Exclusive Office Subleases in Prime Midtown Buildings

Exclusive Office Subleases

Exclusive Office Subleases have been announced in prime midtown Manhattan buildings, most of which are near Grand Central Station. These turn-key work spaces are priced below the cost of office space that can be leased directly from a Building Owner. Please refer to our blog NY Office Sublease Concepts for an examination of Subleases. 

Sublease Rewards

1. The rent is usually below the current market value.

2. The term length is often shorter than that which is required by the Building Owner on a direct lease basis for a comparable office.

3. The office is typically delivered pre-built and finished. This eliminates the large capital outlays required for renovations.

4. The potential inclusion of furniture, phones and network cabling can result in substantial savings for your business.

5. A “turn key move-in condition” Sublease eliminates the waiting time during office construction.

 

SUBLEASE RISKS

1. As a Sub-tenant your Sublease contract is with the Sub-landlord. If the Sub-landlord defaults on its obligation to pay rent to the Building Owner, the Sublease will terminate. In this scenario your business can be evicted or forced to pay additional rent (including any arrears) so that it can remain in the building.

2. A Sublease is subject to the approval of the Building Owner. This is known as the “Landlord’s Consent” and it can take up to 30 days to receive an approval. During this time the Building Owner will review the character of your business and its financial condition to determine if they are compatible with the building’s eligibility criteria for prospective Tenants. If they are not, the Sublease application will be rejected.

3. As a Sub-tenant your Security Deposit is held by the Sub-landlord. In the event of financial difficulties or a default by the Sub-landlord, the Security Deposit can be lost.

 

Exclusive Office Subleases AVAILABLE in the Fall of 2016

 675 Third Avenue

350,000 SF Class A Office Building. Renovated in 1994.

 

 

 

 

 

 

 

 

 

 

 

 

 140 East 45th Street 

700,000 SF Class A Office Building. Renovated in 2013. 

Turn-key 16,350 RSF
Term ends 2021
Asks $48

 

 

 

 

 

 

 

 

 

 

 

 

One Grand Central Place – 60 East 42nd Street

1,260,077 SF Class A Office Building. Renovated.

Turn-key 4,518 RSF
Term ends Feb 2020
Asks $55

 

 

 

 

 

 

 

 

 

  

405 Lexington Avenue 

1,292,002 SF Class A Office Building. Renovated in 2000.  

Turn-key Law Office 19,682 RSF
Term ends Jan 2012
Asks $48

 

 

 

 

 

 

 

 

 

 99 Park Avenue

640,122 SF Class A Office Building Built in 1953.

 

Turn-key 5,577 RSF
Term ends 8/2020
Asks $60

 

 

 

 

 

 

 

 

 

 

 

505 Fifth Avenue

325,111 SF Class A Office Building. Built in 2006.

 

 

 

 

 

 

 

 

 

 

 

1212 Avenue of the Americas

251,000 SF Class A Office Building. Built in 1965.

 

 

 

 

 

 

 

 

 

ABOUT COGENT REALTY ADVISORS 

Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 15 years of experience representing businesses that lease NYC office space. Our goal is to secure the right office for your business at the right price. For information, phone Mitchell Waldman at (212) 509-4049.

 #officesublease