$15M in Capital Improvements Slated for Midtown East Building
A 210,000-square-foot office Midtown East building is set to get updated common areas to “strategically attract new media and tech firms,” Newmark (NMRK) Grubb Knight Frank announced today.
Capital improvements at the Meadow Properties building, at 211 East 43rd Street, include gut-renovating the lobby, common spaces and elevators; reconfiguring the floor plates; adding kitchen/cafés to each office suite; installing new bathrooms on every floor; and giving tenants their own submeters for electricity. Work started on the lobby this month.
New tenants at the building include AWS Construction, Caliber Associates, the Costa Rican Mission to the United Nations, Reger Designs, Inc., Rennert International, the Republic of Mauritius Mission to the United Nations and Set Physical Therapy. Newmark’s William Cohen and David Emden are the building’s exclusive leasing agents.
“We are staying away from high-traffic and transient tenants to create an intimate boutique office building at 211 East 43rd St. and going the extra mile to cater to tech, creative and media tenants, among others, by opening up the layouts, offering both built-to-suit and pre-built spaces, and upgrading the building’s connectivity,” Mr. Cohen said in a prepared statement. “211 East 43rd Street is also able to offer rents that are 15 to 20 percent more competitive than other properties in the Grand Central area, while promising the same strategic location near all forms of mass transportation and the same quality.” Asking rents are in the $40s per square foot.