Madison Avenue Office with Below Market Rent
Madison Avenue Offices with Below Market Rent
Madison Avenue Offices with Below Market Rent
Identifying office space with a below market rent on Madison Avenue is challenging. Madison Avenue used to be synonymous with the advertising industry which clustered there. Currently, most of the ad agencies have relocated and the majority of Tenants north of 42nd Street are well heeled financial service firms, with media/technology to the south. Demand for office space is strong because these industries are flush with cash and growing. Most Landlords have responded by ratcheting up rents, but a select few have remained affordable.
2 Special Opportunities to obtain a Madison Avenue Office with Below Market Rent
Flatiron Building as seen from Madison Park
NOMAD is the area north of Madison Park which since 1999 has experienced an urban renaissance. This hot neighborhood has it all; hip businesses, residential developments, hotels, restaurants, clubs, unique shops, etc.
Location: Madison Avenue in the 20’s.
Building: Class B loft. Modernized. 24/7 attended lobby.
Space: 7,500 RSF floor. Bright with windows on 2 sides, 11.5 ft ceilings and private bathrooms.
Asking Rent: $49.50 PSF including a build to suit office constructed by the Landlord. 10 year term.
The PLAZA DISTRICT offers the most exclusive office environment and amenities in NYC.
Full floor on Madison Avenue in the 50s
Location: Madison Avenue in the 50’s.
Building: Class A office. 24/7 attended lobby.
Space: Multiple 14,000 floors. Windows on 4 sides.
Asking Rent: $54.00 PSF. Cash contribution and free rent provided for Tenant-managed construction.10 year term.
Best Strategy for Finding a Madison Avenue Office with below Market rent
Building Agents (the Landlord’s Leasing Agent) are under contract with a building owner to lease space at the highest rents obtainable. Companies that negotiate directly with a Landlord or its Leasing Agent are at a disadvantage because they are unaware of: (1) all of the available spaces and the pricing in comparable properties; (2) the economic terms of recently signed leases; and (3) local market practices. By using an experienced TENANT REPRESENTATION BROKER you can be assured of the best deal when you rent an office on Madison Avenue or elsewhere in NYC. Cogent Realty Advisors is a NO FEE Tenant Representation Broker with over 15 years of success. Contact Mitchell Waldman today: (212) 509-4049.
