121 West 27th Street, Partial 6th Floor
Creative
$ 6,942 /month
2,450 SF
Space Overview
This partial 6th-floor space at 121 West 27th Street offers strong value in one of Chelsea’s most active creative corridors. Five south-facing windows flood the unit with natural light, and new wood flooring pairs well with high exposed ceilings for a clean, modern aesthetic. Tenants control their own window A/C units, and the landlord will negotiate a reasonable buildout for the right fit. Penn Station and LIRR access sit just blocks away, with the 2, 3, 9, B, D, F, Q, R, and N subway lines all within reach.
Built in 1910, 121 West 27th Street is a 12-story Class B office building with 110,000 square feet of loft-style space. Mehra Properties owns and manages the property, which underwent a full renovation in 2014. Amenities include an upgraded marble lobby with an attendant, keycard access, and both passenger and freight elevators. Tenants here range from architects and PR firms to photographers and design studios. Learn more about 121 West 27th Street.
Neighborhood
Chelsea has earned its reputation as one of Manhattan’s most creative and tech-forward neighborhoods. Anchored by landmarks like the High Line and Chelsea Market, the area draws a mix of startups, design firms, and established companies like Google and Uber. Art galleries line the western blocks, while restaurants and hotels fill the streets in between. The Whitney Museum sits nearby, and Penn Station is a short walk for commuters. Multiple subway lines make getting around easy, including the 1, 2, A, C, and E trains. Learn more about Chelsea.
Location
Nearby Public Transportation
34th Street–Penn Station - 8 minutes Walk28th Street () - 4 minutes Walk23rd Street () - 5 minutes Walk33rd Street () - 7 minutes Walk34th Street–Herald Square - 8 minutes Walk
West 32nd Street & Avenue of the Americas - 7 minutes WalkWest 31st Street/6th Avenue - 6 minutes Walk5th Avenue & West 26th Street - 8 minutes Walk
Property Details
Listing 58705
| Size: | 2,450 SF | Rent/SF: | $ 34.00 |
| Monthly Rent: | $ 6,942 | Lease Type: | Direct |
| Available: | 02/01/2024 | Lease Term: | 5/10 years |
| Suite/Floor: | Partial 6th floor | Address: | 121 W. 27th Street |
Features
| 24/7 Access | Attended Lobby |
| Build to Suit | Class B Building |
| Exposed Ceilings | Front Space |
| High Ceilings | Near Penn Station |
| Open Plan | Open Views |
| White Box | Window Units |
| Wood Floors |
Listings are presented for illustrative purposes only; they may no longer be available and are provided merely as an exemplary representation of the types of spaces in a given neighborhood for a given price.
Midtown is Manhattan’s central hub and its largest and most prominent office market. With roughly 242 million square feet of Midtown office space, there are various options to choose from. Moreover, you have several submarkets to consider in this expansive, diverse area. However, leasing or subletting office space in Midtown Manhattan is not a one-size-fits-all excursion. If you’re looking to find quality Midtown Manhattan office space, and your head’s spinning, it’s understandable. So ask yourself, how do I choose what’s best for my business in this enormous office market? It simply depends on what kind of business you run, what stage your business is in, and your specific needs. Perhaps you want space in an iconic Manhattan landmark, like the Empire State Building and the Chrysler Building. Maybe you want an older, affordable, Class A space by Grand Central at The Chanin Building or The Graybar Building. 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The Garment District and Murray Hill are prime neighborhoods for startups and small businesses due to their smaller boutique office buildings and comprehensive selection of small offices for lease. There are many 500-1,500 Square Foot office rentals in this area with competitive asking rents. Other submarkets like Grand Central have many affordable Class A office spaces. Many of these buildings date back to the 30s, 40s, and 50s and can exceed a million square feet. Most available space is between 2,500-40,000 Square Feet, so larger companies tend to sign leases. Midtown Manhattan also has many medical office buildings, such as 57 West 57th Street and 133 East 58th Street. These buildings specialize in leasing space to health care practices, physicians, therapists, psychiatrists, and dentists. 