Though the market for most office spaces has softened, the availability of smaller high-end/luxury workspaces is tighter than ever. Here are the 10 top office spaces currently available for boutique users.
Our team recently started working with a notable hedge fund launch in search of high-end office space. Though their footprint will initially be on the smaller side, the PM noted that it is imperative that they occupy a workspace in one of Manhattan’s most premier buildings. Accordingly, we put together a survey of the best small availabilities in trophy towers in New York City and thought it was worth a share.
Here are the top options we presented, along with the pertinent information for each.
Located on the southeast corner of Madison Avenue and 61st Street, 667 Madison has been one of the top office destinations in New York City for nearly three decades. As the northernmost skyscraper in Midtown, the building is newer vintage construction, and their pre-built units are arguably the nicest in Manhattan. Boasting extraordinary finishes such as hardwood floors, full glass office panels and partition walls, fully sheetrocked ceilings and pantries that can make your residential architect jealous, the building has evoked feelings of high-end residences or hotels more than corporate workspaces for years. With boutique floorplates and amenities such as a private fitness center and gold simulator, this asset caters extremely well to small & high-end users such as hedge funds, private equity firms, investment banks and family offices.
Located on Park Avenue between 55th & 56th Streets, 425 Park Avenue is probably the best newly constructed boutique office tower in Midtown. Designed by Pritzker Prize-winning architect Lord Norman Foster, the building has made a major positive impact to Midtown East’s skyline. Already home to Ken Griffin’s Citadel, the building hasn’t had any small options for companies- making this an extraordinary opportunity for a tenant in the market. Additionally, the building will offer a brand new restaurant concept by restauranteur Jean-Goerges that features 25’ ceilings, a main mezzanine dining level with dramatic show kitchen, and a cocktail lounge with nearly fifty foot ceiling heights. Lastly, according to their website, 425 Park Avenue was designed with wellness features unlike any other trophy asset in New York City such as:
A complex filtration system purifies indoor air, eliminating pollution, smoke, and microbes via sensors, ultraviolet irradiation, and extensive cleaning.
Each of the 41 floors features floor-to-ceiling curtain wall glass, supporting human circadian rhythms and promoting visual, mental, and biological wellness.
An ideal acoustic environment, the structure employs advanced sound mapping engineering to mitigate background noise and reduce distraction.
The distribution and cleanliness of water in this building is proactively managed via routine inspection and 24/7 sensors.
Continual movement is promoted through the design of the building, with central staircases, and outdoor terraces.
425 Park Avenue – Small Suite Information
The Seagram Building (375 Park Avenue): Partial 27th Floor – 4,351 square feet & Partial 23rd Floor – 4,746 square feet (Asking $225 psf each)
Situated on Park Avenue between 52nd & 53rd Streets, The Seagram Building is a modernist skyscraper in Midtown Manhattan. It was designed by German-American architect Ludwig Mies van der Rohe and completed in 1958. The building is known for its minimalist design and use of high-quality materials, including bronze and tinted glass. The exterior features a grid of bronze I-beams that create a distinctive pattern, while the interior includes a marble-clad lobby and open plaza.
At the time of its construction, the skyscraper was considered a groundbreaking achievement in modern architecture and set a new standard for office buildings. It has been described as one of the most important buildings of the 20th century and is widely regarded as a masterpiece of modernist architecture & design. To this date, it is widely considered one of Manhattan’s most iconic and prestigious office towers and is home to some of the most notable tenants in the city.
Ownership recently completed a multi-level complex of amenities for tenants including elements of fitness, wellness, and social collaboration.
There is no question that One Vanderbilt, Grand Central’s newest office tower, has become the pinnacle of luxury office space in New York City (and perhaps the world). With an impressive tenant roster, unparalleled views, brand new infrastructure, direct access to Grand Central Terminal, unprecedented amenities and some of the highest views (and rents) in Manhattan, the asset has lured some of the top names in finance, law, and banking. Though there have been very few small suites available in this trophy office tower to date, there is a brand new unit, dubbed the “Altus Suite”, which is undoubtedly one of the best boutique availabilities in any New York City skyscraper. Utilizing some of the highest finishes I have ever seen in any office space, this unit is perfect for any financial services user.
When Philip Johnson designed 550 Madison, he drew upon the fundamental principles of classical architecture to create a building that felt monumental, modern, and completely different from what had come before. Now, the visionary international design firm Snøhetta is building on Johnson’s foundation, reinterpreting 550 Madison for the way we live today: bringing in daylight and air, designing a ground floor podium that will become a new destination, and creating a spectacular green scape and amenity offering. After a multi-year repositioning of the asset, 550 Madison has been re imagined for the modern office tenant and has quickly become one of the premier addresses for tenants in the market. Boasting amenity-rich programming including a private club, fitness center and curated hospitality – the building has seen some of the most momentum in midtown when it comes to leasing.
510 Madison Avenue is one of the pioneering buildings that took office amenities to a new level. Though the building is over a decade old, it is still one of the most preeminent office towers in Midtown Manhattan. Boasting floor-to-ceiling windows, highly efficient column-free floorplates and extra-high ceilings, this asset has been classified as the pinnacle of boutique office towers since its completion. Amenities such as a 6,500 square foot garden, furnished terrace, gym & lap pool will ensure that wellness stays a top priority for your employees, while also providing a cutting-edge workspace experience.
Located between 52nd & 53rd Streets, 660 Fifth Avenue (previously known as 666 Fifth Avenue) recently underwent a $400 million renovation to make it a world-class office tower. With a new façade, lobby, infrastructure upgrades & multiple activated terraces, the asset can certainly be mistaken for brand new construction – though it was completed in 1957. With oversized windows throughout, tenants are assured to get tremendous light and air throughout their workspaces. With its ideal proximity to transportation and highly updated interior, this skyscraper has become one of the most coveted in New York City for hedge funds and financial services firms.
441 Ninth Avenue is perhaps one of the most underrated office towers when it comes to new construction. Located on the fringe of Hudson Yards (Ninth Avenue between 34th & 35th Street) and just a stone’s throw from Penn Station and the Port Authority, the building has seen a tremendous amount of momentum since its completion- including a huge lease for Peloton’s headquarters. Featuring all of the amenities you would expect from new construction, such as high ceilings, oversized windows, column-free floorplates and amenities (tenant lounge, conference center, bike room, showers, etc.), this building will surely lure your workers back to the office. Ownership recently completed a brand-new unit that features luxury finishes throughout.
If you are looking for unparalleled views and finishes on the west side of Manhattan, then this brand new pre-built at 1 Manhattan West is worth taking a look at. Exhibiting all the perks of brand-new construction, the tower features column-free floorplates, nearly 14’ ceilings throughout and incredible views. Ownership will also consider furnishing and wiring the space to make it truly plug & play.
Let’s face it, to say $170 per square foot seems like good value in this market seems preposterous. However, Tishman Speyer’s building, dubbed the Spiral, is just that. Offering brand new construction, incredible views, and amenities on the top floor that include a lounge, outdoor space, conferencing area and café/bar just to name a few- this building checks all of the boxes for any financial firm seeking best in class office space. The owner recently pre-built the partial 53rd floor unit with the modern tenant in mind. Boasting extra-high ceilings, floor-to-ceiling windows, column-free floorplates, and views that aren’t for the faint of heart, this space will truly wow both your investors and employees.