New Kids on the Block: Inside Midtown South’s Boutique Office Renaissance

The growth of Manhattan’s boutique office market has accelerated in recent years, and nowhere is that more visible than in the prime corridors of Midtown South below 34th Street — neighborhoods like Flatiron, Chelsea, Hudson Square, and Tribeca. The personality and residential vibe of these areas have drawn in pioneering, creative-type office tenants for more than a decade. But demand is rapidly increasing as more established tech and media and even traditional companies see the appeal of these submarkets for attracting top talent. And while new or newly renovated Class A office space is still hard to come by, there is a vanguard of upscale boutique office properties rising in these neighborhoods, aiming to meet this wave of demand, and the high expectations that come with it.

What do these discerning tenants want?

“We’ve seen consistently solid tenant demand for buildings with 250,000 square feet or less that can still offer modernized, Class A office space and high-end architectural features. Tenants are looking for locations rich with amenities and with exceptional transit access,” said Mitch Konsker of JLL New York. “In short, they want it all.”

And they’re willing to pay for it. Asking rents for Class A office space in Midtown South have increased by 8.4 percent per year since 2010, reports JLL, compared to just 3.8 percent annual rent growth for the rest of Manhattan during the same time period. And developers have taken notice, launching a handful of boutique office projects in the area — 2019 alone has seen new builds completed at 61 Ninth Avenue, 300 Lafayette and One Soho Square. All three boast high occupancy and average rents well above $100 per square foot.

Building on the success of projects like these, Columbia Property Trust and Normandy Real Estate Partners have broken ground on 799 Broadway, a 12-story boutique office project located at the corner of 11th Street and Broadway. The new building will bring a striking, asymmetrical glass exterior and 180,000 square feet of premium office and retail space to the convergence of Union Square and Greenwich Village — one of the tightest office submarkets in Midtown South, due to having almost no competing supply at present.

“799 Broadway will be right at home in a neighborhood known for its unique culture and architecture,” said Paul Teti, a partner at Normandy. “We identified the opportunity to create something that stands apart yet is thematically in line with what office tenants are looking for in this neighborhood, and that can be summarized as ‘high-quality’ space with great amenities and a truly distinctive look and feel.”

Every facet of 799 Broadway has been designed to meet the needs of companies looking to create an exceptional work environment that will attract top talent. Nine distinct private terraces provide outdoor space to nearly every floor in the building, while 15’-30’ ceilings and floor-to-ceiling windows ensure the light and airy feeling continues through the indoor space as well. Flexible floor plates will be able to accommodate a variety of changing needs for growing companies, and the Greenwich Village-Union Square location, with its exceptional transit access and thriving young residential base, will enable employers in the building to recruit and retain top talent, both locally and from throughout the region.

Consistent with other boutique office projects in Midtown South, the design concept for 799 Broadway embraces high-end, creative office design in myriad ways. As lead architect for the building, Design Director Robert Goodwin from Perkins & Will said the building’s design emphasizes “open, flexible, and human-scaled” elements throughout.

“For discerning office tenants, the overall vibe of the Union Square-Greenwich Village neighborhood combined with close proximity to mass transit makes the area very attractive,” summarized David Cheikin, SVP of Strategic Real Estate Initiatives for Columbia.

Nelson Mills, CEO of Columbia, said 799 Broadway will become the company’s first (but hardly its last) ground-up office development in Midtown South when it tops out in 2020. Columbia is already planning its next project — a comprehensive redevelopment of 250 Church Street in Tribeca, also with Normandy, and which boasts Rafael Viñoly as architect.

“We are well positioned to meet rising demand for well-located new boutique office product in Midtown South,” Mills says.

While market watchers expect the size of Midtown South’s boutique office market to grow in coming years, demand is projected to outpace supply for the foreseeable future. A host of physical and regulatory factors — including smaller or oddly-shaped building lots, limits on building heights, and rigid landmark restrictions — greatly limit overall development opportunities in these culturally rich, architecturally distinct neighborhoods. JLL data shows that 799 Broadway is one of only three new boutique-class office projects slated to deliver in the Greenwich Village-Union Square submarket over the next two years, which represents a small percentage of inventory for the area.

As more and more office users fall for Midtown South’s charm, those few creative, boutique projects like 799 Broadway that can effectively meet the needs of modern, discerning office tenants will continue to reap the benefits of this trend.

