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SMALLER TENANTS’ HOT SPOT

SMALLER TENANTS’ HOT SPOT
Zar VP David Zar, center, and Cushman & Wakefield’s Josh Goldman and Danielle Zimbaro
A unique opportunity has opened up in the heart of Midtown Manhattan—space at 349 Fifth Ave, available for the first time since Zar Property NY purchased the 56k-SF building from JPMorgan for $18.3M two months ago. For details, we met with Zar VP David Zar, center, and Cushman & Wakefield’s Josh Goldman and Danielle Zimbaro, who lease the building with colleague David Berke. The building’s 7k-SF floor plates allow for single, full-floor occupancy on a major avenue—a rarity if you’re a smaller tenant in this market.
349 Fifth Ave
And considering that C&W research discovered that the average size of the 1Q tenant is 6.5k SF, they might get a few knocking on their doors. Right now, 42k SF of office space is available on six floors;Chase Bank has a 20-year, 14k-SF retail lease with options on the mezzanine, ground, and basement. Ownership is fully building out the floors, either with an open or office-intensive layout. It will rent the space as-is, but is prepared to offer work to qualified tenants, they say. The building is also undergoing renovations to its lobby and elevator banks, designed by Sygrove Associates Design Group.
WASHINGTON DC 06.27.2017

THE WASHINGTON DC STATE OF THE MARKET

Matt Bronfman
Jamestown Properties
Anthony Lanier
EastBanc
Herb Miller
Western Development