Chrysler Building Office Rental Guide 2022

Chrysler Building Office Rental Guide 2022

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 extraordinary 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, elevation and build-out of your office.

 

New Pre-built Suite: 3,369 RSF

 

 

Furnished Pre-built Suite: 3,547 RSF

 

 

 

Pre-built Suite: 4,728 RSF

 

 

 

Private Floor. Raw Space. Test-fit shown. 7,632 RSF.

 

 

 

 

 

 

 

 

 

 

Private floor. Raw space. Test-fit shown. 20,621 RSF.

 

Rendering

Rendering

 

 

 

 

 

 

 

 

 

 

Coming soon….  THE CHRYSLER CLUB

Designed exclusively for tenants, the Chrysler Club—on the 27th floor amenity level—combines stylish work and leisure spaces with contemporary design. The full-floor club includes a boardroom, conferencing center, library and lounge, yoga and meditation room, open pantry with collaborative breakout seating, and a recreation area—all overlooking a landscaped outdoor terrace at the tower’s setback.

 

 

 

 

 

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.

#ChryslerBuildingOffice2022

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How to Sublease Your Office

How to Sublease Your Office

How to Sublease Your Office is written for commercial office Tenants. Business owners may decide that they have excess office space and need to Sublease all (or a portion) of it.

Covid-19 is a substantial “disrupter” of the commercial office market sector. It has resulted in many US corporations transitioning to a hybrid work schedule for their employees, and in some cases an entirely remote workforce. In reality, this trend pre-dates the pandemic and was facilitated by the introduction of Zoom Meetings, Microsoft Teams, Go To Meeting and similar online communication platforms.

 

Alternative scenarios that may motivate the Subleasing of your office, follow: 

(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 of the entire firm to a larger office;

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

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

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, a typical New York City leases contain a far more elaborate Sublease and Assignment clause that is 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. The focus of a Building Agent is 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 entire Sublease process. 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 virtual tours;

(3) Listing the office space in commercial real estate databases 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 companies 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 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.

#HowToSubleaseYourOffice

 

 

 

 

 

 

 

  

 

 

 

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Wall Street Office Rental Guide 2022

WALL STREET OFFICE RENTAL GUIDE 2022

Wall Street Office Rental Guide 2022 provides essential information for Tenants that are interested in relocating to this world renowned financial center.

This information was compiled in May 2022 and is subject to change. For the most current market conditions contact Cogent Realty Advisors, Inc. (212) 509-4049.

 

 

 

OVERVIEW

Due to the conversion of office buildings to residential apartments, the overall inventory of available commercial space has declined. One Wall Street, which was previously known as the Bank of New York Building, has nearly completed its conversion to luxury condos. The building will be anchored by a Whole Foods market and Lifetime Fitness. 

 

 

Wall Street Office Building Details

2 Wall Street: rating by Costar. 215,000 square feet and 21 floors. Typical floor is 10,262 RSF. Built in 1932 and modernized. Boutique office building with entrances on both Wall Street and Broadway. The law firm of Carter Ledyard & Milburn which occupies nearly 80,000 RSF is leaving the building in August. This will free-up 7 private floors for new Tenants.

Deal Structure: Pre-built offices can be leased for 5 years. With a 7- 10 year term the Landlord will build-to-suit and provide an architect for space planning. Asking rents are from $48.00 PSF.

10,262 RSF. Test-Fit.

 

 

 

 

 

14 Wall Street: . 1,049,292 square feet and 37 floors. Typical floor is 28,232 RSF. Built in 1912 and completely modernized. Tenants include giants like Aflac, American Langone Medical Center and TheStreet.com. There is a small Tenants-only conference room provided an no charge.

Deal Structure: Pre-built previously occupied space can be leased for 3- 10 years. With a 7- 10 year term the Landlord will build-to-suit and provide an architect for space planning. Asking rent is from $39.00- $53.00 PSF depending on the location, condition and Landlord’s work.

