12 Penn Plaza Office Space for Lease, Newly Constructed Commercial Building

12 Penn Plaza Office Space for Lease, Newly Constructed Commercial Building 

12 Penn Plaza, is a newly constructed commercial office building (completed Fall 2019) with space for lease. Key features include:

•  Ultra-accessible location across from Penn Station

• State-of-the-art building and mechanical systems 

• Private single Tenant floors measuring 4,653 rentable square feet

• Professional ownership and management

• Many nearby restaurants, hotels and services

 

 

 

 

 

 

 

 

 

Location

12 Penn Plaza (aka 261-263 West 34th Street) is located across from Penn 1 (One Penn Plaza) and Penn Station which has the 1, 2, 3, A, C and E subway lines; crosstown #34 bus; Long Island Railroad, New Jersey Transit and Amtrak. The Port Authority Bus Terminal is located on Eighth Avenue and 42nd Street is a five minute walk away. 

 

 

 

 

 

 

 

 

 

 

Architecture & Office Design  

12 Penn Plaza is a side core office building which means that the elevators, fire stair (one of two), mechanical and sanitary systems are on the easterly side of each floor. The building has an efficient rectangular shape with only two columns in the center of each floor. A full wall of windows facing south provides good light and views across 34th Street of Penn 1’s park-like plaza. 

 

 

 

 

 

 

Artist rendering of a built and furnished office. (Courtesy of CBRE.)

At the present time all of the floors at 12 Penn Plaza are in a raw (undeveloped) condition. The Landlord (a luxury residential developer) will custom-build each floor and provide an architect to manage space planning and interior design. As an alternative, the Landlord will provide a cash contribution and rent abatement to any qualified Tenant that chooses to manage their own construction.

 

 

 

 

 

Your Corporate HQ at 12 Penn Plaza 

Proposed office layout. Will be customized for your needs. (Plan courtesy of CoStar.)

• Class A newly constructed (Fall 2019) boutique office building.

• 35,165 SF total building area.  6 stories tall. Roof deck.

• Private single Tenant 4,653 RSF floors.

• 24- hour, 7- day access. Uniformed lobby concierge (TBD) and key card access.

• 2 passenger elevators

• Tenant controlled air conditioning unit on every floor.

• Fully sprinklered building, emergency lighting and power.

• Telecom providers include Verizon FIOS and Spectrum.

• New York, NY 10001

 

 

12 Penn Plaza Office Pricing 

The asking rent at 12 Penn Plaza ranges from $85.00 to $89.00 per rentable square foot (PSF). The pricing varies with the location of the office within the building and the dollar value of the improvements that the Landlord is required to make.

Note: After negotiation your contract rent will be lower.

Additional office overhead costs include annual rent and real estate tax increases and electrical usage.

 

The Neighborhood Around 12 Penn Plaza

Immediately to the west of 12 Penn Plaza there is a vacant lot owned by Vornado, the largest Landlord in the area. Although its plans for development have not been announced, a retail, dining and entertainment venue is anticipated. Just to the east at 255 West 34th Street a towering hotel is being built by Joe Chetrit. Much of the areas revitalization can be credit to the spectacular Hudson Yards development.

For 25 nearby restaurants link HERE. For Trip Advisor’s Top Ten Hotels near Penn Station link HERE.

 

About Cogent Realty Advisors

You will save valuable time, energy and money by using Cogent Realty to negotiate your lease. Cogent Realty is an independent and licensed NO FEE Tenant Representation Broker with over 20 years of experience representing NYC businesses. Cogent maintains an extensive Building and Landlord database as well as current “closed deal” contract information. We will find you the right space at the right price. Phone: (212) 509-4049.

#12PennPlazaOffice

 

The post 12 Penn Plaza Office Space for Lease, Newly Constructed Commercial Building  appeared first on Rent NY Office.

450 Seventh Avenue Office Space, Business Rental Guide 2019/2020

450 Seventh Avenue Office Space, Business Rental Guide 2019/2020

450 Seventh Avenue Office Space is an excellent choice for New York City businesses requiring these key features:

•  Ultra-accessible location across from Penn Station

• Clean, secure and well maintained Class B office building

• Efficient office suites for small- and mid- size businesses

• Professional on-site ownership and management

• High density of nearby restaurants, hotels and services

 

 

 

Location

450 Seventh Avenue is located at the north west corner of 34th Street across from  Penn Station which has the 1, 2, 3, A, C and E subway lines; crosstown #34 bus; Long Island Railroad, New Jersey Transit and Amtrak. Port Authority Bus Terminal at Eighth Avenue and 42nd Street is a five minute walk away. 

