Leasing activity has surged at 520 Fifth Avenue, often described as an office building “hiding in plain sight.” As a result, the property is now more than 40 percent leased after just nine months of marketing.
The 1,002-foot luxury tower features 210,000 square feet of boutique office space. The offices span floors nine through 34 and offer 12-foot ceilings. As a result, tenants benefit from a more elevated workspace experience.
Recently, four tenants signed new leases at the property. These include Headlands Technology, Abrams Capital, MFA Financial, and 1823 Partners. Consequently, strong demand from financial firms continues to drive leasing activity.
Rabina developed the tower to combine luxury residential and office space. Therefore, the building delivers a unique mixed-use environment in Midtown Manhattan.
Asking rents range from the high $100s to more than $200 per square foot. As a result, the property competes with top-tier office assets across the market. Ultimately, leasing momentum should continue as demand for boutique office space remains strong.
*Article courtesy of New York Post
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CORFAC International – New York, an extension of CORFAC International delivers over 90 years of Expertise for Commercial Real Estate in the Greater NY Metro Area. Comprised of a partnership of WCRE & Chilmark Real Estate Services, CORFAC International – New York provides practical guidance, analyzes crucial transaction details for optimal workspaces and deals, by leveraging market knowledge to drive client success. As committed advocates, we deliver measurable results, serving global clients with expert advisory and property management. We match your dedication with proven expertise.