 

 

 

 

1,656 RSF. Pre-built asking $53.

 

3,787 RSF. Pre-built asking $49.

 

 

4,456 RSF. Pre-built asking $39.

 

6,791 RSF. Pre-built asking $45.

 

30 Wall Street: 145,000 square feet on 12 floors. Limited availability. Call for information: (212) 509-4049.

 

40 Wall Street, the Trump Building: . 1,165,207 square feet and 72 floors. Built in 1930 and fully upgraded with modern building systems. A lower level vault area was recently transformed into a Tenant Amenity Center. It features casual dining and coffee service, meeting rooms, a lounge and game room.

Deal Structure: Pre-built previously occupied space can be leased for 3 or more years. With a 7- 10 year term the Landlord will build-to-suit and provide an architect for space planning. Asking rent is from $45.00-55.00 PSF depending on location, condition and Landlord’s work. 

Tower Floor. Custom installation to be built. 9,756 RSF.

Private floor. Pre-built and furnished. 36,869 RSF. Rent TBD.

44 Wall Street:. 342,000 square feet and 24 floors. Built in 1927 and renovated in 2006. Located at the intersection of Wall and William Street with windows and light on three sides. Diverse Tenant mix including, financial services (Charles Schwab), law and more recently- media, tech and advertising.

Deal Structure: Small pre-built spaces with contemporary loft finishes can be leased for 3 years or longer. On a 7- 10 year lease term the Landlord will build-to-suit your office and provide an architect for space planning. Asking rents are $54.00- $60.00 PSF depending on the location, condition and Landlord’s work. 

 

Pre-built. 2,691 RSF.

 

 

Pre-built. 3,299 RSF.

 

 

Test-fit. 4,995 RSF,

 

Test-fit. 17,076 RSF.

 

 

            

Photo courtesy of Costar.

48 Wall Street: . 330,050 square feet and 34 floors. Floors range from 14,500 RSF in the base to 7,150 RSF at the top. Constructed in 1928 and recently modernized at a cost of $60 million, this impeccably maintained NYC Landmark is also listed on the U.S. National Register of Historic Places.

Deal Structure: Newly constructed contemporary space can be leased for 5 years. On a 7- 10 year lease term the Landlord will build-to-suit your office and provide an architect for space planning.  Asking rent is from $43.00- $55.00 PSF depending on the location, condition and Landlord’s work.

Demolished. 5,000- 14,232 RSF.

Pre-built, tower floor. 7,155 RSF.

60 Wall Street (1989): . 1,625,483 square feet and 47 floors. Previously occupied by Deutch Bank and now undergoing a renovation that will be completed in August 2022. Most floors have windows on four sides.

Lobby rendering.

Deal Structure: Ideal for single and multi-floor Tenants. The Landlord will provide a cash contribution and rent abatement for Tenant-managed construction. Alternatively, the Landlord will build-to-suit for lease terms of 7- 20 years. 

Test=fit. 33,017 RSF.

Test-fit. 33,963 RSF.

100 Wall Street: 530,000 square feet and 29 floors. This modern office tower is primarily leased by boutique financial firms that demand 24/7 access and security monitoring, redundant fiber connections and a back-up power generator. 

Deal Structure: Newly constructed high quality space can be leased for 5 years. On a 7- 10 year lease term the Landlord will build-to-suit your office and provide an architect for space planning.  Asking rents start at $52.00 PSF.

 

 

 

 

 

 

Pre-built. 4,318 RSF.

 

 

 

 

 

 

 

 

 

 

 

 

Pre-built. 5,259 RSF.

 

 

 

 

 

 

 

 

Pre-built. 19,645 RSF. Virtual Tour.

 

 

 

 

 

 

 

 

 

 

120 Wall Street. . 618,801 square feet and 35 floors. Limited availability. Call for information: (212) 509-4049.

 

 

 

 

 

 

 

 

 

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.

#WallStreetOffice2022

 

 

 

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