High Value Office Space near Penn Station
High Value Office Space near Penn Station
In the blog NY Office Rental Rates Year-end 2013 I reported on the continued increase in rents citywide. Not withstanding, a handful of portfolios, almost all of which are family owned, still offer below market rent. These Landlords are able to do so because they have owned the buildings for many years and the properties are virtually debt free. Knowledgeable Tenant Representative Brokers look to these buildings to deliver high value office space to their customers. Three exceptional examples near Penn Station follow:
7th Avenue @ Penn Station:
Class B Office Building, 24/7 attended lobby & owner occupied. High value office space with an asking rent of $51.00 PSF. (Comparable buildings @ $55+.)
2,167 RSF
Suggested Plan
or Build-to-Suit
6,550 RSF
Suggested Plan
or Build-to-Suit
7th Avenue and 37th Street:
Class B Loft Building, 24/7 access, restored lobby attended during business hours. High value office space with an asking rent of $42.50 PSF. (Comparable buildings @ $48+.)
9,500 RSF Private Floor
Contemporary Design
2nd Generation
9,500 RSF Private Floor
Interior Photo
5th Avenue and 34th Street
Class B Loft Building, 24/7 access, lobby attended during business hours. Architecturally significant. High value office space with an asking rent of $52.00 PSF (estimate). (Comparable buildings @ $60+.)
Private 5,500 RSF Floor
Suggested Plans
or Build-to-Suit
BEST STRATEGY FOR LEASING HIGH Value office space
Mitch Waldman,
Tenant Representation Broker
Identifies High Value Office Space
Building Agents (the Landlord’s Leasing Agent) are under contract with a building owner to lease space at the highest rents obtainable. Companies that negotiate directly with a Landlord or a Building Agent are at a disadvantage because they are unaware of: (1) all of the available spaces and the pricing in comparable properties; (2) the economic terms of recently signed leases; and (3) local market practices that impact lease costs including Tenant Improvement Packages (cash contributions provided for construction/renovation or build-to-suit programs), Rent Abatement incentives, Operating and Real Estate Tax Escalations, Security requirements, etc. By using an experienced TENANT REPRESENTATION BROKER you can obtain high value office space near Penn Station or elsewhere in NYC. Cogent Realty Advisors is a NO FEE Tenant Representation Broker with over 15 years of success. Contact Mitchell Waldman today: (212) 509-4049.