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Prebuilt corporate offices can be categorized as: (1) Newly constructed and never occupied; and (2) Second generation and previously occupied. New construction offers users the most contemporary layouts, finishes and infrastructure (electrical service, plumbing, H.V.A.C. and telecom connectivity). Provided that it was built within the past seven years second generation office space is functional, but will at a minimum need cosmetic upgrades. Given the high cost of constructing an office ($60- 100 per square foot and 60- 150 days of elapsed time) all Landlords will try to adaptively reuse existing space to extend the productivity of money already spent. The corollary for Tenants is that the rental rate on second generation prebuilt corporate offices is usually more negotiable. Whether new or second generation, renting prebuilt corporate offices can substantially shorten the amount of time between lease signing and move-in.
Listed below are example of prebuilt corporate offices in the Plaza District, NYC’s premier corporate location.
20 West 55th Street: aka Rockefeller Townhouses. Class A office building (1985).
70 East 55th Street: aka Heron Tower. Class A office building (1987).
477 Madison Avenue: Class A office building (1953).
Looking for a creative solution for reducing your rent budget without sacrificing quality. The Trump Building at 40 Wall Street offers Class A prebuilt corporate offices with spectacular views starting at $37 PSF. Link HERE.
Leasing Prebuilt Corporate Offices in the plaza district
By using an experienced TENANT REPRESENTATION BROKER you can secure the best rates when leasing prebuilt corporate offices in the Plaza District or elsewhere in NYC. That’s because 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.
Cogent Realty Advisors is a NO FEE Tenant Representation Broker with over 15 years of success. Contact Mitchell Waldman today: (212) 509-4049.
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