 

Architecture & Office Design  

450 Seventh Avenue is a center core office building which means that the elevators, stairs and mechanical systems are in the middle of each floor. The building has an irregular shape which yields a high window-to-floor area ratio. As a result most office spaces enjoy excellent light and views when designed as either open collaborative work environments or with a more traditional layout including perimeter offices. 

450 Seventh Avenue offers both turn-key fully constructed office suites that are ready for immediate occupancy and raw spaces that it will build-to-suit for qualified Tenants. As a rule of thumb, when the Landlord custom-builds an office it will require a 7- 10 year lease term. Recently built suites feature high ceilings (finished or open), upgraded lighting fixtures, glass fronted offices, and contemporary pantries. All offices include a Tenant-controlled air conditioner that can provide cooling on a year-round basis.

Due to sustained strong demand the overall vacancy rate at 450 Seventh Avenue is only 5.5% as of October  2019. Notwithstanding, because the building has 100’s of Tenants there is a steady stream of offices that become available for lease on a regular basis.  A small sample of suites is shown below.

1,768 RSF. Landlord will Build-to-Suit

 

 

 

 

 

 

 

2,341 RSF. Pre-built office.

 

 

 

 

 

 

2,923 RSF. Landlord will Build-to-Suit.

 

 

 

 

 

 

 

 

5,584 RSF. Pre-built office. Furniture available.

 

 

 

 

 

 

 

 

 

7,222 RSF. Pre-built office.

 

 

 

 

 

 

 

450 Seventh Avenue Office Pricing 

In 2019/2020 the asking rent at 450 Seventh Avenue ranged from $62.00- $64.00 per rentable square foot (PSF). The pricing varies with the location of the office within the building (elevation, lighting, views) as well as the dollar value of the improvements that the Landlord is making. Note: After negotiation your contract rent will be lower.

Additional office overhead costs include annual rent and real estate tax increases and electrical usage.

 

Your Corporate HQ at 450 Seventh Avenue 

• Class B Art Deco style office building constructed in 1931.

• Lobby renovation completed 2018. A renovation of all corridors and bathrooms will be completed soon.

• 520,000 SF total building area. 16,800- 5,582 RSF floors. 46 stories tall and rising 560 feet.

• 24- hour, 7- day access. Uniformed lobby concierge and turn-style access cards for Tenants.

• 13 passenger and two freight elevators

• Tenant controlled air conditioning unit in each suite.

• Fully sprinklered building, emergency lighting and power.

• Telecom providers include Level 3 Communications, Lightpath, Verizon FIOS, TW Cable and Megapath.

• Diverse Tenant mix includes law, accounting, financial services, insurance, technology and fashion

• Onsite stores include Citibank, Walgreen’s, Starbucks and AT&T

• New York, NY 10001

 

The Neighborhood Around 450 Seventh Avenue 

World famous Macy’s department store is across the street.  For 25 nearby restaurants link HERE. For Trip Advisor’s Top Ten Hotels near Penn Station link HERE.

 

 

About Cogent Realty Advisors

You will save valuable time, energy and money by using Cogent Realty to negotiate your lease. Cogent Realty is an independent and licensed NO FEE Tenant Representation Broker with over 20 years of experience representing NYC businesses. Cogent maintains an extensive Building and Landlord database as well as current “closed deal” contract information. We will find you the right space at the right price. Phone: (212) 509-4049.

#450SeventhAveOffice

 

The post 450 Seventh Avenue Office Space, Business Rental Guide 2019/2020 appeared first on Rent NY Office.

Tech Sector Needs More Offices in New York

Tech Sector Needs More Offices in New York

Contemporary Office at 370 Lexington Avenue

New York’s technology sector now rivals that of Silicon Valley. The demand for cool office space has been met in creative ways. Previously staid building have spent heavily and installed modern lobbies, state-of-art infrastructure, expansive technology backbones and Tenant amenity spaces. Older conventional offices have been gutted and are now delivered with open ceilings, glass walls, polished concrete floors and stainless steel pantries.

 

 

 

 

Currently Operating Tech Centers  

 

The COMPANY BUILDING at 335 Madison Avenue, NYC

 

Lobby at the Company Building

Located steps from Grand Central Station, the 1 million square foot 335 Madison Avenue has been transformed into an Urban Tech Space. “Company is the first of its kind—a seamless integration of technology, hospitality, and purpose-built space.”

 

 

 

 

 

 

 

CORNELL TECH CAMPUS at 1 Main Street, Roosevelt Island

 

Tata Innovation Center

This $2 billion campus on Roosevelt Island in the East River offers a mix of academic and office buildings, residences and a hotel. Cornell will share “The Tata Innovation Center”, a 230,000 square foot building, with independent tech companies, venture capitalists and a full floor co-working space.

