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

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New York City Office Space Calculator for Small- & Mid-Size Businesses

Office Space Calculator for Small- & Mid- Size Businesses 

The Office Space Calculator is a handy tool that can help you estimate the size of the office that your business requires. 

 

 

 

How to use the Calculator

(1) The New York City Office Space Calculator permits you to edit any of its “word” or “number” fields so that it can be customized for your business. 

(2) The field named “Circulation Area” refers to the travel corridors within a space. We suggest using the value of 20%.

(3) The field named “Core Factor” is interchangeable with the term “Loss Factor”. We suggest using the value of 28% when renting an entire floor and 32% on a multi-Tenanted floor. 

Office Floor Plans

When inspecting a PRE-BUILT office it is easy to determine whether the office is sufficient for your business operation. Many building owners will provide a dimensional or CAD plan that can help you plan both furniture and network installations.

In leases where a Landlord agrees to BUILD-TO-SUIT your office, it will usually have a space designer create a Preliminary Plan (also called a Test Fit) to demonstrate that the office is adequate for your current and future needs. The Final Plan is used for construction purposes and developed by an architect. It should be made part of the lease.

When a Tenant manages the construction of its own office (usually with cash provided by the Landlord), it is essential to retain an architect prior to signing the lease. In addition to creating a Test Fit and the Final Plan, the architect will investigate whether the building and space comply with New York City Building Codes. 

Link For 2019- 2020 Office Design Trends 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.

#OfficeSpaceCalculator

 

 

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1430 Broadway Office Rental Guide

1333 Broadway Office Rental Guide

7 Penn Plaza Office Rental Guide

7 Penn Plaza Office Rental Guide

7 Penn Plaza is a boutique office building strategically located at the south west corner of Seventh Avenue and 31st Street, directly across the street from Penn Station, NYC’s busiest transportation hub. It has a diverse Tenant mix including financial services firms, technology, law, real estate development, architecture and not-for-profits.  

7 Penn Plaza, aka 370 Seventh Avenue, is an excellent choice for small- to midsize- firms that are looking for fast access to Penn Station and a high quality building with professional management. 

 

 

Office Building & Design

7 Penn Plaza was built in 1921 and last renovated in 2012. Each floor has four exposures and a high window to floor area ratio. Both office intensive and open landscape designs are bright and efficient. Higher floors have excellent light and city views.  

Incoming Tenants can lease turn-key fully constructed office suites that are ready for immediate occupancy or raw spaces that the Landlord will build-to-suit. When an office is custom-built a 5- 10 year lease term is required.  Sample offices are shown below: 

3,452 RSF Pre-built Office

3,677 RSF Pre-built Office

6,305 RSF Raw Space Test-fit shown. Landlord will build to suit.

 

Office Pricing at 7 Penn Plaza 

For 2019 the quoted asking rent for all offices is $70.00 per rentable square foot (PSF). Offices on lower floors may be discounted. 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 7 Penn Plaza

Class B office building. 

New lobby, elevators and mechanical systems.

  24-hour, 7- day access and uniformed lobby concierge.

  357,000 SF total building area. Concrete and steel construction. 18 stories tall and rising 242 feet.

8 passenger and two freight elevator.

11′ 6″ foot slab-to-slab ceiling heights. 

Efficient central heating and air conditioning. AC hours are Monday to Friday 8 am- 6 pm and Saturday 8 am – 1 pm. Tenant controlled AC units can be installed.

Telecom providers include Verizon and Time Warner.

Owner occupied and managed.

New York, NY 10001.

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.

#7PennPlaza

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How to Sublease Your Office

How to Sublease Your Office

How to Sublease Your Office is written for NYC commercial Tenants. Business owners may sometimes decide that they have excess office space and need to Sublease all (or a portion) of it for economic reasons. Frequent scenarios where this happens include: 

(1) A change in a business that results in the need for less work space. This can occur with the implementation of operational efficiencies or a business contraction; 

(2) A company expansion that requires the relocation to a larger office;

(3) The merger, acquisition or sale of a business that results in a vacancy; and

(4) The leasing of a new office where a Tenant intentionally rents more space than it initially requires so that future growth can be accommodated. The portion of the office earmarked for future growth is subleased.

The Office Sublease Clause

Most professionally negotiated New York City office Leases contain a Sublease and Assignment Clause. This clause allows a Tenant to Sublease or Assign its lease subject to the approval of the Landlord. A basic example is shown below:

 SUBLETTING & ASSIGNMENT

Except as may otherwise be provided herein, Tenant will not by operation of law or otherwise, assign, mortgage or encumber this lease, nor sublet, or permit the Demised Premises or any part thereof to be used by others, without Landlord’s prior written consent in each instance, which shall not be unreasonably withheld or delayed,

If Tenant requests Landlord’s consent to the subletting/assignment of the Demised Premises, it shall submit to Landlord, in writing delivered pursuant to Paragraph 2.7 by Certified Mail the following information:

• • the name of the proposed subtenant/assignee;
• • the terms and conditions of the subletting/assignment;
• • the nature and character of the business of the proposed subtenant/assignee;• banking, financial and other credit information relating to the proposed subtenant/assignee reasonably sufficient to enable Landlord to determine the financial responsibility of said proposed subtenant/assignee.   

