Grand Central Office Rental Guide- 2019
Grand Central Office Rental Guide 2019 provides essential information for Tenants that occupy or are relocating to NYC’s most popular business district. This information was compiled in May 2019 and is subject to change. For the most current market conditions contact Cogent Realty Advisors, Inc. (212) 509-4049.
Building Locations & Market Statistics
The Grand Central Office market is the largest in NYC and comprised of 177 building with a combined 56,541,775 square feet of space. At the end of the first quarter of 2019 the average quoted asking rent in Grand Central Station office buildings was $55.86 PSF, excluding sublease space. The vacancy rate was 8.5%. Rent in the most exclusive buildings can reach $135.00 PSF. However, modest office spaces on some side streets can be rented for as little as $42.00 PSF.
The popularity of this business district is determined by the transportation connections found at Grand Central Terminal including the 4, 5, 6, 7 and S subway lines; M101, M102, M103, M1, M2, M3, M4, Q32 and M42 buses; Metro North Railroad, and the NYC Airporter.
For a comprehensive directory of all of the shopping, dining and events at Grand Central Station LINK HERE.
Grand Central Office Building Details
In this blog Cogent is examining some of the most popular office building in close proximity Grand Central Station. For information about available space and rental rates in any NYC office building contact Cogent Realty Advisors, Inc. (212) 509-4049.
420 Lexington Avenue, “the Graybar Building”: Four-Star rating by Costar, the Commercial Real Estate Information Company. 1,501,275 square feet and 30 stories. Typical floor is 50,042 RSF. Built in 1927 and modernized in 1999. Busy building catering to small- and midsize firms with an entrance inside of Grand Central Station and on Lexington Avenue. Tenants include law, accounting, financial services, insurance and technology. Deal Structure: Very efficient pre-built office spaces can be leased for 5- 10 years. Asking rent is $60.00- $68.00 PSF. For more details about this building link HERE.
122 East 42nd Street, “the Chanin Building”: Four-Star rating. 862,081 square feet and 26 stories. Busy building with entrances on 42nd Street, Lexington Avenue and 41st Street. Access to Grand Central through a passageway. The Chanin building offers a nice selection of quick service restaurants on its ground floor. Small- and medium- size firms from all industries are found here. Deal Structure: Pre-built new or previously occupied offices can be leased for 5- 10 years. Asking rent is from $51.00- 68.00 PSF depending on the location within the building. For more details about this building link HERE.
110 East 42nd Street, “the Greenpoint Building”: Three-Star rating. 293,878 square feet and 18 stories. Typical floor is 18,000 RSF. Built in 1921 and modernized. Occupied by professional firms from diverse industries. Pre-built new or previously occupied offices can be leased for 5- 10 years. On a 10 year lease term the Landlord will build-to-suit your office and provide an architect for space planning. Asking rent averages $65.00 PSF.
60 East 42nd Street “One Grand Central Place”: Four-Star rating. 1,315,216 square feet and 55 stories. Floors range from 23,913 RSF. Direct access to Grand Central by a passageway. In-building services include a visitor center, tenants-only conference center, dining options: Deal Structure: Newly constructed high-end contemporary space can be leased for 5- 10 years. On a 10 year lease term the Landlord will build-to-suit your office and provide an architect for space planning. Asking rent is from $59.00-70.00 PSF depending on the location within the building. For more details about this building link HERE.
140 East 45th Street, “2 Grand Central Tower”: Four-Star rating. 700,000 square feet and 44 stories. Typical floor is 14,460 RSF. Constructed in 1983 and upgraded in 2013. Deal Structure: Newly constructed high-end contemporary space can be leased for 5- 10 years. On a 7- 15 year lease term the Landlord will build-to-suit your office and provide an architect for space planning. As an alternative the Landlord will provide a cash contribution for the Tenant-managed construction of its own office. Asking rents: Call for information (212) 509-4049.
ABOUT COGENT REALTY ADVISORS
Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 20 years of experience representing businesses that lease NYC office space. Our goal is to help you find the right office at the right price. For information, phone Mitchell Waldman at (212) 509-4049