Big banks resist lure of new offices in NY

Many opting to renew leases after considering moves to new skyscrapers

[NEW YORK] As Manhattan developers plan millions of square feet of office towers featuring the most modern amenities, some of their biggest potential tenants have decided they're better off staying in their current homes.

Five of the six largest New York leases since the end of 2012 have been renewals, according to data from brokerage Newmark Grubb Knight Frank.

Credit Suisse Group AG, Citigroup Inc and UBS AG - the types of large financial companies that traditionally have made up the core of the city's office market - opted to stay put after considering moves to new skyscrapers.

"Major financial institutions are not expanding dramatically," said Joseph Harbert, eastern region president of Colliers...

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