 

 

 

 

 

 

 

Tech Centers of the Future

 

NYC TECH HUB at 124 East 14th Street, NYC

 

Rendering of NYC Tech Hub

This $200 million project is a joint venture between RAL Development Services and NYC’s Economic Development Corporation. It will include a tech-focused training center and incubator, office space and a multi-vendor food hall.

 

 

 

 

 

 

 

 

West Chelsea Tech Center at Morgan North Postal Facility, 341 Ninth Avenue, NYC

 

Rendering of roof-top garden

Tishman Speyer is redeveloping 630,00o square feet of offices for tech users on the top floors of the 10- story postal facility. Construction will begin in 2020 and conclude in mid- 2022. The project targets large tech companies that can fill floors ranging in size from 48 to 200,000 square feet. A 2.5 acre roof-top garden is planned.

 

 

 

 

 

 

 

 

 

Corporate Occupied Tech Hubs

 

 

Google Campus, Hudson Square, NYC

 

Google’s HQ at 111 Eighth Avenue

Alphabet Inc., the parent company of Google, is spending $1 billion on a sprawling campus in Hudson Square. It will include 315 and 345 Hudson Street and 550 Washington Street. This is in addition to the Chelsea Market Building (75 Ninth Avenue) which was purchased for 2.4 billion in 2018.

 

 

 

 

 

Microsoft Research Center, 300 Lafayette Street, NYC 

 

Construction at 300 Lafayette Street

Microsoft is leasing a 63,000 square foot office in a newly constructed building at the corner of Lafayette and East Houston Street. It is collaborative space occupied by researchers, engineers and developers.

 

 

 

 

 

 

Office Eye- Candy 

Crain’s New York Business assembled a list of the coolest offices that made their debut in 2019.

 

View pictures of Crain’s coolest offices by linking HERE

About Cogent Realty Advisors

You will save valuable time, energy and money by using Cogent Realty to negotiate your lease. Cogent Realty is an independent and licensed NO FEE Tenant Representation Broker with over 20 years of experience representing NYC businesses. Cogent maintains an extensive Building and Landlord database as well as current “closed deal” contract information. We will find you the right space at the right price. Phone: (212) 509-4049.

#TechOffice

The post Tech Sector Needs More Offices in New York appeared first on Rent NY Office.

NYC Office Market Report, Mid-Year 2019

NYC Office Market Report, Mid-Year 2019 was compiled by Cogent Realty Advisors using data provided by Costar, the Commercial Real Estate Information Company. 

Cogent Realty Advisors is licensed Tenant-Representation Broker that works for business owners that lease office space. Established in 2002, Cogent Realty is 100% committed to finding you “the right office space at the right price”. All of our services are provided on a NO FEE basis.

 

 

 

NYC Office Market Snapshot

At mid-year 2019 the average quoted office rent in New York City across all building classes was $72.90 per square foot. This is an increase of $0.51 compared to Q1 2019. Vacancy increased to 9.9% from the prior quarter’s 9.6%. Additional market data is found below.  

Rents and Vacancy by Neighborhood

The average quoted office rent and vacancy by neighborhood is found in the table below.

NOTES: (a) The tables above list the average quoted asking rent reported to Costar. Estimates may be used for office buildings that do not publish this information. (b) After lease negotiation the actual contract rent is usually lower.

 

Top 4 Office Construction Projects 

Two & One Manhattan West

There is approximately 27.1 million square feet of office space under construction in New York City with most of it in the Hudson Yards. Notable projects include:

The Spiral (66 Hudson Boulevard): 2,850,000 RSF. Delivers Q4 2022. 

30 Hudson Yards (500 West 33rd St.):  2,600,000 RSF. Delivers Q3 2019.  

Two Manhattan West (385 Ninth Avenue): 1,950,140 RSF. Delivers Q4 2022.

Three Hudson Boulevard (555 West 34th Street): 2,000,000 RSF. Delivers Q4 2022.

 

 

 

Strategies for Reducing Office expense 

(1) Relocate for Savings: Consider moving from a high rent building to a more economical location. During the current bull market many “value-priced” Class B buildings have been upgraded and now provide new lobbies and elevators, new mechanical infrastructure and newly constructed office spaces.

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

(3) 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.

Links for News about NYC & Global Real Estate

NYC Tech Hub Rendering at 124 East 14th Street

A sensible decision to expand our tech sector: ‘NYC Tech Hub’ to bring an end to long-running land use saga

Too much shared work space? As Coworking Conquers Markets, Landlords Wonder How Much Is Too Much.

