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

The post 7 Penn Plaza Office Rental Guide appeared first on Rent NY Office.

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

 

 

 

 

 

 

 

  

 

 

 

The post How to Sublease Your Office appeared first on Rent NY Office.

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

 

The post Sixth Avenue aka Avenue of the Americas, Office Rental Guide appeared first on Rent NY Office.

Hedge Fund, Private Equity and Venture Capital Sublease Office

Hedge Fund, Private Equity and Venture Capital sublease office space availability is increasing. The most significant factor behind this is the opening of new office towers that are accelerating the early relocation of Tenants from older properties.  At Year-end 2018 there was 17,261,375 square feet of office space under construction in New York City. In the Hudson Yards alone, 6,372,000 SF of new offices will be delivered 2019. A second contributor is the “densification” of office premises. In plain terms this means that businesses are reducing the amount of square feet that is leased and allocated to each employee.

Cogent Realty Advisors is an independent and licensed NO FEE Realtor with 20 years of experience representing businesses that lease NYC office space.

Direct Lease Office Statistics

As supply of office space increases and job growth levels, pricing per rentable square foot should decline. Costar reports an average quoted rent for DIRECT LEASE offices of $62.00 per square foot at the end of 2018 and a vacancy rate of 7.9%. Detailed information about offices in 20 neighborhoods can be found HERE.

Sublease Office Statistics

At the end of Q4 2018 the amount of SUBLEASE office space in NYC increased to 5,014,514 square feet compared to 4,804,728 in the prior quarter. In almost all instances, SUBLEASES provide a discount when compared to direct leases.

Other tangible benefits with a SUBLEASE may include the following:

(1) Subleases are typically rented in a pre-built condition which can reduce the waiting time needed to move-in.

(2) Many subleases include furniture, an IT network and phones. This amounts to large 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.

Midtown Sublease Offices- Recent Listings

Cogent Realty Advisors was asked by a financial services company to identify sublease office space in Midtown with a lease term under five- (5) years. The office needed to be within a 10 minute radius of Grand Central Station either by walking or subway. A partial list of our findings follows: 

 

1114 AVENUE OF THE AMERICAS: 4,836 RSF. Asks: $115. Term to 12/23. 

 

7 TIMES SQUARE: 3,367 RSF. Ask $79. Term to 4/22.

650 FIFTH AVENUE: 6,665 RSF. Asks $69. Term to 3/25. 

 

 

 

 

 

 

555 Madison Avenue: 5,828 RSF. Asks $65. Term to 6/21.

 

410 Park Avenue: 3,330 RSF. Ask $66. Term to 3/21.

*Call for plan.

 

 

1350 Avenue of the Americas: 3,391 RSF. Asks $65. Term to 8/21.

 

 

 

 

 

 

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.

#SubleaseOfficeMidtown

The post Hedge Fund, Private Equity and Venture Capital Sublease Office appeared first on Rent NY Office.

NYC Office Market Report, Year-End 2018

NYC Office Market Report, Year-End 2018

NYC Office Market Report, Year-End 2018 was compiled by Cogent Realty Advisors 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.  

Cogent Realty Advisors is an independent and licensed NO FEE Realtor with 20 years of experience representing businesses that lease NYC office space

 

 

NYC Office Market Snapshot

At year-end 2018 the average quoted rent in the NYC office market across all building classes (A, B & C quality) was $62.00 per square foot. This is a $0.48 PSF (0.8%) increase compared to $61.52 PSF in the third quarter. The vacancy rate in the fourth quarter was 7.9%, an increase from the prior quarter’s 7.7%.  Additional market data is found below. 

Rent and Vacancy By Neighborhood

Fourth quarter 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. 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 Q4 2018

Deutsche Financial Services, Inc: 1,213,998 RSF at One Columbus Circle (Time Warner Center). 

Bloomberg LP: 467,537 RSF renewal at 120 Park Avenue in the Grand Central district. 

Peleton Interactive LLC: 299,260 RSF at 441 Ninth Avenue in the Penn Plaza/Fashion district.  

Google: 266,021 RSF at 315 Hudson Street in the Hudson Square district. 

MPG Operations LLC: 252,299 RSF at 399 Park Avenue in the Plaza district.

 

Top 3 Office Construction Projects at Year- End 2018

The Spiral

At year-end there was 17,261,375 square feet of office space under construction. 

The Spiral at 66 Hudson Boulevard: 2,850,000 RSF. Delivery Q4 2022. 28% pre-leased by Pfizer. 

