Operator: Our next question or comment comes from the line of Tom Catherwood from BTIG.
Unidentified Analyst: Maybe just sticking with leasing for a bit. Steve, you mentioned the broker reports and pickup in December. But the broker reports also noted what seemed to be a reacceleration in tenant concessions. But I know that can be swayed by a handful of leases, especially when overall volume is down. So what are you seeing on the ground as far as concession trends? And how are those trends impacting your portfolio specifically?
Steven Durels: You know what, I don’t really see it. I mean, it’s — I think it’s been fairly stable throughout all of last year. I think it depends on the — where the leases are being signed, there’s no doubt about it when you have 2/3 of the leasing activity being done in the Class A market. So it’s the highest part of the rent spectrum, and therefore, you would expect it also has the greatest amount of concessions to support those high rents. Then it starts to skew the statistics because when you get so many triple-digit rents, you expect a bigger concession package vis-a-vis deals in the $60 rents. If you took the 340,000 square feet that we signed in the first several weeks of January, weighted average, we had $43 a foot in TI and 5 months of free rent.
Now granted some of those are renewals that are 5-year deals, and a combination of that with some other deals that are 10 or 15-year deals. But I think that number would have been pretty much in line with the kind of concessions that we would have reported all of last year. So I don’t — I really don’t sense that there’s a movement that’s negative.
Unidentified Analyst: Appreciate that color. And then maybe Steve or Mark, I can’t remember who touched on this last quarter, but for 245 Park, you had over — just over 1 million square feet of leases that expired in 4Q. But as you mentioned in 3Q, the majority of those had sublet tenants already in place. So it looks like the actual roll down was just a hair over 130,000 square feet for the quarter. Are those tenants that stayed, are they all now direct with you? And if so, what is the magnitude of the rent and expense reset going forward?
Steven Durels: Well, I don’t know, there’s a couple of different moving parts there. I think what we had probably referred to is we had the — a pretty large lease with Major League Baseball that was where they had moved out of the building several years ago, relocated over the Sixth Avenue. And then they had backfilled or we had backfilled a majority of that 6 4s for 7 4s whatever they had, with some short term — some were long term, but most of them were short-term direct deals. So those leases will burn off in the next year or — and then with regards to your — the rent reset, I don’t know, maybe you can wait, Matt, I don’t…
Unidentified Analyst: No. I mean Steve made the point on the rents. The rents that were that we took on the shorter duration deals, they’re not really market rents. So we’ll be resetting those rents to market as we retenant the space. So kind of temporary tenants, so to speak.
Steven Durels: But I will use this an opportunity just to sort of reinforce what Mark said earlier. We’re out there in a big way now with a very well-established development plan and a very strong marketing presentation for the building. And that is already paying dividends as we are already receiving proposals that we think have a very credible chance of converting over to leases of significant size.
Unidentified Analyst: You talk about how much space is going to be marketed and what that rental range is.
