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Deals & Dealmakers

RFR redeveloping 345 Park Avenue as 300,000 s/f showpiece building

For the first time in more than 15 years, RFR is making all 300,000 s/f of office space at 345 Park Avenue South available for lease.

The 12-story building spans the full block from 25th to 26th Street in the epicenter of Midtown South, and is steps away from Madison Square Park  and many of New York’s finest restaurants.

345 Park Avenue South is now available after RFR successfully and amicably negotiated with the previous occupant, global marketing agency Digitas, to secure an early lease termination. The entire office portion is now vacant and will be delivered as a fully modernized redevelopment by mid-2019.

“We have the unique opportunity to customize the full building for users requiring up to 300,000 square feet and seeking to establish a presence in one of Midtown South’s most prominent and well-located addresses,” said Aby Rosen, Co-Founder and Principal of RFR.

“Blocks of this size, quality, and location are few and far between. This is one of those rare moments for the right company, be it a technology user or a more traditional firm, to shape their New York identity.”

RFR’s redevelopment plan modernizes everything but the classic shell of 345 Park Avenue South.
Work includes the relocation of all building mechanical equipment to make the floors center core, all new electrical systems, new HVAC, new plumbing risers, new elevators, new windows, new restrooms, new lobby, and the ability for a tenant to have one of the largest private outdoor roof terraces in Manhattan.

The penthouse has four skylights measuring 17 feet high and a typical floor is 26,000 square feet with windows on all four sides, providing excellent natural light and views. The building also has an abundant amount of below-grade space with high ceilings perfect for tenant-only amenities. A tenant that leases the entire building will also have a tremendous branding and signage opportunity at the lobby entrance on Park Avenue South.

Office tenants in the immediate vicinity include numerous technology, media, and publishing companies such as Facebook, Dropbox, WeWork, Grey Advertising, Oracle, HBO, CBS, Sony, and many more, as well as longstanding financial firms like Credit Suisse and New York Life.

RFR has appointed a JLL team led by Mitchell Konsker, Alexander Chudnoff, Steven Rotter and Benjamin Bass to handle leasing at 345 Park Avenue South, and is represented in-house by RFR’s Director of Leasing AJ Camhi.

“Once we complete our redevelopment, 345 Park Avenue South will be an entirely new building with all the latest cutting-edge technology, infrastructure, and capabilities for forward-thinking tenants to establish a centrally located headquarters required to attract and retain the best talent,” Camhi said.

“Madison Square Park has an ideal set of attributes and amenities that appeal broadly to users in different industries, and we plan to take advantage of the location by offering the best building in all of Midtown South.”

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