NEW YORK - For the first time ever, the penthouses floors of the Class A office tower at 452 Fifth Avenue are available for lease. The unveiling of the newly redesigned top three floors follows the successful repositioning and marketing campaign at the property, which is currently leased to a number of high-profile tenants, including HSBC Bank, international law firm Baker & McKenzie, RW Presspich, Wood Mackenzie, Man Group, VTB Capital, KLS Diversified TriPointe Capital and NCH Capital. The announcement on the newly available penthouse office space at the historic office tower was made by Ehud Elizur, President of PBC USA Real Estate, the building’s ownership.
“Over the past 18 months we have been able to completely reposition this signature asset from a single tenant to multi-tenant use attracting some of the financial industry’s top companies,” said Mr. Elizur. “Given the extensive list of companies waiting for space at this extraordinary property, we are extremely confident that the premium office space at the top of the tower will achieve record pricing.”
Consisting of 16,335 square feet on the 28th floor, 16,298 square feet on the 29th floor and 14,690 square feet on the 30th floor, the available space has never been on the market. In the 1980s, the building was used exclusively by Republic National Bank and the firm’s successor, HSBC. The top floors housed the private offices of the owner of Republic National Bank and the firm’s wealth management group. The top floors had two private elevators that serviced offices directly from the lobby and were accessible only through a special key-card activated glass panel. The 30th floor was completely inaccessible unless guests were allowed in a third private elevator or walked up a one-flight staircase.
“The office space was comprised from numerous antechambers on the 29th and 30th floors of the tower boasting ornate wallpaper; detailed woodwork; thick carpets; a curving, finely carved marble interior staircase; and even doorways hidden behind fake panels,” noted Alicia Popper, Senior Vice President of Leasing & Construction at PBC USA Real Estate. “What we were able to do through our capital improvements campaign and installation of new elevators is to connect the top floors to the entire property for the first time ever.”
PBC USA Real Estate purchased the institutional-quality, 865,534-square-foot, 30-story, 452 Fifth Avenue in April 2010 from HSBC for $330 million. In 2011 the ownership completed phase one of a $45 million capital improvement campaign, which included the redevelopment of a dramatic multi-floor lobby and entrance, the upgrade of all the high rise elevators serving the tower floors, and the installation of new emergency power generators.
With the completion of the second phase of its capital improvement plan and the installation of two mission critical projects - new cooling towers and additional generators serving the top three penthouse floors – the building’s ownership has now created the most technologically-advanced space to hit the market. The space boasts a whopping eight watts of power (exclusive of HVAC), available 24/7 supplemental AC; a standby emergency generator and multiple fiber routes providing a truly self-contained environment. With the lease of all three floors on the tower, a company can take advantage of a highly-coveted branding opportunity in the lobby.
Located at the crossroads of Fifth Avenue and Bryant Park, with panoramic 360° views and overlooking the recently renovated New York Public Library, 452 Fifth Avenue consists of a 10-story, landmark Beaux-Arts building constructed in 1902 with an adjoining 30 story tower. It also includes 31,189 square feet of prime retail space on Fifth Avenue. The building’s central location offers convenient access to a number of transportation options including Grand Central Station, with access to the Metro North Railroad, as well as the 4, 5, 6 and 7 subway lines. The building is just two blocks from Times Square, the city’s largest subway station with easy access to the A, C, E, N, Q, R, 1, 2, 3 and 9 trains. In addition, Penn Station and the Port Authority Bus Terminal are within short walking distance. The property continues to serve as the North American headquarters for HSBC, one of the largest banking and financial services organizations in the world. The institution occupies approximately 550,000 square feet of space on the lower floors of the property, under a 10-year lease term with several renewal options.
In addition to Ms. Popper, the CBRE team of Craig Reicher, Howard Fiddle, James Ackerson, Zachary Freeman, Sinclair Liand Greg Maurer-Hollaender oversee the property’s leasing campaign.