The growth of Manhattan’s boutique office market has accelerated in recent years, and nowhere is that more visible than in the prime corridors of Midtown South below 34th Street — neighborhoods like Flatiron, Chelsea, Hudson Square, and Tribeca. The personality and residential vibe of these areas have drawn in pioneering, creative-type office tenants for more than a decade. But demand is rapidly increasing as more established tech and media and even traditional companies see the appeal of these submarkets for attracting top talent. And while new or newly renovated Class A office space is still hard to come by, there is a vanguard of upscale boutique office properties rising in these neighborhoods, aiming to meet this wave of demand, and the high expectations that come with it.

What do these discerning tenants want?

“We’ve seen consistently solid tenant demand for buildings with 250,000 square feet or less that can still offer modernized, Class A office space and high-end architectural features. Tenants are looking for locations rich with amenities and with exceptional transit access,” said Mitch Konsker of JLL New York. “In short, they want it all.”

And they’re willing to pay for it. Asking rents for Class A office space in Midtown South have increased by 8.4 percent per year since 2010, reports JLL, compared to just 3.8 percent annual rent growth for the rest of Manhattan during the same time period. And developers have taken notice, launching a handful of boutique office projects in the area — 2019 alone has seen new builds completed at 61 Ninth Avenue, 300 Lafayette and One Soho Square. All three boast high occupancy and average rents well above $100 per square foot.

Building on the success of projects like these, Columbia Property Trust and Normandy Real Estate Partners have broken ground on 799 Broadway, a 12-story boutique office project located at the corner of 11th Street and Broadway. The new building will bring a striking, asymmetrical glass exterior and 180,000 square feet of premium office and retail space to the convergence of Union Square and Greenwich Village — one of the tightest office submarkets in Midtown South, due to having almost no competing supply at present.

“799 Broadway will be right at home in a neighborhood known for its unique culture and architecture,” said Paul Teti, a partner at Normandy. “We identified the opportunity to create something that stands apart yet is thematically in line with what office tenants are looking for in this neighborhood, and that can be summarized as ‘high-quality’ space with great amenities and a truly distinctive look and feel.”

Every facet of 799 Broadway has been designed to meet the needs of companies looking to create an exceptional work environment that will attract top talent. Nine distinct private terraces provide outdoor space to nearly every floor in the building, while 15’-30’ ceilings and floor-to-ceiling windows ensure the light and airy feeling continues through the indoor space as well. Flexible floor plates will be able to accommodate a variety of changing needs for growing companies, and the Greenwich Village-Union Square location, with its exceptional transit access and thriving young residential base, will enable employers in the building to recruit and retain top talent, both locally and from throughout the region.

Consistent with other boutique office projects in Midtown South, the design concept for 799 Broadway embraces high-end, creative office design in myriad ways. As lead architect for the building, Design Director Robert Goodwin from Perkins & Will said the building’s design emphasizes “open, flexible, and human-scaled” elements throughout.

“For discerning office tenants, the overall vibe of the Union Square-Greenwich Village neighborhood combined with close proximity to mass transit makes the area very attractive,” summarized David Cheikin, SVP of Strategic Real Estate Initiatives for Columbia.

Nelson Mills, CEO of Columbia, said 799 Broadway will become the company’s first (but hardly its last) ground-up office development in Midtown South when it tops out in 2020. Columbia is already planning its next project — a comprehensive redevelopment of 250 Church Street in Tribeca, also with Normandy, and which boasts Rafael Viñoly as architect.

“We are well positioned to meet rising demand for well-located new boutique office product in Midtown South,” Mills says.

While market watchers expect the size of Midtown South’s boutique office market to grow in coming years, demand is projected to outpace supply for the foreseeable future. A host of physical and regulatory factors — including smaller or oddly-shaped building lots, limits on building heights, and rigid landmark restrictions — greatly limit overall development opportunities in these culturally rich, architecturally distinct neighborhoods. JLL data shows that 799 Broadway is one of only three new boutique-class office projects slated to deliver in the Greenwich Village-Union Square submarket over the next two years, which represents a small percentage of inventory for the area.

As more and more office users fall for Midtown South’s charm, those few creative, boutique projects like 799 Broadway that can effectively meet the needs of modern, discerning office tenants will continue to reap the benefits of this trend.

