Founder – HedgeFundSpaces.com
New York State Licensed Real Estate Salesperson
The Paramount Group is known as one of the best institutional landlords in New York City. Recognized for owning and operating world-class assets throughout the United States, they have earned their illustrious reputation by running their buildings to an unparalleled standard. As an example, 712 Fifth Avenue is widely regarded as one of the best boutique trophy office towers and is one of the only buildings in New York City where some of the asking rents are above $150 per square foot. Home to many notable and most recognizable names in finance including private equity giants Onex, Riverstone Holdings, and Aberdeen Standard Investments, it is one of the most coveted addresses in New York City. With only one other floor available above the 40th, which clears almost everything to the North, there is a unique off-market opportunity for the entire 51st floor.
The entire 51st floor is the second highest floor in the building and measures 9,124 rentable square feet. The space was recently built to an extremely high standard with 3 glass fronted offices (any of which can be used as meeting rooms), 1 glass fronted conference room, an eat-in pantry, and open area with bench style seating for at least 50 employees. Although atypical for most subleases, the sublandlord will consider doing slight modifications to the layout to accommodate a future subtenant. This is a fully furnished high-density workspace with unparalleled views of Central Park. An incoming subtenant will be able to take advantage of the plug and play nature of the space as the sublandlord invested a great deal of capital in the infrastructure including a supplemental HVAC unit, premium finishes, and furniture. Available immediately for occupancy, the sublease term extends through April of 2024. This is arguably the best sublease on the market for a trophy asset in Midtown Manhattan.
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