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Class A onThird Avenue - NYC's Often Overlooked Market for Office Space

JACK COHEN
SPACES COMMERCIAL REAL ESTATE
212-300-3265
jack@spacescre.com

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The first step in working with a new client looking for office space in New York City is establishing search parameters. Frequently, our clients already have a clear idea of their space requirements, so we’re aiming to understand aspects such as budget, desired layout, building profile, timing for occupancy, and their geographic preferences. How far north, south, east, and west should we extend our search? Historically, we’ve confined our search from Seventh or Sixth Avenue to Madison Avenue or occasionally extended to Lexington Avenue, overlooking Third Avenue. There are a few reasons for this, including proximity to mass transit and perception. However, one of the most impactful reasons was the lack of quality buildings compared to Sixth, Fifth, and Madison Avenues.

Recently, however, several buildings on Third Avenue have undergone substantial renovations, revitalizing this previously overlooked commercial corridor into a must-see for tenants seeking value-oriented Class A office space.

As reported, the market for office space in New York is bifurcated, with premier Class A buildings offering amenities leasing at premium rents, while all others experience stagnant leasing activity—a flight to quality. As buildings on Sixth, Fifth, and Madison Avenues lease up and rents increase, tenants still seeking quality are turning their attention to Third Avenue. What they are finding are several buildings with new lobbies, upgraded office spaces, and top tier amenity centers, where rents are 30-40% lower than similar buildings further West. This makes Third Avenue a preferred choice for financial services tenants seeking new office space in the Plaza District and Grand Central submarkets.

Highlighting three of the recently renovated office buildings raising the bar and profile of Third Avenue are:

885 Third Avenue
767 Third Avenue
780 Third Avenue

Contact us here for a private tour of the building and available spaces at 885 Third Avenue. 

Entire 2nd-5th Floors:13,607 RSF each
Entire 18th Floor:7,518 RSF
Partial 28th Floor:2,745 RSF
Entire 31st Floor:7,816 RSF
Entire Penthouse:14,843 RSF (details below)

For firms looking for unique and memorable space, the 14,000 RSF duplex penthouse features 360 degree unobstructed views with an internal spiral staircase connecting the first to the second level. Sage will design and built the space to tenant’s specifications with an option to furnish offering a true turn key space opportunity.

Contact us here for a private tour of the building and available spaces at 767 Third Avenue.