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

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

 

3 Largest NYC Office Buildings Delivered in 2018

61 Ninth Avenue, next to Chelsea Market

3 World Trade Center: 2,861,402 RSF. 

512 West 22nd Street: 242,000 RSF. 

61 Ninth Avenue: 167,170 RSF. 

 

 

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

It is estimated that in 2018, 18% of all office space leased in NYC was by coworking companies: Coworking Leasing Activity Increased 200% Last Year- Report

But investors are becoming wary due to poor financial performance and over-saturation: SoftBank planned to invest $16B into WeWork. That number just got way smaller.

Some boutique financial firms are paying unprecedented rents for luxury office space: Triple Digit Office Rents Broaden Their Base

Landlords are finally responding to the blight of long term store vacancy: Retailers rejoice: Landlords are lowering rents to meet the market

Slowing GDP growth will result in lower levels of real estate activity: Why Real Estate Activity will Inevitably Slow

 

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. We will find your company the right office at the right price. For information, phone Mitchell Waldman at (212) 509-4049.

#NYCOfficeYearEnd2018

The post NYC Office Market Report, Year-End 2018 appeared first on Rent NY Office.

One World Trade Center Rental Guide 2019

One World Trade Center Rental Guide 2019

Renting an office at One World Trade Center is a defining moment for a global business.

• A universally recognized symbol of prosperity, freedom and resilience

• An ultra-modern urban design with rich corporate amenities and best-in-class technology, efficiency and safety  

• Excellent value for your rental dollars 

• Direct in-building access to the new Fulton Street Station transportation complex and luxury shops at the Westfield  World Trade Center. The architectural focal point of this underground city is the Oculus.  

• High quality neighborhood restaurants, hotels and services. Link follows:  Downtown Alliance.

• Professional on-site ownership and management

Who is Leasing Offices at One World Trade Center? 

 

One World Trade Center Offices for You

One World Trade Center is a center core office building which means that the elevators, stairs and mechanical systems are in the middle of each floor. As a result all spaces are column free and have spectacular light and views. 

At One World Trade Center most work spaces are designed as wide-open collaborative work environments. However, tradition layouts with perimeter glass fronted offices and conference rooms are both efficient and impressive. 

New Tenants have a choice of three rental programs:

#1: Pre-built move-in ready office space with elegant finishes;

#2: Unfinished/white box space that the Landlord will build to your design specifications;

#3: Unfinished/white box space that you can build on your own utilizing money (the “cash contribution”) and time (the “rent abatement”) provided by the Landlord.

2019 Offices for Lease

Shown below are currently available pre-built offices. Furniture shown is for reference only and not included. Offices measuring less than 5,000 rentable square feet are not frequently constructed. Call with your requirement (212) 509-4049. ​

4,719 RSF	6,475 RSF
7,530 RSF	8,995 RSF
9,425 RSF	10,847 RSF
12,698 RSF	36,099 RSF
Collaborative Design	Traditional Design

PRICING at One WOrld Trade Center

Starting in 2019 more flexible lease terms are being offered. Asking rents are from $72.00 to $85.00 per rentable square foot (PSF) depending on the floor and view.

For example, the 4,719 RSF office shown above has an asking rent of $72.00 per rentable square foot. $72.00 X 4,719 RSF = $339,768 per year or $28.314 per month*. 

Cogent Realty has a solid track record negotiating lower rents and other leasing incentives like free rent for its clients. Call us for details, 212-509-4049. 

*Note: Additional office overhead costs include electricity, annual rent and real estate tax increases. Municipal Incentives may be available to reduce your occupancy cost. 

One World Trade Center – Your Corporate HQ 

Lobby

• Class A ultra-modern office building built in 2014

• 1,776 feet tall, the highest in the Western hemisphere

• 3,038,168 RSF total building area with 40,000 RSF floors and 104 floors

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

• 71 fast passenger elevators and 12 escalators

• LEED Gold certification

• Owned and managed by Durst Corporation and the Port Authority of NY/NJ

• Alternate address: 285 Fulton Street, New York, NY 10007

Introducing One World Commons

Located on the 64th floor, One World Commons is a 25,000 square foot amenity space designed to attract, inspire and retain companies and their employees. This world-class social and business hub includes conference, meeting and event rooms, lounges, a game room and cafe. 

ABOUT COGENT REALTY ADVISORS 

Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 17 years of experience representing businesses that lease NYC office space. Our mission is to help you find the right office at the right price. For information, phone Mitchell Waldman at (212) 509-4049.

#oneworldtraderental2019

The post One World Trade Center Rental Guide 2019 appeared first on Rent NY Office.