Planned real estate IPO raises questions: WeWork’s IPO documents baffled an analyst who specializes in evaluating companies preparing to go public.

New residential rent controls are driving away investors: Fed Up; Major Landlords Consider Existing New York.

 

 

ABOUT COGENT REALTY ADVISORS 

Cogent Realty Advisors is an independent and licensed NO FEE Realtor that represents businesses that lease NYC office space. For information, phone Mitchell Waldman at (212) 509-4049.

#NYCOfficeMidYear2019

The post NYC Office Market Report, Mid-Year 2019 appeared first on Rent NY Office.

220 Fifth Avenue at Madison Square Park Office Rental Guide 2019

220 Fifth Avenue Office Rental Guide 2019

Photo Courtesy of Costar

220 Fifth Avenue is a distinguished NYC Landmark building located at the north west corner of 26th Street. Location, location, location! It is diagonally across the street from Madison Square Park which is considered by many to be the epicenter of NY’s media and technology industry.

Constructed in 1912, 220 Fifth Avenue is Gothic-styled and features a copper Mansard roof with gargoyles and eagle decorations. The building is positioned for well-heeled firms looking for an historic and elegant boutique environment. 

 

 

 

 

 

 

 

 

 

 

 

 

Building Facts as a Glance

• 167,000 SF Class A Office Building 

• Located at N/W/C of 26th Street

• 24/7 access and concierge attended lobby

• Architecturally restored lobby, new elevators and building systems

• 5 passenger and 1 freight elevator

• 12 foot ceiling heights; sprinklers

• Tenant-controlled AC and operable windows

 

• Cleaning is included in the rent

• Multiple ISPs providing fiber connections

• New York NY 10001

 

 

 

 

 

 

RENTING AN OFFICE AT 220 Fifth Avenue

All full floor offices provide unobstructed views of Madison Square Park. Many existing work spaces were recently constructed and feature high open ceilings, polished concrete or hardwood floors and exposed columns. On 10 year leases the Landlord will: (1) Build to Suit (custom build) your office; or (2) Provide a Cash Contribution and Rent Abatement for Tenant-managed construction.

Asking rents start at $85.00 per rentable square foot and may increase depending on the location and elevation of your office. 

9,078 RSF Raw Space
Landlord will Custom Build

 

9,078 RSF Test Fit

About Cogent Realty Advisors

You will save valuable time, energy and money by using Cogent Realty to negotiate your lease. Cogent Realty is an independent and licensed NO FEE Tenant Representation Broker with over 20 years of experience representing NYC businesses. Cogent maintains an extensive Building and Landlord database as well as current “closed deal” contract information. We will find you the right space at the right price. Phone: (212) 509-4049.

#220FifthAvenue

The post 220 Fifth Avenue at Madison Square Park Office Rental Guide 2019  appeared first on Rent NY Office.

420 Lexington Avenue Office Rental Guide 2019

420 Lexington Avenue Office Rental Guide 2019 

Lexington Avenue Entrance

420 Lexington Avenue, New York, NY  is an pragmatic choice for NYC businesses requiring these key features:

• Ultra- accessible location in Grand Central Terminal

• Fair and affordable pricing

• Large inventory of attractive pre-built offices in all sizes

• Class A quality building, amenities and technology

• Professional ownership and management

• High density of nearby restaurants, hotels and services.

Terminal Entrance

 

 

LOCATION

420 Lexington Avenue is part of Grand Central Terminal and has the 4, 5, 6, 7 and S subway lines; M101, M102, M103, M1, M2, M3, M4, Q32 and M42 buses; Metro North Railroad, and the NYC Airporter. The building provides NYC’s most convenient transportation connections to employees and clients.

 

Office Rental Pricing AT 420 lEXINGTON AVENUE

In 2017 the asking rents for pre-built office suites at 420 Lexington Avenue range from $62.00 to $67.00 per rentable square foot (PSF) depending on the location in the building. Offices on floors with better light and views are more expensive. Sample pricing follows.

	1,500 RSF Office	2,750 RSF Office	5,000 RSF Office
Mid Rise floors @ $62.00 PSF	$7,750 per month  $93,000 per year	$14,208 per month $170,500 per year	$25,833 per month $310,000 per year
Upper floors  @ $67.00 PSF	$8,375 per month $100,500 per year	$15,354 per month $184,250 per year	$27,916 per month $335,000 per year

Additional office overhead costs include electricity which is fixed at $3.50 PSF and annual rent and real estate tax increases.

 

Pre-built Offices READY FOR IMMEDIATE OCCUPANCY

Typical Floor with many windows.

