Tri Realty has selected Colliers International as the exclusive listing agent for 801 Second Avenue, it was announced today. Currently, the building boasts availability of an entire 8,500-square-foot floor and a 5,000-square-foot partial floor.
“It’s a small assignment, but an important client,” Andrew Simon, executive managing director at Colliers, told The Commercial Observer. Mr. Simon is joined on the leasing team by Drew O’Malley, Arthur Zuckerman and Jack Schulman.
The building is located at the southwest corner of East 43rd Street, in close proximity to Grand Central Station. “This is a value play in the Grand Central market,” Mr. Simon said. Asking rents for the building are in the low-$50s per square foot, with leases in the high-$40s achievable, according to Mr. Simon.
“It’s a well-located building; it’s family owned,” Mr. Simon added. “There’s a certain feel about being in a building owned by private investment companies, there’s a personal relationship between owners and tenants.”
The building could appeal to service companies that need to be in the Grand Central area but are priced out of other buildings, Mr. Simon noted. Office space could also appeal to technology companies being squeezed out of Midtown South.
“It could be good for tech companies looking for a value play even though that might not be the traditional type of tenant,” Mr. Simon said.
Colliers and the building’s ownership would consider diplomatic missions as tenants due to the buildings proximity to the United Nations. “However, we are trying to stay away from consulates due to the high amount of traffic they bring,” Mr. Simon cautioned.
The building’s current tenants include law firms, media companies, foreign missions, UN affiliates, construction and security companies, and JP Morgan Chase, according to a statement.
The leasing team was only recently retained and has not started to market the building’s available space, but will be up and running as early as this week, according to Mr. Simon.