420 Lexington Avenue Office Rental Guide 2021

420 Lexington Avenue Office Rental Guide 2021

Lexington Avenue Entrance

420 Lexington Avenue Office Rental Guide 2021 reports why this building is an intelligent choice for NYC businesses:

Ultra- accessible location in Grand Central Terminal

Class A quality building, amenities, and technology

Large inventory of efficient pre-built offices in all sizes ready for immediate occupancy

Affordable pricing and a comparatively superior value

High density of nearby restaurants, hotels, and services.

 

 

 

 

 

 

 

Pre-built Offices Ready for Immediate Occupancy 

420 Lexington Avenue (aka the Graybar Building) offers Tenants high quality pre-built office space with efficient layouts. As a result of the building’s floor design you will find many 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. 

 

 

 

 

 

 

 

 

 

 

Pre-built 776 RSF

 

 

 

 

 

 

 

 

 

 

Pre-built 1,294 RSF

 

 

 

 

 

 

 

 

 

 

Pre-built 1,823 RSF

 

 

 

 

 

 

 

 

 

 

 

 

Pre-built 3,262 RSF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-built 3,760 RSF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-built 5,102 RSF

 

 

 

 

 

 

 

 

 

 

Pre-built 10,210 RSF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Test Fit, 26,747 RSF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTE: Several Graybar Building Tenants have listed their offices for Sublease. (Please link to our report Sublease Rewards and Risks.) These offices range in size from 1,000 to 10,000 RSF and include furniture, phones, and equipment. Lease term lengths vary. Asking rents are highly negotiable. Contact Cogent Realty for information: (212) 509-4049.

 

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. In response to the slackening of demand due to Covid-19, the Landlord is offering more flexible terms and leasing incentives. Call for information: (212) 509-4049.

 

Published Rent	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.

 

Your Corporate HQ at 420 Lexington Avenue

Lobby

Class A office building constructed in 1927 and continually modernized

 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 provide an incredible opportunity for networking

Telecom providers include Verizon, Cogent, Lightpath, Broadview Networks, Lightower and TimeWarner Cable

Wirescore Platinum and LEED Gold

Professional owned and managed by SL Green Realty Corp, NYC’s largest owner of office real estate

New York, NY 10170

 

The Grand Central Neighborhood

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.

Use this directory to find Grand Central Terminal (GCT) stores and restaurants. GCT has numerous 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 adjacent to the lobby of 420 Lexington Avenue.  The Grand Hyatt Hotel sits on top of the terminal, and there are several other hotels in close proximity. Here’s a link to popular restaurants near GCT.

About Cogent Realty Advisors, Inc.

Cogent Realty Advisors is an independent and licensed no fee Realtor with more than 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.

#420LexingtonAvenueOffice

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PENN 1 Office Building Renovation Update- 34th Street Lobby Open

PENN 1 Office Building Renovation Update- 34th Street Lobby Open

PENN 1’s new 34th Street Lobby

PENN 1, previously known as 1 Penn Plaza, has finished the first phase of a $200 million renovation with the opening of its handsome new 34th Street lobby. When fully completed the renovations will yield a contemporary corporate environment and Tenant amenities that rival the new Hudson Yard office buildings on the far west side. To its advantage, PENN 1 is the only New York City building with direct vertical access to Penn Station, which is also undergoing a massive renovation.

 

 

 

The grand stair will connect to “WorkLife” on the 2nd and 3rd floor which is an amenity ecosystem for tenants to focus on work and self-care. Included are:

• The Landing, a full-service restaurant with private dining rooms

• Lounges for socializing and working

• WorkLife Meetings– a 20,000 square foot conferencing center

• WorkLife Office Suites– 80,000 square feet of adaptable workspace

• WorkLife Wellbeing– 35,000 square feet fitness and wellness center.

PENN 1 Office for Lease

Current asking rents at PENN 1 are $90.00 per square foot. New Tenants have a choice of three office leasing programs:

(1) Raw/unfinished space that the Landlord constructs to your specifications. Included are the services of an architect to assist with space planning.

(2) Raw/unfinished space that a Tenant constructs on its own utilizing money (the “cash contribution”) and time (the “rent abatement”) provided by the Landlord.

(3) Pre-built and previously occupied office space that the Landlord will renovate.

2,060-5,396 rentable square feet. Raw space, Landlord will Build-to-Suit

5,759- 16,779 rentable square feet. Raw space, Landlord will Build-to-Suit.

37,856 rentable square feet. Raw space, Landlord will Build-to-Suit.

NOTE: Several PENN 1 Tenants have listed their offices for Sublease. (Please link to our report Sublease Rewards and Risks.) These offices range in size from 5,000 to 20,000 RSF and include furniture, phones, and equipment. Terms vary from 2- 5 years. Asking rents are highly negotiable. Contact Cogent Realty for information: (212) 509-4049.

