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THE AVERAGE asking rent for a trophy building in midtown Manhattan has reached $104 a square foot, according to a market report issued last week by brokerage firm Jones Lang LaSalle. The survey, based on leasing activity during the first four months of2007 at the 58 most exclusive commercial towers in midtown and downtown, concluded that there is no end in sight for sky-high rents.
Last fall, Jones Lang LaSalle reported midtown trophy rents at $93 a square foot.
"Historically, Manhattan has never seen rents like this," says James Delmonte, research director at Jones Lang LaSalle and the report's author. "Over the next year or two, little new supply...