watching passengers as they spilled off the train.

Home to the Eurostar service, the presence of armed police is a familiar sight at King’s Cross and London St Pancras.

But today additional officers from the Met have been deployed to major stations.

The idea is to reassure passengers they are safe on the train network.

Outside the station, we met grandparents Tracy and Darren from Yorkshire who had travelled down on Saturday morning on the same LNER service that was affected on Friday for a Marti Pellow concert at the O2.

“We were absolutely terrified, we were both really scared,” Tracy told me.

“We got on the same train line that it happened the night before.”

Darren and Tracy are returning to Yorkshire this morning. They are among many who would welcome additional security on the railways.

Darren says: “I’m not going to lie, it makes you worry about like your safety. Are you safe on the trains? No, you’re not.”

Today’s additional police presence is meant to provide reassurance – but will just two days of extra security be enough to calm the concern?

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Man charged over train stabbings

Ms Alexander went on to say that, while she does not want to minimise the “horrific” attack on Saturday, the trains in the UK are “some of the most safest [sic] forms of public transport anywhere in the world”, saying that for every million journeys, there are 27 crimes committed.

She added: “For me, one crime is one crime too many. So we will, after this, review all of our security measures, because that is the right thing to do.”

But Conservative shadow home secretary Chris Philp told Mornings with Ridge and Frost that there needs to be more “surge hotspot policing in high crime areas” to tackle knife crime, and the use of “live facial recognition to identify wanted criminals as they wander round, including as they go to train stations, so they can be arrested”.

“We also need more stop and search as well because stop and search takes knives off the streets,” he added.

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Philp calls for increased use of stop and search

Last week, the government released new data showing that knife homicides have fallen by 18% in a year, while knife crime overall has dropped by 5% – the first reduction in four years.

The Home Office attributed that to the use of hotspot patrols, knife arches that can detect knives in environments like schools, drones, and plain clothes officers, as well as partnerships with campaigners and charities.

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