As Companies Clamor For NYC Office Space, 3 Midtown Buildings Deliver The Right Space At The Right Time
The Manhattan office market hit its highest leasing volume in decades in 2019, with nearly 43M SF of new deals. The star-studded list of new leases includes massive offices from Google, Facebook and WarnerMedia.
The demand is continuing in 2020. Companies leased more than 3.5M SF of Manhattan office space in January, especially in Midtown, which saw more than half of the month’s leasing volume.
With demand rising, it would seem fortuitous for a building owner to have quality office space offerings to suit tenants' needs. Three buildings owned by RXR Realty are now offering distinct Class-A space in Midtown to meet this current robust demand: 230 Park Ave., 340 Madison Ave. and 530 Fifth Ave.
The Helmsley Building, or 230 Park Ave., is a Manhattan institution. It was designed by Warren and Wetmore, the same firm behind the design of Grand Central Terminal, to serve as the headquarters for the New York Central Railroad.
Today, 230 Park Ave.'s marble and bronze neoclassical lobby remains, but on the floors above, the building boasts a slate of modern offices available for rent that have undergone extensive renovations and feature state-of-the-art infrastructure and HVAC systems.
For the first time in 20 years, 230 Park Ave.'s entire 31st and 32nd floors will be available for rent at the end of 2020, each of which offers 22K SF and features open, column-free spaces, 14-foot ceilings and the most incredible views of the entire city.
230 Park Ave. is also offering six new, pre-built offices ranging from 6,500 to 13,500 SF. These suites include black, steel-framed glass offices and conference rooms, polished concrete floors in the reception and pantry areas and linear LED pendant lighting throughout.
530 Fifth Ave., located on one of NYC’s most iconic streets and surrounded by some of the best shopping and dining the city has to offer, is a building with a focus on helping tenants get the most out of their time in the office. With this goal in mind, RXR has not only designed new office space, but also a slate of wellness-based amenities to promote a positive work-life balance including fitness classes, yoga classes and wellness workshops.
530 Fifth Ave. will soon have more than 73K SF of contiguous space available on floors 11 through 14, including a recently renovated wraparound terrace on the 12th floor. The customizable floor plates are designed to support an open-office environment and feature lots of natural light.
The building is also home to Convene, a full-service flexible office and event space provider that features Hydra Studios, a collection of wellness spaces where members can participate in 13 classes, shower and recharge throughout the day. 530 Fifth tenants are eligible for a Convene Corporate Access account, offering them access to additional space for their employees, a great option for companies with plans to grow in the next few years.
Steps from Grand Central Terminal, 340 Madison Ave. is an ideal home for companies looking to offer employees luxurious office space paired with an easy commute. The welcoming, newly renovated lobby boasts new elevator cabs, curated artwork, custom furniture, a new exterior canopy and a new building amenity center.
340 Madison Ave. is ready to help ease the demand for spacious Manhattan offices. Its 40,500 SF eighth floor is currently ready for new tenants, and a continuous block of more than 186K SF will be available November 2021 on the building’s 12th through 17th floors. The building’s entire 2nd floor, which spans more than 29K SF and features 13-foot slab heights, will also be available next year.
Companies that are hoping to move into this building sooner can rent one of the bright, spacious pre-built offices on the 6th floor, which range from 4K to 14K SF and will be available this April.
This feature was produced in collaboration between the Bisnow Branded Content Studio and RXR Realty. Bisnow news staff was not involved in the production of this content.