Despite being overlooked for many years, Midtown West’s hidden gems are starting to gain traction throughout the financial services industry. Buildings such as 250 West 55th Street, 152 West 57th Street and 888 Seventh Avenue, have always attracted elite tenants with household names like Soros Fund Management, Pershing Square and BNP Paribas. The crown jewel of them all is 787 Seventh Avenue. Boasting 50 stories high with 360 degree views of Central Park to the Statue of Liberty, this unique asset seldom has available space. This is due to the fact that 787 houses only 7 institutional tenants including (but not limited to) BNP Paribas, Willkie Farr & Gallagher, Sidley Austin and UBS. However, there is a rare opportunity for any boutique financial services company to sublease one or two of the best full floors in Midtown West.
The 49th and 48th floors (2nd and 3rd from the top of the building) are now being offered for sublease by one of the most reputable private equity firms in the country. These floors measure approximately 25,000 square feet each and can be subleased together or separately. With possession in Q1 2020, the sublease terms run through March 15, 2027 with a potential opportunity to extend or sublease on a shorter term basis. The building amenities include a tenant auditorium/conferencing center and a brand new Urbanspace, which will occupy the Northern portion of the building’s retail. The 49th floor is currently built with 24 perimeter offices, 2 interior offices, 44 workstations, a kitchen and 6 conference rooms. The 48th floor is constructed with 25 perimeter offices, 20 interior offices, 7 conference rooms, a kitchen and 18 workstations. However, the 48th floor can be demolished and delivered in whiteboxed condition with a cash allowance for an incoming subtenant. Both floors can be further densified to take advantage of the virtually column-free floor plates. Lastly, all of the existing furniture and IT equipment can remain in place.