Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.