Founder – HedgeFundSpaces.com
New York State Licensed Real Estate Salesperson
It’s no secret that the east side of Midtown is losing its dominance as the place to be for Manhattan based companies. Once considered the crème de la crème of New York City office space, many emerging creative and technology firms are opting for lofty buildings in Chelsea, SoHo, Tribeca, Flatiron and Gramercy. Although the vast majority of these companies are selecting cool buildings in trendy neighborhoods, many tenants still need to be in Midtown. Some of these Midtown based companies are gravitating towards the City’s west side for newer, more efficient, state-of-the-art, and LEED certified spaces (click here for a custom list of these available spaces). Boston Properties’ 250 West 55th Street, between Broadway and Eighth Avenue, is the most recent tower to attract these types of users- namely the two powerhouse law firms, Kaye Scholer and Morrison Foerster.
From the outside, 250 West 55th Street has a strong resemblance to Lever House (390 Park Avenue). Both buildings were designed by the highly acclaimed architecture firm, Skidmore Owings and Merrill. Similarly, 250 West 55th Street and Lever House have exceptionally large bases (in comparison to the tower floors) and comparable styling and architecture cues. Upon walking the raw floors, I realized that the finishes are extraordinarily like 510 Madison Avenue as well. The tremendous amount of perimeter glass, minimal column spacing and slab heights are overwhelmingly akin to one another. However, 250 West 55th Street is much larger, with over 1,000,000 rentable square feet of office space.
All floors feature oversized windows, 10’ finished ceilings, column free floorplates and minimal core penetrations. Asking rents are between the mid-$80’s and $90’s per square foot and the landlord will build-to-suit an incoming tenant’s needs. Floorplates in the building range from 50,000 to 25,000 rsf and Boston Properties will be pre-building a couple of floors with smaller units.
Below are some photos and renderings of the finished product:
When a landlord acquires an office building with an agenda to demolish or change the asset, they will oftentimes preface all new transactions with a termination clause. Typically, this provision…
BlackRock, Bank of America and Third Point had Midtown Manhattan's most notable new leases. There is no question that 2017 was a solid year for New York City commercial real…
The office space market is being dictated by ONE thing, Culture! As one of the more active office space brokers in New York City, I can’t help but cringe when…