Extremely High-End Sublease in Trophy Building
Time and time again we hear tenants ask us for furnished, plug and play subleases from hedge funds, investment firms, or boutique financial services firms that built out beautiful space and ended up underperforming. Prosiris Capital Management’s main hedge fund’s assets plunged more than 70% in 2016, which has created an extremely rare sublease opportunity on the entire 20th floor at 510 Madison Avenue. The trophy asset is owned by one of New York’s most prominent landlords, Boston Properties, and was built only a few years ago. The building is owner managed, has an executive pool and fitness center, landscaped furnished terrace, and one of the most prestigious tenant rosters in Manhattan.
The entire 20th floor measures 11,500 square feet, which makes it a great option for a mature firm. The building is constructed with a virtually column free, side-core layout creating an extremely efficient installation. The floor is currently built out with 1 executive office, 5 perimeter offices, a board room, 2 conference rooms, 2 meeting rooms, and open area for 40 employees (click here to see the floor plan). This sublease can be made available immediately and has a term that extends through February of 2024. In addition, there is supplemental HVAC and the furniture can be made available for an incoming subtenant. This is one of the best spaces in one of the best buildings in New York City, which leads me to believe it will not be on the market for long.
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