Tenants clamor for ‘buildings within buildings’

Demand for “building within a building” commercial leases, wherein tenants are responsible for their own security and lobby, has grown, as the arrangement can benefit tenant and landlord alike, the New York Times reported.

The trend makes sense for tenants, who can brand their space by adding their own signs in their lobby, and for landlords, who can rent space at similar rates as for traditional office space but with less responsibility, and often for longer terms.

Buildings that offer this type of arrangement include 330 Madison Avenue, 469 Seventh Avenue, 11 Madison Avenue, 80 West End Avenue and 550 Washington Street, the Times said. [NYT]