Tower 45 Office Rental Guide for Shrewd NYC Firms

Tower 45 Office Rental Guide

Tower 45 at 120 West 45th Street, is a contemporary office tower occupied by boutique financial, technology and law firms. It is located between Sixth Avenue and Broadway. 

Tower 45 is an excellent choice for shrewd small- to midsize- firms seeking to reduce their rent overhead by 15- 25% compared to comparable Class A buildings on Sixth Avenue. 

 

 

Exterior

Entrance

Atrium

 

Office Building & Design

Tower 45 was constructed in 1988 and renovated in 2011. Full floors measure from 9,304 to 13,969 RSF, are nearly column free and easily dividable. With four exposures there is a high window to floor area ratio. Both office intensive and open landscape designs are bright, attractive and efficient. Higher floors have excellent light and panoramic views that include Central and Bryant Parks, Lower Manhattan and NY Harbor.

 Tower 45 offers both turn-key fully constructed office suites that are ready for immediate occupancy and raw spaces that it will build-to-suit for financially qualified Tenants. When an office is custom-built a 7- 10 year lease term is required.  Sample offices are shown below:

Pre-built 2,515 RSF	Pre-built 3,382 RSF
Pre-built 3,630 RSF	Pre-built 4,750 RSF
Build to Suit 13,198 RSF	Elegant Finishes

Office Pricing at Tower 45 

For 2018/19 the asking rent for offices range from $68.00 to $78.00 per rentable square foot (PSF) depending on the location in the building. Cogent Realty has a track record negotiating lower rents and other leasing incentives like free rent for its clients. Call us for details, 212-509-4049.

Your Corporate HQ at Tower 45

 Class A office tower, constructed in 1988. 

Entrance located in a 175 foot tall atrium.

  24-hour, 7- day access. Uniformed lobby concierge.

  458,446 SF total building area. Concrete and steel construction. 40 stories tall and rising 451 feet.

9 passenger and one freight elevator.

 Floors range from 9,304 to 13,969 RSF.

 12 foot slab-to-slab ceiling heights. 

Efficient central heating and air conditioning with low-cost overtime charges.

AtmosAir air purifying technology.

 Telecom providers include CenturyLink, Cogent, Level 3, Pilot Fiber and Verizon.

 New York, NY 10036.

 

Great Location for Transportation and Meetings

Tower 45 at 120 West 45th Street is a short walk from Grand Central Station, Bryant Park, Rockefeller Center and Port Authority Terminal. The nearby Times Square subway station offers connections to the A, C, E, N, Q, R, S, 1, 2, 3 and 7 trains.

Two Great Amenities at Tower 45 

About Cogent Realty Advisors

Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 15 years of experience representing businesses that lease NYC office space. Our goal is to help you find the right office at the right price. For information, phone Mitchell Waldman at (212) 509-4049.

#Tower45

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29 Broadway Office Rental Guide 

29 Broadway Office Rental Guide examines commercial office space at a sometimes overlooked Art Deco gem at the corner of Morris Street in the Financial District of Lower Manhattan.

 

 

The location of 29 Broadway is just a few steps from the famous   “Charging Bull” sculpture by Arturo Di Modica.

 

 

Historical Context of 29 Broadway

Photos courtesy of Costar

29 Broadway was designed by Sloan & Roberts, the architects for the 29 Broadway was designed by Sloan & Roberts, the architects for the well- known Graybar (420 Lexington Ave.), Chanin (122 East 42nd St.) and Pershing Square (125 Park Ave,) Buildings. It is slender and soaring with a remarkable sculpted entrance and marble clad lobby.

 

 

 

 

Office Building and Design

Although 29 Broadway was constructed in 1931 the building’s infrastructure his been completely modernized for today’s connected businesses. Internet and telecom providers include  Stealth Communications, Cogent, Lightower,  Spectrum Business and XO. 

 

 

 

Full floors in the base of the building are approximately 14,000 square feet, in the mid-rise 9,300 and taper to 5,000 at the top. A narrow “footprint” yields a high window-to-floor area ratio. As a result, bright and efficient work spaces can be built for both office intensive law firms and open landscape TAMI users.

 

29 Broadway provides both turn-key fully constructed office suites  that are ready for immediate occupancy and vacant spaces that it will build-to-suit for financially qualified Tenants. When an office is custom-built a 7- 10 year lease term is required.  Pictures of recently constructed offices are shown below:

	Actual floor plan for our law firm client Garson & Jakub, LLP

In 2019 the asking rent for offices range from $45.00 to $50.00 per rentable square foot (PSF) depending on the location in the building. Cogent Realty has a track record negotiating lower rents and other leasing incentives like free rent for its clients. Call us for details: 212-509-4049.

