Boutique commercial towers in the tony Plaza District are reportedly attracting a slew of small financial outfits, despite high office rents there.
Taking a page from the book of residential tower developers, landlords of buildings between 53rd and 61st streets from Sixth to Park avenues are offering up pools, gyms, terraces and Central Park views to justify the cost of the lease, the Wall Street Journal reported.
And the strategy appears to be working, since the rate at which space will become available in the area is at 8 percent, now lower than Midtown’s 12 percent, the paper reported.
The club-like environment at Leonard Stern’s 667 Madison Avenue is a prime example, featuring a gym and bicycles for tenants to borrow as well as a “club-like” atmosphere, sources told the Journal. Harry Macklowe’s 510 Madison Avenue, first doubted due to financial troubles, offers a 50-foot lap pool and provides workout clothes for the building’s gym rats, according to the paper. [WSJ] — Angela Hunt