Plaza Madison Associates, who own 655 Madison Avenue, has recently announced their plans to create new pre-builds on the 15th and 17th floors of their ideally situated office tower. Though this particular pocket of the Plaza District tends to trade at a significant premium to the rest of Midtown, in our opinion, this happens to be one of the best values in the area for any hedge fund, private equity firm, family office or investment bank. The glass and steel asset has 25 stories and measures a mere 230,942 rentable square feet, which creates 14,000 square foot base floors and roughly 10,000 square foot tower floors allowing for prime elevator presence for boutique office users.
Ownership is pre-building the entire 15th floor and dividing the 17th floor into two units measuring 4,067 RSF and 4,604 RSF. The entire 15th floor will measure 9,904 RSF and ownership will be delivering the floor in March. Construction for the 17th floor has not started so there is still an opportunity to lease the entire floor. Asking rents for 15 and 17 will be $69 per square foot and $75 per square foot respectively, a 30% discount to the neighborhood!