 

Your Corporate HQ at 29 Broadway

 Class A office tower, constructed in 1931. 

 24-hour, 7- day access. Uniformed lobby concierge.

  300,954 SF total building area. Concrete and steel construction. 31 stories tall and rising 344 feet.

9 passenger and one freight elevator.

 11 foot ceiling heights.

Central heating and Tenant controlled air conditioning.

Cleaning is included in the rent.

Owner occupied and managed.

 New York, NY 10006.

 

About Cogent Realty Advisors

Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 15 years of experience representing businesses that lease NYC office space. Our goal is to help you find the right office at the right price. For information, phone Mitchell Waldman at (212) 509-4049.

#29Broadway 

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NYC Office Market Report, Third Quarter 2018

NYC OFFICE MARKET REPORT, THIRD QUARTER 2018

NYC Office Market Report, Third Quarter 2018 was compiled using data provided by Costar, the Commercial Real Estate Information Company. This report is written for business owners that need accurate information about the local office market. 

 

In the third quarter of 2018 the average quoted rent in the NYC office market across all building classes (A, B & C quality) was $61.52 per square foot. This is a $1.19 PSF increase compared to $60.33 in the second quarter. The vacancy rate in the third quarter was 7.7%, a reduction from the prior quarter’s 8.0%.  Additional market data is found below.

NYC Office Market Rents and Vacancy by Neighborhood

Third quarter 2018 average quoted office rents and vacancy by neighborhood is found in the table below.

NOTE: (a) The tables above list the average quoted asking rent reported to Costar. Some office buildings do not publish this information. (b) After lease negotiation the actual contract rent is usually lower.

 

5 Largest NYC Office Leases Signed in Q3 2018

Bessemer Trust Company N.A.: 239,000 RSF at 1271 Avenue of the Americas in Columbus Circle. 

WeWork: 216,858 RSF at 21 Penn Plaza in the Penn Plaza/Fashion district. 

Evercore Partners: 154,828 RSF at Park Avenue Plaza (55 East 52nd Street) in the Plaza district.  

 116,055 RSF at 530 Fifth Avenue in Times Square. 

 

Spaces: 109,364 RSF at Chrysler Building (405 Lexington Avenue) in Grand Central.

3 of the Top 5 Leases were signed by shared work space providers. It is estimated that this industry now occupies 3.5% of the total office space in New York City.

 

TOP 5 NYC OFFICE CONSTRUCTION PROJECTS

There was 3,051,211 square feet of office space being constructed during the second quarter of 2018. 

55 Hudson Yards

55 Hudson Yards (550 West 34th St.): 1,556,136 RSF. Delivery Q4 2018. 88% pre-leased. Developer- The Related Companies. 

One Manhattan West (400 West 33rd St.): 2,216,609 RSF. Delivery Q1 2019.  86% pre-leased. Developer- Brookfield Office Properties. 

30 Hudson Yards (500 West 33rd St.):  2,600,000 RSF. Delivery Q3 2019. 100% pre-leased. Developer- Oxford Properties Group. 

One Vanderbilt Avenue: 1,732,955 RSF. Delivery Q3 2020. 100% pre-leased. Developer- SL Green Realty Corp., Inc. For a construction tour link HERE. 

Two Manhattan West (385 Ninth Ave.): 1,950,140 RSF. Delivery Q1 2023. 0% pre-leased. Developer- Brookfield Office Properties. 

 

IDEAS FOR REDUCING NYC OFFICE EXPENSE

(1) Space Reduction and Redesign:  Businesses can reduce the size of their offices by modifying the design and reducing the area occupied by each employee. Use our office space calculator to estimate your essential requirement.

(2) Flex Work, Business Centers and Telecommuting: Flexible work schedules may allow two or more employees to utilize a specific work area. Some companies use hourly or daily rentals at off-site business centers for part-time staff and conferences. Where practical utilize telecommuting.

(3) Relocate for Savings: Consider moving from a high rent building to a more economical location. During the current real estate cycle many affordable Class B buildings have been substantially upgraded and provide new infrastructure and  modern work spaces.

ABOUT COGENT REALTY ADVISORS 

Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 15 years of experience representing businesses that lease NYC office space. Our goal is to help you find the right office at the right price. For information, phone Mitchell Waldman at (212) 509-4049.

#NYCOfficeQ32018

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