Flatiron District in MidtownSouth. Credit: Jeffrey Zeldman
NEW YORK CITY— Tribeca Investment Group, PGIM Real Estate andMeadow Partners have entered into a 99-year ground lease at 295Fifth Ave., a 17-floor, 700,00 square foot office tower that willundergo a $300 million reposition into a Class A officebuilding.
Situated in the Midtown South submarket on a full block on FifthAvenue between East 30th and East31st streets, the property's floor plates aresure to demand attention from the submarket, which has become oneof the most active office markets in Manhattan. Midtown South had arecord year in 2018 for leasing activity and asking rents, and hassurpassed Midtown as one of the priciest office markets in thecity, according to data from CBRE.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