The growth of Manhattan’s boutique office market has accelerated in recent years, and nowhere is that more visible than in the prime corridors of Midtown South below 34th Street — neighborhoods like Flatiron, Chelsea, Hudson Square, and Tribeca. The personality and residential vibe of these areas have drawn in pioneering, creative-type office tenants for more than a decade. But demand is rapidly increasing as more established tech and media and even traditional companies see the appeal of these submarkets for attracting top talent. And while new or newly renovated Class A office space is still hard to come by, there is a vanguard of upscale boutique office properties rising in these neighborhoods, aiming to meet this wave of demand, and the high expectations that come with it.

What do these discerning tenants want?

“We’ve seen consistently solid tenant demand for buildings with 250,000 square feet or less that can still offer modernized, Class A office space and high-end architectural features. Tenants are looking for locations rich with amenities and with exceptional transit access,” said Mitch Konsker of JLL New York. “In short, they want it all.”

And they’re willing to pay for it. Asking rents for Class A office space in Midtown South have increased by 8.4 percent per year since 2010, reports JLL, compared to just 3.8 percent annual rent growth for the rest of Manhattan during the same time period. And developers have taken notice, launching a handful of boutique office projects in the area — 2019 alone has seen new builds completed at 61 Ninth Avenue, 300 Lafayette and One Soho Square. All three boast high occupancy and average rents well above $100 per square foot.

Building on the success of projects like these, Columbia Property Trust and Normandy Real Estate Partners have broken ground on 799 Broadway, a 12-story boutique office project located at the corner of 11th Street and Broadway. The new building will bring a striking, asymmetrical glass exterior and 180,000 square feet of premium office and retail space to the convergence of Union Square and Greenwich Village — one of the tightest office submarkets in Midtown South, due to having almost no competing supply at present.

“799 Broadway will be right at home in a neighborhood known for its unique culture and architecture,” said Paul Teti, a partner at Normandy. “We identified the opportunity to create something that stands apart yet is thematically in line with what office tenants are looking for in this neighborhood, and that can be summarized as ‘high-quality’ space with great amenities and a truly distinctive look and feel.”

Every facet of 799 Broadway has been designed to meet the needs of companies looking to create an exceptional work environment that will attract top talent. Nine distinct private terraces provide outdoor space to nearly every floor in the building, while 15’-30’ ceilings and floor-to-ceiling windows ensure the light and airy feeling continues through the indoor space as well. Flexible floor plates will be able to accommodate a variety of changing needs for growing companies, and the Greenwich Village-Union Square location, with its exceptional transit access and thriving young residential base, will enable employers in the building to recruit and retain top talent, both locally and from throughout the region.

Consistent with other boutique office projects in Midtown South, the design concept for 799 Broadway embraces high-end, creative office design in myriad ways. As lead architect for the building, Design Director Robert Goodwin from Perkins & Will said the building’s design emphasizes “open, flexible, and human-scaled” elements throughout.

“For discerning office tenants, the overall vibe of the Union Square-Greenwich Village neighborhood combined with close proximity to mass transit makes the area very attractive,” summarized David Cheikin, SVP of Strategic Real Estate Initiatives for Columbia.

Nelson Mills, CEO of Columbia, said 799 Broadway will become the company’s first (but hardly its last) ground-up office development in Midtown South when it tops out in 2020. Columbia is already planning its next project — a comprehensive redevelopment of 250 Church Street in Tribeca, also with Normandy, and which boasts Rafael Viñoly as architect.

“We are well positioned to meet rising demand for well-located new boutique office product in Midtown South,” Mills says.

While market watchers expect the size of Midtown South’s boutique office market to grow in coming years, demand is projected to outpace supply for the foreseeable future. A host of physical and regulatory factors — including smaller or oddly-shaped building lots, limits on building heights, and rigid landmark restrictions — greatly limit overall development opportunities in these culturally rich, architecturally distinct neighborhoods. JLL data shows that 799 Broadway is one of only three new boutique-class office projects slated to deliver in the Greenwich Village-Union Square submarket over the next two years, which represents a small percentage of inventory for the area.

As more and more office users fall for Midtown South’s charm, those few creative, boutique projects like 799 Broadway that can effectively meet the needs of modern, discerning office tenants will continue to reap the benefits of this trend.

