Flatiron District in Midtown South. Credit: Jeffrey Zeldman

NEW YORK CITY— Tribeca Investment Group, PGIM Real Estate and Meadow Partners have entered into a 99-year ground lease at 295 Fifth Ave., a 17-floor, 700,00 square foot office tower that will undergo a $300 million reposition into a Class A office building.

Situated in the Midtown South submarket on a full block on Fifth Avenue between East 30th and East 31st streets, the property’s floor plates are sure to demand attention from the submarket, which has become one of the most active office markets in Manhattan. Midtown South had a record year in 2018 for leasing activity and asking rents, and has surpassed Midtown as one of the priciest office markets in the city, according to data from CBRE.

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.

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