122 Fifth Ave. Picture courtesy of The Bromley Cos.
Microsoft has moved into 122 Fifth Ave., an 11-story mixed-use tower in Manhattan’s Union Sq., the New York Submit reported. The tech firm signed a lease for 150,000 sq. ft in 2021 to occupy flooring six by way of 10. The deal additionally consists of part of a 13,200-square-foot rooftop terrace and a 5,500-square-foot pavilion.
The constructing has been beneath The Bromley Cos.‘ possession since 1979, marking the corporate’s first buy in New York Metropolis. The redevelopment of the property was within the works since not less than 2018, when Bromley proposed a three-story vertical addition.
Nevertheless, the proposal modified over time and in 2021 The Landmarks Preservation Fee authorised a brand new plan that would come with the renovation of the facade and the development of a 10-story workplace constructing with area for retail. That very same yr, Bromley obtained $170 million in financing from PCCP LLC. The venture topped out in June 2022 and its completion was lately introduced.
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The Class A constructing initially designed by architect Robert Maynicke for developer Henry Corn got here on-line in 1900. The tower then underwent beauty renovation in 1982 and 1987. STUDIOS Structure designed the present redevelopment, together with floorplates starting from 27,000 to 33,000 sq. ft, six passenger elevators and is now concentrating on LEED and Fitwel certifications. Facilities embody a rooftop terrace, a motorbike storage room and a espresso store.
Positioned within the coronary heart of the Flatiron District, 122 Fifth Ave. is just a few blocks from Union Sq. Park and Madison Sq. Park.
Different tenants at 122 Fifth Ave. embody clothes and shoe firm Allbirds, which signed an 8,000-square-foot lease in early 2022, in addition to Parachute Residence and jeweler Pandora, which signed in August 2022.
Manhattan leads the U.S. in workplace rents
Manhattan is sustaining its place as the costliest workplace market within the nation. In Might, the common full-service equal itemizing price was $85.9, registering a 0.7 % improve within the final 12 months, based on a CommercialEdge report. The emptiness price clocked in at 17.0 %, a 290-basis-point improve year-over-year.
Some current noteworthy Manhattan leases embody Clayton Dubilier & Rice signing for 144,000 sq. ft with Olayan Group at 550 Madison Ave. In the meantime, Skanska expanded its tenancy on the Empire State Constructing, and Empire State Realty Belief landed a brand new tenant as nicely, relocating from 7 Penn Plaza.
