Midtown South Buildouts Arrive in Grand Central Area
In the Grand Central Office District, 270 Madison Avenue represents tremendous value. The building is cost efficient, averaging the equivalent of Class-B pricing for Class-A buildouts and interiors. As the property is managed by ABS Partners Real Estate, the company is able to save time for tenants and brokers by simplifying the leasing process with two options—modern pre-built units or the ability to customize a build out with the added value of an in-house construction team.
Build outs in nearby Class-A buildings with comparable finishes typically rent 15 percent higher than the mid-to-upper $50s PRSF asking rents that are offered at 270 Madison Avenue. Though Class-A rents in Manhattan fell about 1.5 percent in Q2 of 2016, the opportunity to occupy a high-end space with Class-B pricing still offers tenants an unparalleled value in Manhattan.
With this advantageous rent, ABS Partners extends greater value to the market with the 270 Madison Avenue pre-built program. Units feature modern touches, like glass-enclosed offices, exposed ceilings and polished concrete floors. Axpo U.S. and Energy Intelligence are two companies that were attracted to the convenience of the pre-built program and made the move to the Grand Central area. Axpo U.S. leased a pre-built unit on the 14th floor in the upper $50 per square foot range, while Energy Intelligence signed on for a high-end, turn-key space on the third floor. By contrast, pre-built units offering the same level of quality at a neighboring property are priced in the mid $60s per square foot.
At similar base rents in the $50s per square foot, prospective tenants at 270 Madison Avenue can choose to customize a raw space by working with an architect and in-house construction team to design a layout that fits their needs. Icon Parking was drawn to that opportunity and signed a lease for the building’s entire second floor. Icon worked with ABS Partners to design and build an office to suit the forward-looking parking provider, ultimately creating an efficient, modern headquarters in the Grand Central Office District that provided an unmatched combination of value and quality for the area.
Robert Finkelstein, the executive managing director at ABS Partners Real Estate, said, “We work with tenants like Icon Parking and Axpo U.S to create or provide the ideal office space, which ultimately contributes to the overall success of a business. At 270 Madison Avenue, the ABS team is involved in the leasing process from start to finish, ensuring that it is streamlined and cost effective.”
Currently at 270 Madison Avenue, the 16,395-square-foot seventh floor is available for lease. Tenants can work with ABS Partners to customize the entire floor, which can also be subdivided into 4,000-plus-square-foot units.