The growth of Manhattan’s boutique office market has accelerated in recent years, and nowhere is that more visible than in the prime corridors of Midtown South below 34th Street — neighborhoods like Flatiron, Chelsea, Hudson Square, and Tribeca. The personality and residential vibe of these areas have drawn in pioneering, creative-type office tenants for more than a decade. But demand is rapidly increasing as more established tech and media and even traditional companies see the appeal of these submarkets for attracting top talent. And while new or newly renovated Class A office space is still hard to come by, there is a vanguard of upscale boutique office properties rising in these neighborhoods, aiming to meet this wave of demand, and the high expectations that come with it.

What do these discerning tenants want?

“We’ve seen consistently solid tenant demand for buildings with 250,000 square feet or less that can still offer modernized, Class A office space and high-end architectural features. Tenants are looking for locations rich with amenities and with exceptional transit access,” said Mitch Konsker of JLL New York. “In short, they want it all.”

And they’re willing to pay for it. Asking rents for Class A office space in Midtown South have increased by 8.4 percent per year since 2010, reports JLL, compared to just 3.8 percent annual rent growth for the rest of Manhattan during the same time period. And developers have taken notice, launching a handful of boutique office projects in the area — 2019 alone has seen new builds completed at 61 Ninth Avenue, 300 Lafayette and One Soho Square. All three boast high occupancy and average rents well above $100 per square foot.

Building on the success of projects like these, Columbia Property Trust and Normandy Real Estate Partners have broken ground on 799 Broadway, a 12-story boutique office project located at the corner of 11th Street and Broadway. The new building will bring a striking, asymmetrical glass exterior and 180,000 square feet of premium office and retail space to the convergence of Union Square and Greenwich Village — one of the tightest office submarkets in Midtown South, due to having almost no competing supply at present.

“799 Broadway will be right at home in a neighborhood known for its unique culture and architecture,” said Paul Teti, a partner at Normandy. “We identified the opportunity to create something that stands apart yet is thematically in line with what office tenants are looking for in this neighborhood, and that can be summarized as ‘high-quality’ space with great amenities and a truly distinctive look and feel.”

Every facet of 799 Broadway has been designed to meet the needs of companies looking to create an exceptional work environment that will attract top talent. Nine distinct private terraces provide outdoor space to nearly every floor in the building, while 15’-30’ ceilings and floor-to-ceiling windows ensure the light and airy feeling continues through the indoor space as well. Flexible floor plates will be able to accommodate a variety of changing needs for growing companies, and the Greenwich Village-Union Square location, with its exceptional transit access and thriving young residential base, will enable employers in the building to recruit and retain top talent, both locally and from throughout the region.

Consistent with other boutique office projects in Midtown South, the design concept for 799 Broadway embraces high-end, creative office design in myriad ways. As lead architect for the building, Design Director Robert Goodwin from Perkins & Will said the building’s design emphasizes “open, flexible, and human-scaled” elements throughout.

“For discerning office tenants, the overall vibe of the Union Square-Greenwich Village neighborhood combined with close proximity to mass transit makes the area very attractive,” summarized David Cheikin, SVP of Strategic Real Estate Initiatives for Columbia.

Nelson Mills, CEO of Columbia, said 799 Broadway will become the company’s first (but hardly its last) ground-up office development in Midtown South when it tops out in 2020. Columbia is already planning its next project — a comprehensive redevelopment of 250 Church Street in Tribeca, also with Normandy, and which boasts Rafael Viñoly as architect.

“We are well positioned to meet rising demand for well-located new boutique office product in Midtown South,” Mills says.

While market watchers expect the size of Midtown South’s boutique office market to grow in coming years, demand is projected to outpace supply for the foreseeable future. A host of physical and regulatory factors — including smaller or oddly-shaped building lots, limits on building heights, and rigid landmark restrictions — greatly limit overall development opportunities in these culturally rich, architecturally distinct neighborhoods. JLL data shows that 799 Broadway is one of only three new boutique-class office projects slated to deliver in the Greenwich Village-Union Square submarket over the next two years, which represents a small percentage of inventory for the area.

As more and more office users fall for Midtown South’s charm, those few creative, boutique projects like 799 Broadway that can effectively meet the needs of modern, discerning office tenants will continue to reap the benefits of this trend.