 

 

PENN 1 – Your Corporate HQ 

• Class A office building constructed in 1972, ongoing $200 million renovation to be completed in 2021

• 2,524,000 total building with floors ranging from 37,000 to 80,000 RSF; 57 stories tall and rising 751 feet

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

• 44 passenger and two freight elevators

• Central HVAC provided Monday to Friday, 8:00 am- 6:00 pm. Overtime and supplemental AC available.

• Fully sprinklered building, emergency lighting and power

• LEED and Energy Star certified

• Conference and meeting rooms available for rent onsite through Industrious.

• Telecom providers include Verizon, Cogent, MCI/Verizon Business, Time Warner Telecom, Con Ed, AT&T, Time Warner Cable, Direct TV, Light Tower

• 695 car underground garage

• Owned and managed by Vornado (VNO), a publicly traded company

• New York, NY 10119

 

About Cogent Realty Advisors, Inc.

Cogent Realty Advisors is an independent and licensed no fee Realtor with more than 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.

#PENN1Office

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Manhattan Office Leasing Report, 2nd Quarter 2021

Manhattan Office Leasing Report, 2nd Quarter 2021

Manhattan Office Leasing Report 2nd Quarter 2021. For the 54% of New Yorkers that are vaccinated it is now safe to return to work and imperative for the city’s economy that they do so. Unfortunately, many companies are continuing to operate remotely (at least for the summer), and as a result office usage in NYC remains among the lowest in the US. The work-from-home (WFH) strategy is preferred by many employees and has proven to be cost-effective and productive, although less so than working in person at an office. In keeping with this some corporations are extending their WFH policies.

 

UBS to Let Two-Thirds of Employe Adopt Permanent Hybrid Work

 

 

 

In contrast, many other companies are encouraging their employees to return to work by using a combination of incentives and penalties.

 

More Than Half of NYC Will Be Back in the Office By Labor Day

 

 

Apple Wants Most Workers Back in Office, Despite Employee Concerns

 

Manhattan Office Rentals

With so much office space underutilized, many companies are reluctant to rent new space and leasing activity has declined substantially over the past 12-months. Recent large new leases have come from the tech industry (Facebook, Apple and TikTok) which are increasing their headcounts. Much of the other leasing activity were renewals where companies received favorable terms to sign short-term extensions.

 

Facebook Bets Big on Future of N.Y.C., and Offices With New Lease

 

Costar’s Analysis of the Manhattan Office Leasing

CoStar is the world leader in commercial real estate information and has the most comprehensive database of real estate data throughout the US, Canada, UK, France, Germany, and Spain.

 

 

Key Costar Manhattan Office Indicators:

• Vacancy Rate:  11.9% ↑
• Market Rent: $56.32* ↓ (The income that a property would most probably command in the open market.  This is the weighted average across all Manhattan office buildings.)
• 12 Month Rent Growth: -3.7%
• Total Rentable Building Area: 957,440,796 SF
• Under Construction: 22,781,474

 

 

Manhattan Office Leasing Projections

The commercial real estate brokerage community is projecting Effective Rents* may be reduced 15%-20% from the peak recorded in 2019. This is consistent with the rent adjustments that occurred after 9/11. More substantial rent discounts may occur in lower quality Class B and C buildings. Trophy and Class A buildings that currently have a minimal amount of vacancy and a stable Tenant roster are unlikely to offer significant reductions in rent.

     *Effective Rents: The average rent paid over the term by a tenant adjusted downward for concessions paid for by the landlord (such as free rent, moving expenses, or other allowances), and upward for costs that are the responsibility of the tenant (such as operating expense pass through).

In the current Tenant-friendly environment Asking Rents are being discounted and Tenant Incentives like Rent Abatements and Cash Contributions for construction are increasing. Many Landlords are offering more Flexible Terms with shorter duration leases. 

Office Tenants that are flexible regarding their lease term and space design can secure the deepest rental discount with a Sublease.  Read our recent report, Sublease Risk & Rewards in 2020.

 

 

Office landlords offer discounts to lock in leases

 

Office Developers Remain Optimistic

There are more than 22 million square feet of office development projects under construction in NYC. Additionally, well capitalized owners of existing buildings have completed expensive renovations to attract Tenants. Although vacancy levels will be elevated in the coming years, developers are optimistic that future leasing activity will occur in the newest and highest quality buildings.

Macy’s to Build Office Tower, Invest $235M Around Herald Square Flagship Store

 

 

 

 

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.

#ManhattanOfficeLeasingQ22021

The post Manhattan Office Leasing Report, 2nd Quarter 2021  appeared first on Rent NY Office.

