Prebuilts Have Become Handy in Toolkit for Attracting Tenants
RXR Realty leases out prebuilt offices at 1330 Avenue of the Americas.
NEW YORK CITY—Sometimes the smaller spaces to smaller tenants can become more difficult to lease. That’s one of the reasons at the RealShare New York 2018 conference, the Moinian Group’s SVP, director of leasing Gregg Weisser said larger landlords are now working with non-traditional, co-working and flexible office space providers.
RXR Realty took a different approach in sealing two new deals at 1330 Avenue of the Americas—providing prebuilt units. QuadReal Property Group leased 3,445 square feet on part of the 34th floor for five years. Foresite Capital Management signed for 5,861 square feet on a portion of the 35th floor for seven years. The two agreements total 9,306 square feet at the 525,000 square-foot boutique office building.
Located between W. 53rd and W. 54th streets, the property is in a prime area of Midtown. To compete with newer products at Hudson Yards and downtown, the leases responded to an increasing demand for new design and amenities. Although the building was originally built in 1965, the architecture firm Gensler designed the new prebuilt units with sleek, modern finishes, exposed ceilings and an espresso bar.
Renovations will also include a pantry, lounge, conference rooms, and an updated lobby with new lighting, seating and artwork. The tenants will move into the completed prebuilt space in the first quarter of 2019.
The building owner is a joint venture of RXR Realty and Blackstone, according to Real Capital Analytics. They were represented by JLL’s Paul Glickman, Cynthia Wasserberger, Kip Orban, Hayley Shoener and Ben Bass. The team worked closely with RXR Realty’s William Elder, Lauren Ferrentino, Alexandra Budd and Jack Hord.
“QuadReal Property Group and Foresite Capital Management are the first two tenants for the new prebuilt units at 1330 Avenue of the Americas,” says Wasserberger. “Both firms were attracted to ownership’s attention to detail with the design and construction of the high-end spaces, as well as the building’s spectacular views of Central Park and Sixth Avenue.”
This is the Canadian real estate group QuadReal’s first office in Manhattan. They were represented by the JLL team of Matt Astrachan and Harley Dalton.
The private equity and venture capital firm Foresite Capital Management is relocating moving down the street from 1345 Avenue of the Americas, between W. 54th and W. 55th streets. Foresite was represented by Chris Mongeluzo and Justin Pollner, with Newmark Knight Frank.
Other tenants at 1330 Sixth Ave. include Silvercrest Asset Management, Caxton Alternative Management , Fubo TV and Abeona Therapeutics.