The Real Deal New York

Macklowe wants sky-high office rents at 432 Park

Commercial portion asking north of $150 per sf
June 12, 2015 12:55PM

UPDATED, 4:39 p.m., June 16: Harry Macklowe is seeking some of the highest asking office rents in the city at the commercial portion of his 432 Park Avenue development in Midtown.

Asking rents at the 71,000-square-foot, cube-like office building – which is attached to 432 Park Avenue’s 1,400-foot-tall residential tower and shares the same address – start at $150 per square foot.

Rents could run as high as $175 per square foot for the commercial building’s top floor, which will feature a 1,600-square-foot glass penthouse connecting to a 5,000-square-foot outdoor roof deck, according to Crain’s. CBRE’s Paul Amrich is leasing the 432 Park Avenue office development.

Macklowe told the Cornell Center of Real Estate and Finance in December that the project’s skyscraper – co-developed with CIM Group and designed by Rafael Vinoly – took inspiration from a minimalist trash basket designed by Austrian architect Josef Hoffmann.

Saudi Arabian retail magnate Fawaz Al Hokair purchased the building’s 8,255-square-foot, full-floor penthouse – the highest residence in the city – for $95 million, The Real Deal reported last month. [Crain’s]Rey Mashayekhi