Institutional Joint Venture Transforms Midtown South Office Tower

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 30^th and East 31^st 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.