High End 3rd Avenue Office Space- NYC's Often Overlooked Market
SPACES COMMERCIAL REAL ESTATE
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The first step in working with a new client looking for office space in New York City is establishing search parameters. Frequently, our clients already have a clear idea of their space requirements, so we’re aiming to understand aspects such as budget, desired layout, building profile, timing for occupancy, and their geographic preferences. How far north, south, east, and west should we extend our search? Historically, we’ve confined our search from Seventh or Sixth Avenue to Madison Avenue or occasionally extended to Lexington Avenue, overlooking Third Avenue. There are a few reasons for this, including proximity to mass transit and perception. However, one of the most impactful reasons was the lack of quality buildings compared to Sixth, Fifth, and Madison Avenues.
Recently, however, several buildings on Third Avenue have undergone substantial renovations, revitalizing this previously overlooked commercial corridor into a must-see for tenants seeking value-oriented Class A office space.
As reported, the market for office space in New York is bifurcated, with premier Class A buildings offering amenities leasing at premium rents, while all others experience stagnant leasing activity—a flight to quality. As buildings on Sixth, Fifth, and Madison Avenues lease up and rents increase, tenants still seeking quality are turning their attention to Third Avenue. What they are finding are several buildings with new lobbies, upgraded office spaces, and top tier amenity centers, where rents are 30-40% lower than similar buildings further West. This makes Third Avenue a preferred choice for financial services tenants seeking new office space in the Plaza District and Grand Central submarkets.
Highlighting three of the recently renovated office buildings raising the bar and profile of Third Avenue are:
| 885 Third Avenue |
| 767 Third Avenue |
| 780 Third Avenue |
There are very few buildings that immediately recognizable when viewing the New York City skyline. 885 Third Avenue, also known as the Lipstick Building, is one of those buildings. With its distinct oval shape devoid of sharp angles, three tiers reminiscent of a telescoping tube of lipstick, and distinct color distinguishing it from the grays and blacks surrounding it, the building is already set apart.
The recent renovation by its owner, SL Green, includes a new double story lobby with a grab and go cafe, new elevator cabs, and an upgraded prebuilt program, the building has attracted many new in the financial services, consulting, and law sectors.
885 Third Avenue has several available suites ranging from a 2,700 RSF prebuilt with high end finishes to a full floor of almost 14,000 RSF with amazing 360 degree views that ownership would build to suit. Ownership is motivated to lease space making this one of the best values for iconic Class A office space in NYC.
Contact us here for a private tour of the building and available spaces at 885 Third Avenue.
One of the landlords at the forefront of luxury amenities is Sage Realty. Sage owns and manages several premier office buildings in Grand Central and Plaza District including 747 Third Avenue, 767 Third Avenue, 777 Third Avenue, and 437 Madison Avenue. Sage doubled down on their office portfolio in the midst of the Covid pandemic investing millions of dollars into the buildings including new lobbies, elevators, prebuilt office space, and their biggest differentiator- an amazing and luxurious amenity program. Each of the buildings feature different amenities and aesthetics and are accessible to all tenants within the Sage portfolio. The hub of the amenity program is Oasis an amenity area distinct in its offering and aesthetic. Occupying a full floor Oasis includes a large board room, a lounge with a stocked bar, a screening room, and a sprawling terrace all of which can be rented for a private event or used on demand.
Availability office spaces at 767 Third Avenue range from a smaller 2,745 RSF on the 28th floor with amazing views and natural light to full floors between 7,816 RSF in the tower with views and natural light to 13,607 RSF base floors.
| Entire 2nd-5th Floors: | 13,607 RSF each |
| Entire 18th Floor: | 7,518 RSF |
| Partial 28th Floor: | 2,745 RSF |
| Entire 31st Floor: | 7,816 RSF |
| Entire Penthouse: | 14,843 RSF (details below) |
For firms looking for unique and memorable space, the 14,000 RSF duplex penthouse features 360 degree unobstructed views with an internal spiral staircase connecting the first to the second level. Sage will design and built the space to tenant’s specifications with an option to furnish offering a true turn key space opportunity.
Contact us here for a private tour of the building and available spaces at 767 Third Avenue.
Just up the block from 767 Third Avenue, sitting at the corner of 49th Street and Third Avenue in the Plaza District is another building that has helped raise the profile of Third Avenue- 780 Third Avenue.
Owned by Nuveen, 780 Third Avenue has created a multistory state of the art amenity center dubbed The Gardens. Designed to with tenant’s physical and professional wellbeing in mind, the building features lush greenery from the courtyard into the lobby and flowing (literally) into the lower level amenity areas. The amenity areas feature different workspaces from private conference facilities to an open work lounge, restaurant and coffee bar, and a large full scale fitness center.
The organic and contemporary design follows up the building into the tenant suites with lots of natural wood finishes and large windows drawing in natural light. Availability in the building starts at 2,000 RSF through to 11,000 RSF full floors with a contiguous block of 33,000 RSF.
| Partial 15th Floor: | 7,889 RSF |
| Partial 19th Floor: | 1,954 RSF |
| Partial 20th Floor: | 4,754 RSF |
| Partial 30th Floor: | 2,350 RSF |
| Entire 31st Floor: | 10,900 RSF |
| Entire 36th- 38th Floors: | 11,249 RSF each |
Contact us here for a private tour of the building and available spaces at 780 Third Avenue or to learn more about the building.