In reality, most New York City leases contain far more elaborate Sublease and Assignment clauses which are designed to protect the Landlord’s interests and limit a Tenant’s rights. In keeping with this, Cogent Realty Advisors recommends that you hire an experienced real estate attorney to review your lease prior to signing.

Sublease Marketing Basics

Effective Sublease marketing should target the commercial real estate brokerage community which is responsible for nearly 85% of all of the leases transacted in New York City.

It is important to choose an experienced Tenant Representation Broker that can analyze your Lease, effectively promote the space and finalize a deal with a qualified Subtenant.

          ⇒ Any Broker that is working as the Building’s Agent where your office is located is primarily loyal to the Building Owner from whom that Broker earns the majority of its fees. Their focus is on renting vacant spaces owned by the Landlord. For this reason your Building Agent is not a good choice to represent you.

Sublease Broker Responsibilities

Your Broker should manage the Sublease process from A to Z. This includes:

(1) Pricing the office space to maximize your income within the context of a competitive rental market;

(2) Creating and distributing advertising bulletins and where applicable video tours;

(3) Listing the office space in commercial real estate and select B to B databases;

(4) Personally conducting office inspection tours for prospective Tenants;

(5) Maintaining accurate records and progress reports;

(6) Negotiating the Sublease and interfacing with the attorneys and Building Owner; and

(7) Finalizing the Sublease and ensuring that all documents are executed, approved and distributed according to schedule.

Brokerage Fees

Commercial real estate office leasing brokerage is a commission based industry. In a Sublease transaction the commission is paid by Sublandlord (the party that signed the original lease.) A commission is earned only after all of the following occur: (1) The Lease documents are signed by all parties; (2) The required Security Deposit and initial Rental Payment is made;  and (3) The Building Owner consents (approves) of the Sublease.

Brokerage fees are calculated based on a percentage of the rent collected in each year of the Lease and are paid in full after the Sublease is fully executed. With very few exceptions, the published commission schedule used by commercial real estate leasing brokers is the same. For detailed information about Sublease brokerage commissions contact Cogent Realty Advisors: (212 509-4049.

ABOUT COGENT REALTY ADVISORS 

Cogent Realty Advisors is an independent and licensed Realtor with 20 years of experience representing businesses that Lease NYC office space. For information, phone Mitchell Waldman at (212) 509-4049.

#HowToSubleaseYourOffice

 

 

 

 

 

 

 

  

 

 

 

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Sixth Avenue aka Avenue of the Americas, Office Rental Guide

Sixth Avenue aka Avenue of the Americas, Office Rental Guide  

Sixth Avenue aka Avenue of the Americas, Office Rental Guide is written for corporate Tenants that lease commercial space. Avenue of the Americas (A of A for short) is NYC’s most densely occupied and prestigious corporate corridor. It begins at 41st Street opposite Bryant Park and ends at 57th Street. Occupiers of offices along Sixth Avenue are a veritable “who’s who” of the financial, legal, insurance, media and technology sectors. For the most part the ambiance is conservative but many buildings have been recently renovated and offer contemporary lobbies and sleek office spaces with loft finishes. 

 

Sixth Avenue Office Buildings

The table below identifies all of the Sixth Avenue office buildings situated between 41st and 57th Street. 

 

 

Pricing 

1330 A of A.
Pre-built 2,130 RSF

In 2019 the asking rents for most of the Class A office spaces on Sixth Avenue range from $72.00 to $95.00 per rentable square foot (PSF). Marquis office buildings such as 1095 and 1114 Sixth Avenue can charge as much as $125.00 PSF depending on the floor elevation and views. 

 

 

 

1212 A of A.
Pre-built 14,807 RSF

There is currently a large inventory of available space on Sixth Avenue. The unique design and “foot print” of each building provides opportunities for Tenants of all sizes. Offices as small as 1,500 rentable square feet can be found on multi-Tenanted floors.

 

 

 

 

1166 A of A.
Test Fit, 40,240 RSF

Large users can lease private floors ranging in size from 8,500 to 43,000 RSF. 

 

 

 

 

 

On Sixth Avenue and elsewhere in NYC  office space can be categorized as follows: (1) A newly constructed office that is ready for immediate occupancy; (2) A pre-built and previously occupied office that a Landlord will renovate; (3) A demolished space that a Landlord will build-to-suit; and (4) A demolished space where a Landlord will provide a Cash Payment and Free Rent to a Tenant so it can design and construct its own office. 

 

Transportation-Centric Sixth Avenue

The lower half of Sixth Avenue (41st- 47th Street) is a short walk from Grand Central Terminal which contains 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. One block to the west is the Times Square Station with the N, Q, R, S, W, 1, 2, 3 & 7 subway. At the corner of Eight Avenue and 42nd Street the Port Authority Terminal offers bus service to NJ and beyond as well as the A, C, E subway. The Rockefeller Center office complex spans 48th to 51st Street and is served by B, D, F and M trains. 

THE NEIGHBORHOOD 

Because Sixth Avenue runs through the center of midtown, there is an abundance of nearby shopping, professional services, restaurants and bars that are supported by its large population of affluent office workers.  An expansive list of dining choices is found HERE.  The recently opened Whole Foods Market at Bryant Park (1095 Avenue of the Americas) is a casual dine in/take out favorite.  

ABOUT COGENT REALTY ADVISORS 

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

#SixthAvenueOffice

 

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