Office Rental Cost Near Grand Central Station

Office Rental Cost Near Grand Central Station

Office buildings near Grand Central Station offer your business several benefits:

1. Close proximity to Grand Central Station reduces commuting time

2. Professionally managed office buildings

3. Large inventory of offices in all sizes, layouts and prices

4. Steep competition among building owners can result in better lease deals

5. Concentration of corporate services, restaurants and hotels

Cogent Realty Advisors: (212) 509-4049

 

 

 

The Grand Central Station Office Market

• 112 office buildings

• 58,580,942 total square feet

• $57.54 per square foot average asking rent

• 17.3% vacancy rate

Information provided by Costar, the world leader in commercial real estate information.

 

 

 

 

7 Grand Central Office Buildings That You Should Know

420 LEXINGTON AVENUE

♦ Located in Grand Central Station and offering direct terminal access

♦ Class A quality building, amenities and technology

♦  Large inventory of efficient pre-built offices in all sizes ready for immediate occupancy

♦  New Tenant-only conference center

♦ 300- plus Tenants from diverse industries

♦  Asking rents from $62.00 to $67.00 per square foot, negotiable. Link for more details

 

 

 

 

 

 

 

 

 

 

 

 

 

ONE GRAND CENTRAL PLACE

♦ Located at 60 East 42nd Street between Park and Madison Avenue

♦ Concourse level access to Grand Central Station

♦ Large Class A building with 1,316,098 RSF of office space

♦ Many prebuilt offices ready for immediate occupancy

♦ Tenant-only conference center, retail arcade, onsite dining and banking

♦ Asking rents from $55.00 to $65.00 per square foot, negotiable.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

122 EAST 42ND STREET

♦ Located at the S/E/C of  42nd Street and Lexington Avenue

♦ Concourse level access to Grand Central Station

♦ Class A Art Deco Landmark (1928) with modern building systems

♦ Many prebuilt office ready for immediate occupancy

♦ Asking rents from $53.00- $68.00 PSF, negotiable.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

370 LEXINGTON AVENUE

♦ Located at the S/W/C of 41st Street

♦ Class A building (1929), owner occupied and managed

♦ Several modern prebuilt offices ready for immediate occupancy

♦ In-building dining options include Le Pain Quotidien,

♦ Asking rents from $57.00- $58.00 PSF, negotiable.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10 GRAND CENTRAL PLACE

♦ Located at the N/W/C East 44th St. & Third Ave

♦ $45M redevelopment completed in 2019

♦ Class A building with modern infrastructure

♦ Tenant amenity center with board room, lounge and terrace

♦ Elegant pre-built and custom built (build to suit) offices

♦ Asking rents from $75.00 PSF, negotiable.

 

 

 

 

441 LEXINGTON AVENUE 

♦ Located at the N/E/C East 44th Street

♦ Class B offices building (1924), modernized and owner occupied

♦ 24/7 access, renovated lobby and concierge

♦ Efficient prebuilt offices ready for immediate occupancy

♦ Asking rents from $55.00 PSF, negotiable.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ONE VANDERBILT AVENUE

♦ Located at the N/W/C of 42nd Street and Vanderbilt Avenue

♦ Spectacular 5-Star 1,657,000 SF office tower constructed in 2020

♦ Limited availability. Call Cogent Realty 212-509-4049

♦ Powerhouse Tenants include TD Securities, Carlyle Group, DZ Bank and Greenberg Traurig

♦  Visit the SUMMIT ONE VANDERBILT

 

 

 

 

 

 

 

 

 

Understanding Office Rental Cost Near Grand Central Station

1. Hybrid work has impacted office occupancy to varying degrees.
2. The office real estate market is dynamic, and pricing correlates with demand.
3. Elite buildings have been able to maintain their premium rents. When Tenant Incentives are offered, they may include a Landlord build-to-suit program, Cash Contribution for Tenant-managed construction and (or) rent abatements.
4. At Class B and C buildings and less desirable locations, the competition for new Tenants and renewing Tenants is fierce. Landlords may offer substantial rent discounts and (or) free rent to secure your business. In some instances, flexible lease terms of 1- 5 years are possible.
5. In addition to the base (first year’s) rent, Tenants pay for the electricity consumed at their office and annual escalations. Annual escalations include: (a) increases in the building’s operating expense which is usually expressed as a percentage increase in the base rent; and (b) a proportional share of any increase in the building’s real estate taxes which is “passed through” as an added charge billed either monthly, biannually or once each year.
6. Real estate leases are complicated. Cogent Realty Advisors is a licensed Tenant Representation Broker that will negotiate the best lease terms for your business. Call (212) 509-4049.

 

 

Finding the Perfect Office Space is a Big Decision

Cogent Realty Advisors is an independent, licensed New York State commercial realtor founded in 2002.

• As a tenant-representation company, Cogent Realty is exclusively focused on representing the interests of  business Tenants that rent office space.

• Tenants pay no fee for using our service.

• Cogent provides objective expertise in finding office space and negotiating lease agreements. Our experience and knowledge in the New York market means that we can secure the best office space for you with favorable terms and pricing.

For help with your office real estate, contact Mitchell Waldman: (212) 509-4049.

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