Office Rental Cost Near Penn Station

Office Rental Cost Near Penn Station

 

Office buildings near Penn Station offer your business several benefits:

1. Close proximity to Penn Station reduces commuting time. Penn Station contains the LIRR, NJ Transit, Amtrak and NYC subways

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 Penn Station Office Market

• 302 office buildings

• 79,200,000 total square feet

• $44.59 per square foot average asking rent

• 16.6% vacancy rate

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

 

 

 

 

5 Office Buildings Looking for Tenants Now!

 

PENN 1

♦ Located on 34th Street between 7th and 8th Avenue,  and offering direct terminal access

♦ 2,315,128 RSF Class A building offering a “best in class” corporate campus

♦ Just completed $200 million renovation includes a new lobby and 2nd floor Tenant Amenity Center

♦ 35,000 SF fitness and wellness center, 20,000 SF conferencing facility and 80,000 SF of adaptable workspace offering single private office rentals

♦ Elegant pre-built offices and custom build-to-suit opportunities. Asking rents range from $80.00 to $90.00 PSF depending on the location of the office within the building

♦ Distinguished Tenant roster includes Citigroup, CISCO, Dell Hartford Insurance, Level 3 Communications and United Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

450 SEVENTH AVENUE 

♦ Located at the north west corner of 34th Street

♦ Class B office building (1930) 520,000 RSF

♦ Recently completed renovations of the lobby, elevators, corridors and bathrooms

♦ Primarily occupied by small- and mid-size firms including law, accounting, insurance and technology

♦ Efficient pre-built offices and custom build-to-suit opportunities. Asking rents range from $55.00 to $65.00 PSF, negotiable.

♦ Owner occupied and managed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14 PENN PLAZA

♦ aka 225 West 34th Street, between 7th and 8th Avenue

♦ 582,066 rentable square foot Class B office building (1925), modernized

♦ 24/7 access and uniformed lobby attendant

♦ Pre-built offices and custom build-to-suit opportunities. Asking rents range from $55.00 to $65.00 PSF depending on the location of the office within the building

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 PENN PLAZA

♦ aka 370 Seventh Avenue, between 31st and 30th Street

♦ Handsome Class B owner occupied and managed building- 368,000 RSF

♦ Brand new roof deck amenity space exclusive for tenants in the building

♦ 24/7 access and uniformed lobby attendant

♦ Custom build-to-suit opportunities. Offices sizes from 2,700 t0 25,000 RSF. Asking rents are $65.00 PSF, negotiable

 

 

 

 

 

 

 

 

 

 

505 Eighth Avenue

♦ Located at the N/W/C of 35th Street

♦ Boutique Class B office building, 292,000 rentable square feet, renovated 2015

♦ 24/7 access, uniformed lobby attendant and security monitoring

♦ Pre-built offices and custom build-to-suit opportunities. Asking rents range from $45.00 PSF,  negotiable

♦ Most offices have Tenant-controlled package AC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIDE STREET OFFICE BUILDINGS-

Asking Rents From $28.00 PSF

♦ From 35th to 41st Street and 9th to 5th Avenue; and streets south of Penn Station

♦ Class C loft-office buildings, some with lobby attendants

♦ Landlord will provide limited renovation work subject to negotiation

♦ Flexible lease terms from 1- 5 years

 

 

 

 

 

 

 

 

 

 

 

 

 

Understanding Office Rental Cost Near Penn 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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