Subleasing a Plaza District Office

Subleasing a Plaza District Office

The re-imagined 660 Fifth Avenue. 39 floors, 1,250,000 SF. Delivering 2022.

Subleasing a Plaza District Office in 2022 is comparatively less expensive than prior years due to a substantial inventory of spaces left vacant due to Covid-19.  CoStar, the world leader in commercial real estate information, reports the following statistics about the Plaza District office submarket:

 

 

 

 

 

 

 

 

 

Benefits of Subleasing an Office

1. Subleases are typically rented in a pre-built condition which can reduce the waiting time to move-in.
2. Some subleases include furniture, an IT network and phones. That’s a substantial time and cost savings.
3. The length of a sublease term may vary widely from as short as a few months (called “swing space”) to ten- years.
4. Because the transaction expenses associated with a sublease are usually less than a direct lease, the Security Deposit requirements may be reduced.

For a more information about subleases link to these Cogent Realty blogs: Sublease Risks and Rewards.

 

Sample Office Subleases in the Plaza District

Subleases of all sizes are available in locations throughout Manhattan, Brooklyn and Queens. Call Cogent Realty for information: (212) 509-4049.

 

 

777 Third Avenue

Parking garage in building.

3,992 SF. Lease expiration 11/24. Asking $65.

 

 

 

 

 

 

 

 

 

 

 

 

560 Lexington Avenue 

Photo courtesy of Costar.

5,741 SF. Lease term 3 years. Asking $70.

 

 

 

 

 

 

 

 

 

 

 

 

515 Madison Avenue 

Photo courtesy of Costar.

4,641 SF. Lease expiration 11/2025. Asking $60.

 

 

 

 

 

 

 

 

 

 

510 Madison Avenue

Elite building. Published rent $125 SF.

4,597 SF. Lease expiration 7/2024. Asking $90.

 

 

 

 

 

 

 

 

 

 

 

 

 

One Rockefeller Plaza 

Rockefeller Center Information Link

4,044 SF. Lease expiration 6/2023. Asking $65.

4,305 SF. Lease expiration 11/2024. Asking $75.

 

 

 

 

 

 

 

 

 

 

 

 

 

Useful Links

Restaurants near the Plaza Hotel

 

 

 

 

 

 

About Cogent Realty Advisors, Inc.

Cogent Realty Advisors is an independent and licensed no fee Realtor with 20 years of experience representing businesses that lease NYC office space. We offer leasing solutions for office Tenants seeking stability and value in uncertain times. For information phone Mitchell Waldman at (212) 509-4049.

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