Founder – HedgeFundSpaces.com
New York State Licensed Real Estate Salesperson
In New York City, there are a handful of notable office buildings that evoke the image of power, success, triumph and fortune. The addresses of “9 West 57th Street“, “375 Park Avenue“, “390 Park Avenue“, “767 Fifth Avenue”, “510 Madison Avenue“, “660 Madison Avenue”, or “667 Madison Avenue” on a business card reinforces that someone is a real dealmaker or has “made it”. These midtown skyscrapers often attract the biggest corporate tenants and people, achieve the highest base rents, and typically command the best views of Central Park (though the park exposures are eliminated in both 375 and 390 Park Avenue and tenants pay strictly for the caché and appreciation of the land-marked tower).
One of these aforementioned buildings, 767 Fifth Avenue (also known as The GM Building), has time and time again shattered office rent records, making an occasional discounted sublease in the building highly coveted. Though it is atypical for these distressed opportunities to become available in this trophy Plaza District office tower, there is a unique opportunity that just hit the market for the partial 16th floor.
Measuring 5,482 rentable square feet, the partial 16th floor sublease features a double-glass door entrance directly off of the elevator lobby- maximizing visibility and presence for an incoming subtenant. Currently built with 5 offices (including an executive corner with southern views), a 16 seat boardroom, 2 interior breakout rooms/interior offices, a boardroom with seating for up to 16 people, pantry, and open trading area, the unit was recently constructed and furnished utilizing very high-end finishes (click here for a floorplan). Though the premises does not encompass the highly desirable Central Park View, the space does have southern exposures and receives a tremendous amount of natural light. With an asking rent of only $85.00 per rentable square foot, this unit will undoubtedly not last long, as it is a tremendous value for the building. Additionally, the term is relatively short, through March of 2020, making it perfect for any hedge fund, private equity firm, investment bank, family office or boutique financial services firm seeking a prominent office space in New York City with flexibility.
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