TF Cornerstone Renovates 387 Park Avenue South
Daniel Geiger July 17, 2012, 2:21 p.m.
TF Cornerstone is readying plans to undertake a major renovation of 387 Park Avenue South, a roughly 215,000-square-foot office building the company owns at the edge of booming Midtown South.
Matthew Leon, a top leasing executive at Newmark Grubb Knight Frank who oversees leasing of TF Cornerstone’s Manhattan portfolio of space, said that over $10 million will likely be spent in order to upgrade the building.
The work will begin in the next few weeks and Mr. Leon said he and the company are gearing up to begin marketing the space to potential takers after Labor Day, when the summer season ends and the pace of leasing traditionally picks up in the city.
“It’s going to be spectacular, we’re totally redoing the property to the point where it’s going to be a whole new building,” Mr. Leon said. “There’s going to be a new facade at the base, two new entrances, a new lobby, new elevators and mechanicals.”
TF Cornerstone’s decision to remake 387 Park Avenue South would appear to correlate with the strength of the office market in Midtown South, a neighborhood where rents and occupancy levels have risen over the past year even as vacancy and rental increases in places like Midtown have stalled.
The company has its own headquarters at the property, occupying about 60,000 square feet on three floors in the 12-story building. The firm let leases for the remainder of the space expire in order to clear the building for the renovation work. Mr. Leon said that he will be shopping the available space, about 150,000 square feet, but that “for the right tenant” the whole building could be made available.