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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.