7 Bryant Park – Renderings of Bryant Park’s Newest Trophy Asset
Throughout the economic downturn, the office buildings surrounding Bryant Park have remained amongst the most coveted in the city. With very limited supply overlooking The Park’s greenery and an exceptionally strong demand for the views, vacancy rates in the area, especially in trophy buildings, are extremely low. Accordingly, it was only a matter of time before Hines Development and Pacolet Milliken Enterprises Inc. decided to construct their proposed 470,000 square foot office tower. As a matter of fact, since the high-end market for office space has shown rapid improvements, now might be the perfect time to commence construction on Midtown Manhattan’s newest class A+ asset. (Looking for Class A office space near Bryant Park? Click here for a free and instant space report of availabilities.)
Located on the southwest corner of 40th Street and Sixth Avenue, the site is ideal for just about any type of user (creative, hedge fund, financial services, private equity, law firm, etc.). However, tenants with deep pockets will likely be the only users that can afford the rents associated with Bryant Park’s newest “cache” building. You can expect rents in the building to be quite lofty as the other class A product surrounding Bryant Park commands big numbers. 1095 Avenue of the Americas (former Verizon Building), One Bryant Park (Bank of America Tower), 452 Fifth Avenue (HSBC Tower), 1140 Avenue of the Americas, 461 Fifth Avenue and 1114 Avenue of the Americas (Grace Building) all have asking rents exceeding $85.00 per square foot and some well into the triple digits. Like anything else, you get what you pay for.
Per 7 Bryant Park’s website, there will be floor-to-ceiling glass, extra-high ceilings, and a LEED Gold Certification. For the most discerning of tastes, a multi-level 28th floor penthouse (with spectacular views and wow factor) will be available. Additionally, the 10th floor of the building will boast multiple terraces overlooking Bryant Park’s majestic grounds (click here for a video and renderings).
7 Bryant Park will be constructed of glass and steel and boast highly efficient floorplates, exceptional light and obvious views of Bryant Park. Additionally, the column free floors will make this building an ideal candidate for hedge fund office space users and other boutique financial services firms.