420 Lexington Avenue offers Tenants high quality pre-built office space with efficient layouts. As a result of the building’s floor design you will find a large number of windows in each office suite. Most suites are equipped with stainless steel pantries and Tenant-controlled air conditioning. Floor plans for a small sample of available offices follows. Call with your requirement (212) 509-4049. 

1,533 RSF Pre-built

 

 

 

 

 

 

2,024 RSF Pre-built

 

3,022 RSF Pre-built

 

3,913 RSF Pre-built

 

7,507 RSF Pre-built

 

10,317 RSF Raw Space. The Landlord will Build to Suit. “Test Fit” Shown

 

420 Lexington Avenue – Your Corporate HQ 

Lobby

• Class A office building constructed in 1927 and continually modernized

•  aka The Graybar Building

• 1,513,673 RSF total building area with 50,042 RSF floors and 30 stories tall

• 24- hour, 7- day access, uniformed lobby concierge, CCTV security and turn-style access cards for Tenants

 

Visitor Center

• New Visitor Center for guest registration

• 32 passenger and two freight elevators

• 300 plus professional companies from diverse industries are located in the building

• Telecom providers include Verizon, Cogent, Lightpath, Broadview, Lightower and TimeWarner

• Owned and managed by SL Green, NYC’s largest commercial Landlord

• New York, NY 10170

The GRAND CENTRAL TERMINAL NEIGHBORHOOD

A directory of Grand Central Terminal (GCT) stores and restaurants is found HERE. GCT has many shopping, fine dining and drinking options including a casual lower concourse food court. For take-out a perennial favorite is the gourmet shops at Grand Central Market. Equinox Fitness Club is located in the lobby of 420 Lexington Avenue.  The Grand Hyatt Hotel sits on top of the terminal, and there are an additional nine hotels in close proximity. A link to 48 popular restaurants near GCT is found HERE.

ABOUT COGENT REALTY ADVISORS 

Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 20 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

#420LexingtonAvenue

The post 420 Lexington Avenue Office Rental Guide 2019 appeared first on Rent NY Office.

Chrysler Building Office Rental Guide 2019

Chrysler Building Office Rental Guide 2019 

Chrysler Building (1930)
US National Historic Landmark

If you are planning on renting an office at the Chrysler Building important information follows. Completed in 1930, the Chrysler Building was NYC’s tallest at 1,046 feet (including its spire) for less than a year when it was surpassed by the Empire State Building. Constructed for the Chrysler Automotive Company, many of its design elements exemplify the machine age of the 1920s. It is considered to be a leading example of Art Deco architecture. 

 

 

 

Building Facts as a Glance:

• 1,292,002 SF Class A Office Building

• Located at 405 Lexington Avenue, N/E/C of 42nd Street

• Direct access to Grand Central Station

• 24/7 access and concierge attended lobby

• Central HVAC and operable windows

• Cleaning is included in the rent

• Multiple ISPs providing fiber connections

• LEED Certified Gold Existing Building (resource efficient)

• New York NY 10174

 

RENTING AN OFFICE AT THE CHRYSLER BUILDING

Many businesses renting an office at the Chrysler Building utilize the Landlord’s popular PRE-BUILT OFFICE PROGRAM. These move-in ready spaces have excellent light, panoramic views and a high window-to-floor area ratio. Efficient layouts include high acoustical ceilings, elegant finishes and a pantry equipped with modern appliances.

As an alternative the Landlord will: (1) Build to Suit (custom build) your office; or (2) Provide a Cash Contribution and Rent Abatement for Tenant-managed construction. A small selection of available spaces follows.

Asking rents at the Chrysler Building start at $70.00 per rentable square foot and increase depending on the location and elevation of your office.

 

2,487 RSF Pre-built

 

 

 

 

 

 

 

 

 

3,626 RSF Pre-built

 

 

 

 

 

 

 

 

 

4,623 RSF Pre-built

 

 

10,802 RSF Build to Suit

 

 

 

 

 

 

 

 

 

20,621 RSF Build to Suit

 

 

 

 

 

 

 

 

 

Short-Term Office Option

 

 

 

 

About Cogent Realty Advisors

You will save valuable time, energy and money by using Cogent Realty to negotiate your lease. Cogent Realty is an independent and licensed NO FEE Tenant Representation Broker with over 20 years of experience representing NYC businesses. Cogent maintains an extensive Building and Landlord database as well as current “closed deal” contract information. We will find you the right space at the right price. Phone: (212) 509-4049.

#ChryslerBuildingOffice2019

The post Chrysler Building Office Rental Guide 2019 appeared first on Rent NY Office.