The growth of Manhattan’s boutique office market has accelerated in recent years, and nowhere is that more visible than in the prime corridors of Midtown South below 34th Street — neighborhoods like Flatiron, Chelsea, Hudson Square, and Tribeca. The personality and residential vibe of these areas have drawn in pioneering, creative-type office tenants for more than a decade. But demand is rapidly increasing as more established tech and media and even traditional companies see the appeal of these submarkets for attracting top talent. And while new or newly renovated Class A office space is still hard to come by, there is a vanguard of upscale boutique office properties rising in these neighborhoods, aiming to meet this wave of demand, and the high expectations that come with it.

What do these discerning tenants want?

“We’ve seen consistently solid tenant demand for buildings with 250,000 square feet or less that can still offer modernized, Class A office space and high-end architectural features. Tenants are looking for locations rich with amenities and with exceptional transit access,” said Mitch Konsker of JLL New York. “In short, they want it all.”

And they’re willing to pay for it. Asking rents for Class A office space in Midtown South have increased by 8.4 percent per year since 2010, reports JLL, compared to just 3.8 percent annual rent growth for the rest of Manhattan during the same time period. And developers have taken notice, launching a handful of boutique office projects in the area — 2019 alone has seen new builds completed at 61 Ninth Avenue, 300 Lafayette and One Soho Square. All three boast high occupancy and average rents well above $100 per square foot.

Building on the success of projects like these, Columbia Property Trust and Normandy Real Estate Partners have broken ground on 799 Broadway, a 12-story boutique office project located at the corner of 11th Street and Broadway. The new building will bring a striking, asymmetrical glass exterior and 180,000 square feet of premium office and retail space to the convergence of Union Square and Greenwich Village — one of the tightest office submarkets in Midtown South, due to having almost no competing supply at present.

“799 Broadway will be right at home in a neighborhood known for its unique culture and architecture,” said Paul Teti, a partner at Normandy. “We identified the opportunity to create something that stands apart yet is thematically in line with what office tenants are looking for in this neighborhood, and that can be summarized as ‘high-quality’ space with great amenities and a truly distinctive look and feel.”

Every facet of 799 Broadway has been designed to meet the needs of companies looking to create an exceptional work environment that will attract top talent. Nine distinct private terraces provide outdoor space to nearly every floor in the building, while 15’-30’ ceilings and floor-to-ceiling windows ensure the light and airy feeling continues through the indoor space as well. Flexible floor plates will be able to accommodate a variety of changing needs for growing companies, and the Greenwich Village-Union Square location, with its exceptional transit access and thriving young residential base, will enable employers in the building to recruit and retain top talent, both locally and from throughout the region.

Consistent with other boutique office projects in Midtown South, the design concept for 799 Broadway embraces high-end, creative office design in myriad ways. As lead architect for the building, Design Director Robert Goodwin from Perkins & Will said the building’s design emphasizes “open, flexible, and human-scaled” elements throughout.

“For discerning office tenants, the overall vibe of the Union Square-Greenwich Village neighborhood combined with close proximity to mass transit makes the area very attractive,” summarized David Cheikin, SVP of Strategic Real Estate Initiatives for Columbia.

Nelson Mills, CEO of Columbia, said 799 Broadway will become the company’s first (but hardly its last) ground-up office development in Midtown South when it tops out in 2020. Columbia is already planning its next project — a comprehensive redevelopment of 250 Church Street in Tribeca, also with Normandy, and which boasts Rafael Viñoly as architect.

“We are well positioned to meet rising demand for well-located new boutique office product in Midtown South,” Mills says.

While market watchers expect the size of Midtown South’s boutique office market to grow in coming years, demand is projected to outpace supply for the foreseeable future. A host of physical and regulatory factors — including smaller or oddly-shaped building lots, limits on building heights, and rigid landmark restrictions — greatly limit overall development opportunities in these culturally rich, architecturally distinct neighborhoods. JLL data shows that 799 Broadway is one of only three new boutique-class office projects slated to deliver in the Greenwich Village-Union Square submarket over the next two years, which represents a small percentage of inventory for the area.

As more and more office users fall for Midtown South’s charm, those few creative, boutique projects like 799 Broadway that can effectively meet the needs of modern, discerning office tenants will continue to reap the benefits of this trend.