WIDE CHOICE OF CLASS A OFFICE SPACE
Arguably the best selection of affordable Class A offices for lease are available in the Grand Central Station neighborhood. Out of 171 buildings in this submarket, 72 of them are Class A. There is a great selection of small offices (1,500-5,000 Square Feet) for rent and landlords are negotiating deals for quality prebuilt offices at surprisingly competitive rental rates.
It is no surprise that Grand Central has such an inventory. Midtown Manhattan grew up around Grand Central Terminal. When the current terminal opened in 1913, the city’s central business district, long concentrated in Lower Manhattan shifted to Midtown. In 1930, the Art Deco Chrysler Building, was completed, and was at the time the tallest building in the world. In the heart of Grand Central neighborhood, it contains more than two million Square Feet of trophy Class A office space.
BARGAIN RENTS COMPARED TO MIDTOWN SOUTH
With the recent spike in commercial rents in Midtown South, Grand Central commercial real estate is cheap compared to Chelsea, Madison Square and Murray Hill. So, for many potential tenants, the question is: would I rather pay $75.00 per Square Foot for a Class B loft building near Madison Square Park or would I lease Grand Central office space in a Class A landmark building with 24/7 access for $58.00 per Square Foot?
Voracious demand in recent years for commercial loft space by Internet and technology start-ups has driven up rents in neighborhoods with affordable office and commercial loft space. Now, in comparison, rents for Grand Central office space are a relative bargain and many New York City businesses are taking advantage of this opportunity.
OFFICE LOFTS FOR TECH & CREATIVE BUSINESSES
Once upon a time, Grand Central Station used to be associated with traditional, somewhat stodgy office intensive spaces, with drop ceilings. This is changing. Landlords in buildings such as One Grand Central Place and The Graybar Building are reconfiguring new space; removing drop ceilings to expose 11’ foot ceilings, open up office intensive environments to create open plan collaborative workspaces that appeal to Internet start-ups, technology companies and creative users.
EXCELLENT CLASS B AND C BUILDINGS
Cost effective office rentals in top notch Class B buildings are on the market near Grand Central Station. With the look and feel of Class A office space, your company can lease offices in these hidden gems at surprisingly affordable rental rates. Whether you are a start-up or an established business, there are dozens of desirable B buildings for your business in this premier Manhattan neighborhood. Examples of some terrific Class B properties are The Chanin Building, 315 Madison Avenue and 501 Fifth Avenue.
GRAND CENTRAL STATION: STEPS TO YOUR OFFICE
Grand Central Terminal is one of the premier transportation hubs in the region. It serves Metro North trains as well as the East Side 4, 5, and 6 local and express subway lines. The 7 subway line and shuttle along 42nd Street are also accessible from the terminal. In addition, most Grand Central District buildings are within easy walking distance of the Sixth Avenue subway lines (B, D, F, V).
In some cases a short walk isn’t close enough! When you establish your business at One Grand Central Place, The Graybar Building, 370 Lexington Avenue, you benefit from direct access from Grand Central Terminal directly to your office space. Is it is snowing outside? You don’t even have to cross the street to catch the subway. Your business meeting ends at 10PM? You can walk downstairs to catch the next train or subway.
PRESTIGIOUS ADDRESS FOR YOUR COMPANY
Grand Central Terminal has undergone extensive refurbishment in recent years and shines as one of the city’s jewels, a destination for fine shopping and dining. The neighborhood abounds in hotels, restaurants, and stores. Nearby sights include the United Nations Headquarters, the Chanin Building, the former Daily News Building, the New York Public Library, and Bryant Park, Midtown’s backyard. Park Avenue north of Grand Central Terminal remains one of the most prestigious corporate addresses in the world.
OFFICE RENTALS FOR LARGE FIRMS, PROFESSIONAL PRACTICES & START-UPS
Companies that lease offices in the Grand Central Station neighborhood include law firms, accounting firms, banks, financial services firms, and range from Fortune 500 powerhouses to modestly sized firms operating out of the older office buildings. The area is also home to a tremendous range of goods and services providers, including national and independent retailers.
To schedule a property tour of Grand Central Station office space, call principal broker, Alan Rosinsky at (212) 447-5403.