CL Investment Group, a global real estate investment leader, has launched leasing at 287 Park Avenue South, the nine-story, 121,059 s/f Gramercy Park office building
The Chinese company is gutting the former United Charities Building to cater to tech and creative firms flocking to the midtown south market.
CL Investment had originally planned to convert the historic building to condos after buying it for $128 million in 2014.
Brendan Liang, managing director, CL Investment Group, said the company was now “excited about the opportunity to reposition this iconic New York City structure and revitalize it for the 21st century.
“With completely renovated contemporary office and retail space, 287 Park Avenue South will be a compelling opportunity for tenants seeking a strategic location in the center of one of New York City’s premier live-work-play environments.”
CL Investment has tapped architecture firm SGA to handle the renovation; Newmark Knight Frank is the exclusive office leasing agent, and JLL and Cushman & Wakefield will be responsible for the leasing of the retail space at the property.
The renovation will include a new stair core, allowing for optimum layouts to appeal to office tenants’ specific needs.
The building has windows surrounding all four facades and a large arched window on the East 22nd Street facade. The 104,956 s/f office space has 14-ft. ceilings and two lobby entrances. Each office floor is approximately 13,000 s/f. A penthouse floor has 22-foot ceilings, an 85-foot long skylight, and private roof terrace.
“287 Park Avenue South is a prime opportunity for technology and creative companies seeking a presence in the center of Manhattan’s burgeoning tech sector, as well as traditional businesses seeking to enhance their corporate presence,” said Brian Waterman, vice chairman and a principal at Newmark Knight Frank.
Situated on the corner of East 22nd and Park Avenue South, 287 Park Avenue South will have 16,103 s/f of dedicated retail space divided into three rentable areas, each with a private entrance.
With the formal address of 101 East 22nd Street, there is a 6,523 s/f retail space with 75 feet of frontage on 22nd Street. A 7,552 square-foot cellar, with 11-foot ceilings and elevator access, is also available for retail leasing.
“Utilizing state-of-the art design technology, we are able to identify optimum layouts for potential tenants and demonstrate a variety of layout possibilities in three dimensions,” said Brooks Kendall Slocum, Studio Manager, SGA.
“With an understanding of the tenants’ requirements, we can more easily customize layouts in the early stages of design and present them in a visual style that is easy to understand.”