Office landlords looking to stand out from the crowd are speaking the word that, in the world of residential real estate, has no peer: penthouse.
Commercial owners across the city are adding glass-ensconced penthouses with outdoor spaces and views in order to make their properties competitive with hip, new workplaces, the Wall Street Journal reported.
“I am talking to a lot of landlords who want to add an additional structure on top, because if you add a structure you are competing with new product, and new product today is getting over $90 a square foot,” Mitchell Konsker, one of JLL’s top office-leasing brokers, said. “Because there are so few available, it commands a premium.”
At the MetLife Building at 200 Park Avenue, Tishman Speyer transformed a long-vacant lounge at the tower’s defunct helipad into a 24,000-square-foot penthouse on the 50th floor. The project cost $24 million, according to the Journal.
“You feel like you can reach out and grab the spire of the Chrysler Building,” Tishman Speyer CEO Rob Speyer said.