Cushman & Wakefield today announced that 500-512 Seventh Avenue Ownership has tapped the firm as the exclusive agent for the adjoining towers located on a prime corridor near the Hudson Yards District.
The New York-based Cushman & Wakefield team of Bruce Mosler, Ethan Silverstein, Mitchell Arkin, Haley Fisher, and Whitney Anderson will lead the property’s leasing and marketing efforts. The Cushman & Wakefield Asset Services team of Joseph A. Manasseri, Sal Ariganello, Sheila Mahaney, Alan Cohen, Teresa Ginyard, and Alice Chen has been selected to provide property management, lease administration, and client accounting services.
The ownership group is embarking on an ambitious capital improvement campaign for both buildings — which together total approximately 1.1 million square feet — with 400,000 square feet of space currently available for lease. The capital improvements program includes infrastructure and cosmetic upgrades to the elevators, HVAC system, and retail facade, with the lobbies being completely updated with glass and metal finishes, modernizing the classic feel into a contemporary design. Construction is expected to commence by the third quarter of 2017. Spivak Architects designed the upgrades.
“This property is located in a neighborhood bordering one of the hottest office markets in the country,” Mr. Mosler said. “Given the wide floorplates, capital improvements, and design flexibility, we are able to accommodate single-floor or large block users across a diverse range of business sectors. We are eager to commence our thoughtful and multi-layered marketing campaign and very much look forward to working closely with an ownership group who shares our vision for 500-512 Seventh Avenue.”
Located on Seventh Avenue between West 37th and West 38th Streets, 500-512 Seventh Avenue is in close proximity to a number of mass transportation hubs including Penn Station, the 33rd Street PATH station at Herald Square, Grand Central Terminal, and the Port Authority, as well as a multitude of dining, shopping, and other entertainment options.
The buildings cater to tenants with a diverse set of requirements, offering full and partial floor opportunities, with floorplates being opened up to range between 11,000 and 40,000 square feet. Office spaces, especially those on the higher floors, offer exceptional views of New York City and the Hudson River. The property will also offer tenants the flexibility to create a ‘building within a building’ experience, with private elevators and signage on a high-density and efficient floorplate.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
