475 PAS $40M Rehab Nears Completion
Lauren Elkies Schram April 22, 2014, 7:45 a.m.
Cohen Brothers is finishing up a $40 million multiyear renovation at 475 Park Avenue South that will transform the exterior of the building with seamless high-tech expansive windows and a white frit pattern, Commercial Observer has learned.
“Nobody’s spending that kind of money” for a commercial building, said Marc Horowitz, director of office leasing at Cohen Brothers. “This will be the nicest [commercial] building, hands down, that exists on Park Avenue South.”
Meanwhile, the renovation wasn’t really necessary as the building, between 31st and 32nd Streets, was in good shape, Mr. Horowitz said, but company President and Chief Executive Officer Charles Cohen “is always reinvesting in his properties.”
The three-year project, which includes redoing the curtain wall, lobby, elevators, corridors and bathrooms, should be completed by August. The bulk of the work that remains is completing the transformation of the exterior from black and glass metal to a custom-made curtain wall. It is half done. “Every window is going to be seamless glass,” Mr. Horowitz said.
The architect for the skin of the building is Cesear Pelli, who is “integrating advanced glass curtain wall technology with a composite metal system,” according to building marketing materials. “Textured with metal projections and a sinuous white frit pattern composed of small squares, glass walls are defined by edges that extend beyond the chamfered structure.” The lobby was designed by AREA Architecture.
The cost of the 400,000-square-foot building renovation is in excess of $100 a foot, a source with knowledge of the project said.
Major tenants at the 35-story tower include Valerie Wilson Travel, Mediabistro and law firm Platzer, Swergold, Levin, Goldberg, Katz & Jaslow.
Rents are $60 per square foot on the upper floors and $57 to $58 a foot on the lower floors, Mr. Horowitz said.