Best of Both Worlds – 270 Madison Avenue
By ABS Partners Real Estate September 12, 2016 8:00 am
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Companies in Manhattan have choices between classic pre-war buildings, modern tech-savvy towers or a calculated, well-thought-out hybrid property. A prime example is 270 Madison Avenue, as it’s a pre-war, Class-B property that has been upgraded and continues to implement technological advancements. The centrally located building, which was constructed in 1923, offers high-quality buildouts at a very competitive price, creating a valuable, unique blend of a classic 1920s construction and contemporary interiors that cater to the modern office tenant.
Keeping on par with today’s fast-paced business world, ABS Partners Real Estate made significant upgrades to 270 Madison Avenue, including high-end buildouts, fiber optic connectivity and a security key-card access system. Additionally, ABS Partners makes it easy for brokers to close deals by offering tenants the ability to customize the layout of their space to best fit their company’s needs—something that is not always available at this price level.
“At 270 Madison Avenue, we’ve been able to create an office environment with a collection of upgrades evocative of what is found in Midtown South buildings. Our property emits a different feel when you walk in that is reminiscent of classic New York, but with modern touches,” said Alex Kaskel, the director at ABS Partners. “The building also offers tenants an unmatched value for this submarket. Rent for a full buildout at 270 Madison Avenue averages in the high-50s per square foot; similar Class-A buildings in the neighborhood ask $65 or more per square foot for an equal- or lesser-quality office space.”
To contribute to the modernization of the building, 270 Madison Avenue is slated to undergo various cosmetic upgrades, without abandoning its classic architectural elements. ABS Partners is holding a “beauty contest” with several top architecture firms submitting their design for a full lobby renovation. Once completed by 2018, the renovation will include a double-height entranceway that provides a fresh, sleek arrival for tenants while renovating a space where old and new blend seamlessly.
The upgrades, buildouts and planned renovations at 270 Madison Avenue have also attracted a different type of tenancy, reaching beyond the traditional law and accounting firms that brokers would historically find at a pre-war building. Recently, ABS Partners signed deals with innovative and tech-heavy companies like Icon Parking, Axpo U.S. and Energy Intelligence, showing that the property caters to the needs of industries ranging from transportation to energy trading.
Currently, the entire 16,400-square-foot seventh floor at 270 Madison Avenue is available. Asking rent for this space and other pre-builts in the building is below the Grand Central Office District���s average ask of $69 per square foot, affording tenants the ability to customize an office environment without sacrificing quality or location. At 270 Madison Avenue, tenants are in the center of a thriving business district, providing an unmatched value in an established, reliable Manhattan office property.
For more information about other availabilities at 270 Madison Avenue, connect with Alex Kaskel at akaskel@abre.com or (212) 400-6097 and Robert Finkelstein at rfinkelstein@absre.com or (212) 400-9525.
