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NEW YORK CITY-CB Richard Ellis has been awarded the leasing and management agency at 500 W. 37th St., a six-story boutique office building here. The property is situated in Midtown West, near the proposed Hudson Yards development site and just one block from Jacob K. Javits Convention Center. Denihan Capital, a real estate investment family firm who originally developed the property in 1991, has appointed the CBRE team of Zachary Freeman, Robert Flippin and Conor Denihan to spearhead the marketing efforts.

The property currently offers approximately 100,000 sf of contiguous available space ranging from smaller units of 4,680 sf to full floors of 18,301 sf. In addition to the office space, the CBRE team is also marketing more than 5,000 sf of prime, ground floor space. Asking rents for office space are $47 per sf. CBRE’s Asset Management team of Paul Allegretti and George Bibb will oversee the building’s day-to-day operation.

“We’ve already attracted a great deal of interest from advertising firms and new media companies seeking an alternative to the higher Midtown rents and the excellent signage and corporate branding opportunities the building offers,” Freeman explains. “The landlord is also planning a multi-million dollar capital improvement program, which will virtually create a new boutique office property and meet the highest specifications.”

Donald Denihan of Denihan Capital notes that “we wanted to hit the ground running. Therefore, in addition to our capital improvement plans, we hired the number one leasing firm in the world. CBRE brings superior market knowledge and an insight that would help us achieve maximum exposure and attract the ideal tenants.”

Denihan Capital retained Musho Architecture and Design LLC as Design Architect for the building renovations, already underway. Among the capital improvements are a completely redesigned lobby, the installation of a new façade and elevator modernization.

According to Suzanne Musho, formerly of Pei Cobb Freed & Partners, and now principal of Musho Architecture, “the challenge was to reinvent a lobby that embodies the incredible growth and creativity of the last frontier of Manhattan and provide corporate distinction. The enhanced elevation with articulated brick arches defining a new glass storefront, and the polished steel canopy provides a memorable public identity for the unique brick loft like building in the center of the burgeoning Hudson Yards District.”

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