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Building class and availability will vary by submarket, but as of Q2, 2022 you could find availability as high as 17.9% in Grand Central or as “scarce” as 6.3% in the U.N. Plaza. Modern Class A office space drives the overwhelming majority of leasing activity in Midtown relative to more cost-effective traditional Class A, Class B, and Class C spaces. The Midtown office market is seeing a flight to quality. Demand for Modern Class A spaces has reached a fever pitch, and supply cannot keep up with demand. Cushman & Wakefield reveals that 84% of total leasing activity in Midtown Manhattan since COVID occurred in Class A office assets. Several Midtown Manhattan deals also exceeded $200 per square foot. These top-of-the-line spaces do not stay on the market for long in Midtown. Take what happened at SL Green’s One Vanderbilt, for example. Midtown was a ghost town during the worst of the pandemic, but this newly opened building was still 67% leased. By the end of 2020, it was 72% leased, and by October 2021, 90%. With many types of companies looking to bring their workers back to the office, they aim to find the most modern spaces and cutting-edge amenities to do so. Suppose you’re a larger, financially successful, publicly listed company, financial institution, tech firm, or rapidly expanding startup. In that case, you have the opportunity to select the best of the best office space in Midtown. A top-tier office environment is necessary to attract and retain staff. A sufficient budget could land you space neighboring prestigious publicly listed companies like Meta, Warner Bros., BlackRock, Discovery, Tapestry, Wells Fargo, L’Oreal, and Point 72 at Modern Class A amenity-rich complexes such as Hudson Yards. The trophy modern Class A assets get the most attention. But don’t overlook cost-effective Class A, B, and C buildings with various amenities, pricing structures, and customization potential. Office space remains especially robust for lease availability in commercial buildings constructed in the 30s, 40s, 50s, and 60s. Remember, the pricing isn’t determined by whether it is a new build-out or 2nd generation. It is determined much more so by building-wide renovation, such as new mechanical systems, roofs, corridors, restrooms, elevators, and other amenities. If the build-out is brand new, it may cost somewhat more. But the savings are not enormous if it’s a second-generation build-out. Leading up to 2020, it was trendy for commercial landlords to add a variety of amenities within office buildings. These amenities include but are not limited to roof decks, outdoor space, bike storage, conference centers and meeting rooms outside of demised space, gyms, meditation centers, and private dining areas. The goal was for these amenities to create an “experience” for team members and differentiate a property from the competition. Midtown’s top-tier, Class A buildings boast the highest level of amenities. 780 Third Avenue, for instance, has a private tenants-only dining area, outdoor space, and roof deck. Another example is the Chrysler Club which takes up the entire 27th floor of the Chrysler Building. The facility includes a yoga and meditation center, a shared conference center, and a library and lounge. The Empire State Building also has a tenants-only gym and a full-sized basketball court. Asking rents for Midtown Manhattan office space can range from $30/SF to $200/SF. The surprising range is because the neighborhoods that comprise Midtown Manhattan have vastly different asking rents. You could pay more than $200/SF for a modern Class A skyscraper in Grand Central. On the other hand, you could find a $30/SF office space blocks away in the Accessory District. If you’re looking for Class A office space, Midtown’s average asking price per square foot sat at $83.04 in Q2 2022. However, certain Class A buildings offer rents as low as $55/SF. Prices, of course, vary from neighborhood to neighborhood. For instance, landlords may ask for $95.25/SF in the Plaza District. Compare that to the U.N. District, where average Class A rents are roughly $68.36/SF. Consider that costs also do not include the required security deposit. This expense can range from two months to one year of rent you must pay once signing your lease. Of course, there’s the chance you might not even require a Class A space. Do not overlook what Class B and Class C options can offer at more attractive prices. First, many Class B properties have similar amenities to older Class A properties yet at predictably cheaper asking rents. If you want to be in the luxe Columbus Circle, you may find an average asking rent of $69.13 per square foot for a Class B space. 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Moreover, the Path Train from New Jersey services Midtown, the Metro North comes in from Connecticut and Upstate New York, and the Long Island Rail Road (LIRR) currently heads into Penn Station. However, the gloves could be off for Midtown’s complete rebirth with the new LIRR terminal finally opening up beneath Grand Central Station. With a 350,000-square-foot commuter corridor connected to One Vanderbilt and 25,000 square feet of brand-new retail space, the new LIRR terminal will save about 40 minutes of travel time and redirect roughly half of LIRR commuters to Grand Central. The bottom line is that with such vital transit hubs, and the new LIRR terminal, easy commutes from across metro New York City are about to get even easier.
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