Highly Anticipated Office Space in the Heart of The Plaza District – Perfect for a Hedge Fund
With brand new office product lacking in The Plaza District, it is not atypical for New York City landlords to renovate their existing assets in an effort to attract big name tenants. Several notable “spruce ups” over the past couple of years (for example lobby renovations and upgrades, etc.), include 1290 Avenue of the Americas (Vornado), 575 Lexington Avenue (Normandy), 1370 Avenue of the Americas(Principal Global), 150 East 52nd Street (Princeton International) and the current work being done to upgrade 560 Lexington Avenue (Rudin). Though lobby renovations, elevator cab improvements and cosmetic work are common for such overhauls, it is very unusual for owners to upgrade their towers to the extent that SL Green is refurbishing 10 East 53rd Street, formerly known as The Harper Collins Building.
Originally designed and constructed in 1972 by Emory Roth & Sons, the asset is relatively new by Midtown Manhattan standards. With minimal vacancy over the last several decades (due to Harper’s tenancy), SL Green, who recently acquired the building, has about 300,000 square feet available today, spanning over 37 floors. Considering the scorching hot activity in the adjacent building, 510 Madison Avenue (and the increased demand for trophy office space– click here to read more about the classification system), this isn’t a bad time to have a surplus of extremely high-end office spaces.
In an effort to compete with buildings like 510 Madison Avenue, 712 Fifth Avenue, 717 Fifth Avenue and other buildings in NYC with $100+ rents, SL Green, who is also the largest commercial landlord in New York City, is close to completing one of the most highly anticipated renovations in recent history– totaling over $60 million. These improvements include putting in new elevators and mechanical systems, creating a well-appointed lobby and arcade with double height ceilings, installing brand new windows throughout the entire buildingand upgrading the retail storefronts. Also, the building is getting rebranded as 10 East.
Unlike other side street buildings, 10 East is considered a “hidden gem” of midtown office buildings. With individual floors ranging between about 8,000 to 16,000 square feet, the boutique-sized floors are highly conducive to just about any type of user. The floorplates in the tower are extremely efficient and contain only 4 columns on each. Accordingly, whether you run a hedge fund, private equity firm, investment bank, or trading firm, the building is highly appropriate. Additionally, each floor will be equipped with a tenant controlled HVAC unit, and higher spaces in the building offer sweeping views of the city and Central Park. Boasting 3 sides of light, side-core construction, and extra-large windows, the building will be sure to compete with the best office buildings in New York City.