NY Office Lease Market Collapsing – But Park Avenue Is Doing Just Fine
While the Manhattan office market continues to face challenges, with occasional improvements like renewals and reduced sublease availability, observers find comfort in celebrating modest success stories.
One such success story is the recent leasing surge at 410 Park Ave., often referred to as “the Ferrari building” by New Yorkers due to the presence of the automaker’s stylish showroom on the ground floor.
Global Holdings Management Group’s boutique tower, spanning 22 stories and 250,000 square feet at the intersection of East 55th Street, has experienced a surge in leasing activity over the past few months. More than 100,000 square feet of new leases and expansions have been secured, bringing the property’s occupancy rate to 92%.
This leasing boom is a part of the ongoing revival of Park Avenue, where larger towers have garnered significant attention. In the latest lease agreement at 410 Park, the private equity firm TriPost Capital Partners signed a deal for the entire 11,885 square-foot fourteenth floor, relocating from a smaller space at 654 Madison Ave. Other recent signings, facilitated by the landlord’s agent JLL, include Glendower Capital, China CITIC Bank, and merchant bank Incentrum Group.
The asking rents at 410 Park range from $72 to $80 per square foot. Tenants at the building enjoy access to amenities such as a private events lounge and a SkyTrak SIG10 Golf Simulator, which were added as part of a recent capital upgrade program.
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