The summer of 2008 was the time of $120-per-square-foot deals for Manhattan "trophy" office building rents -- a subset of the larger Class A marketplace:

Midtown towers like One Bryant Park and the GM Building—average asking rents reached the sky high price of $122.93 a square foot.   Since that time, things have cooled down a bit and are down to $104.14 a square foot.

We must point out that this is just the average, which means that certain floor and certain views are still getting much more.  Take, for example the 37th floor of One Bryant Park.  There, the asking rents topped out at $191 a square foot,

Fast forward to June 2009: Jones Lang LaSalle is about to release their in depth report that shows that midtown trophies are down 24%  since the Spring of 2008 and the average rents for these midtown towers could descend to the low $70s per foot by 2010.