Macklowe wants sky-high office rents at 432 Park

Commercial portion asking north of $150 per sf

TRD New York /
Jun.June 12, 2015 12:55 PM

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


Related Articles

arrow_forward_ios
Harry Macklowe, Linda Macklowe and 432 Park Avenue (Credit: Getty Images)

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court

A rendering of Tower Fifth with Harry Macklowe (Credit: Getty Images)

Harry Macklowe just got $192M closer to building his Midtown skyscraper

Lloyd and Barbara Macklowe and 900 Fifth Avenue (Credit: Getty Images and Google Maps)

Harry Macklowe’s brother Lloyd has sold his Fifth Avenue co-op for $5M

From left: 116 University Place, J.K. Simmons, Alex von Furstenburg and 432 Park Avenue (Credit: Streeteasy and Getty Images)

These are the most notable luxe residential sales around NYC this week

432 Park Avenue 

Two 432 Park Ave. pads sell for $61M

Jennifer Lopez, Alex Rodriguez and 432 Park Avenue (Credit: Getty Images)

Jennifer Lopez, Alex Rodriguez roughly break even on 432 Park unit they bought last year

From left: a rendering of Tower Fifth, Harry Macklowe  and 9 East 51st Street (Credit: Google Maps, Getty Images, and New York Times)

Macklowe is eyeing Venezuelan consulate building for his Tower Fifth supertall

Vornado CEO Steve Roth and Macklowe Properties founder Harry Macklowe (Credit: Getty Images and iStock)

The CEO waiting game

arrow_forward_ios