Often considered the tale of two buildings, 640 Fifth Avenue is an architectural masterpiece. Originally home to the sole heir of The Vanderbilt Family, the mega-mansion was constructed in the late 1800’s. Built with lavish and exotic materials, it was indeed a structural wonder of its time. In 1945, the chateau was demolished and so began the rise of the existing commercial tower.
The original base of the building was built in 1949. Constructed of limestone, the bottom portion of the building offers gracious and nonchalent old-world charm along 5th Avenue. However, once you look up towards the sky, you realize that the tower of the building is something special.
In 1997, Kohn Pedersen Fox built a 12 story tower with a tremendous amount of glass and steel atop the limestone base. These 10,000 sf floorplates receive a tremendous amount of natural light. With these small, bright and minimally column intrusive floorplates, 640 Fifth Avenue is an ideal hedge fund office space building and perfect for boutique tenants.
Due to its strong ownership (Vornado) and exceptional location, the building has been 100% occupied for quite some time. Available spaces in the tower are typically $100+ psf. Additionally, floors 9, 10, 12 and 22 have useable terraces.
Rumors have been swirling that a large tenant in the building (not to be named) will be relocating to 399 Park Avenue. As a result, there might be direct or sublease space coming available.
Whatever the case may be, this is a building to keep on the hedge fund office space radar and I will continue to keep you updated.