Unicef Expands Office Space at 38th St. Location

NEW YORK CITY-The United States Fund for Unicef, which currently occupies 40,000 sf of sixth-floor office space on the at 333 E 38th St., has signed a three-year sublease for 9,565 sf of expansion office space on the fifth floor of the same building.

The 374,000-sf building has recently undergone extensive renovations and no additional build out will be done by Unicef, according to Ivan Hillman of Insignia/ESG, who represented leaseholder Kallir Philips Ross. Paul Wolf of Denham Wolf Real Estate Services Inc. represented Unicef.

Asking rent for the space was $38 per square foot. Terms of the lease were not disclosed.

According to Insignia/ESG’s just-released August 2001 Office Market Review, average asking rents in Midtown rose last month to $61.18 per square foot while dipping in Midtown South to $43.63 per square foot. However, availability rose to 6.9% in Midtown and dropped to 9% in Midtown South.

An additional 13,000 sf of direct space recently became available on the building’s eighth floor.

333 E. 38th St. is owned by 673 First Avenue Assocs., who consented to the sublease.