Empire State Building Office Space, Business Rental Guide for 2021

Empire State Building Office Space, Business Rental Guide for 2021

Empire State Building office space is a fantastic choice for New York City businesses requiring these key features: 

Photo courtesy of Costar, the world leader in commercial real estate information,

•  Strong corporate credibility and prestige by locating at one of the world’s most famous buildings

• Modernized best-in-class business environment, Tenant amenities and technology

• Energy Star Certified and newly install MERV-13 air filtration

• Excellent value compared to alternative Class A buildings

• Large inventory of pre-built move in ready office suites

• Prestigious Tenant roster with well-known Fortune 500 companies

• Professional ownership and management

• High density of nearby restaurants, hotels and services

• The Empire State Building has a fascinating history. Click THE REAL DEAL magazine logo below for a video that begins with construction and follows the many changes in fortunes and ownership throughout the years. The Empire State Building is now the “anchor” asset for Empire State Realty Trust (ESRT), a publically traded company on the New York Stock Exchange. 

 

 

 

 

 

 

LOCATION

The Empire State Building is located at 350 Fifth Avenue at the south west corner of 34th Street. This location is equidistant from both Penn Station and Grand Central Terminal. The #6 train is found on Park Avenue and 33rd Street and the N, R, Q, W, B, D and F at 34th Street and Broadway. Both Fifth Avenue and 34th Street have bus service. 

 

 

 

 

 

 

Empire State Building architecture & Office Design 

Soaring 1,454 feet over midtown Manhattan, the Empire State Building 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 there are windows on four sides providing excellent light and views in both open collaborative work environments and more traditional  layouts with perimeter offices. 

 

 

 

 

 

 

 

The Empire State Building offers intelligently designed fully constructed office suites that are ready for immediate occupancy. All suites feature interior finishes that exceed those found in most other Class A buildings. Included are high ceilings (finished or open), upgraded lighting fixtures, wood and glass fronted offices, and contemporary pantries outfitted with Energy Star- rated stainless steel appliances. 

 

 

 

 

 

 

 There is a large inventory of offices available for lease ranging from 2,800 rentable square feet (RSF) up to full tower floors of 26,000 RSF. A small sample of office suites is shown below. (Note: Furniture is not included.)

2,776 RSF Pre-built Office

 

 

3,272 RSF Pre-built Office

 

 

 

 

 

 

 

 

 

4,498 RSF Pre-built Office

 

 

 

 

 

 

 

 

 

5,109 RSF Pre-built Office

 

 

 

 

 

 

 

 

 

7,431 RSF Pre-built Office

 

 

 

 

 

 

 

 

 

 

Empire State Building Office Pricing 

In 2021 the asking rents range from $65.00 per rentable square foot (PSF) on the lower floors up to $75.00 PSF on tower floors.  A quick reference table is below. Note: After negotiation your contract rent will be lower.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional office overhead costs include electricity, annual rent increases and annual real estate tax increases.

 

Your Corporate HQ at the Empire State Building

• Class A office Art Deco style office building constructed in 1931. In 2010 $550 million was spent on infrastructure renovations and energy efficiency. 

• 2,800,118 SF total building area. 12,905 – 100,512 RSF floors. 102 stories tall and rising 1,454 feet.

• 24- hour, 7- day access. A total of four dedicated Tenant-only entrances on 33rd and 34th Street. Uniformed lobby concierge, uniformed security and turn-style access cards for Tenants.

• Visitor reception desk, card access controlled web-based visitor processing system. 

• 73 passenger and six freight elevators

• Central HVAC provided Monday to Friday, 8:00 am- 6:00 pm. Overtime and supplemental AC available.

• Fully sprinklered building, emergency lighting and power.

 

 

• Telecom providers include AT&T, Broadview Networks, Cogent Communications, Covad, Earthlink Business, Level(3) Communications, MegaPath, Rainbow Broadband, Time Warner Cable, Time Warner Cable Business Class, Verizon, Verizon FiOS, XO Communications.

• Six nearby parking garages. Bicycle area.

• Owned and managed by ESRT, a publicly traded company.

• New York, NY 10118

 

 

 

 

 

 

The “Urban Campus” at The Empire State Building

The Empire State Building office spaces benefit from an “Urban Campus” designed for today’s work-life style.

 

Fitness Center:  15,000 square feet for Tenant-only.

 

 

 

 

 

 

 

 

 

 

Conference Center offering spectacular views and catering for Tenants only.

 

 

 

 

 

 

 

 

 

Private Executive Dining at the STATE Grill and Bar (called a “winner” by ZAGAT), for Tenants only.

 

 

 

 

 

More Dining Options at the Empire State Building

 

 

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.

#EmpireStateBuildingoffice

 

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