LAS VEGAS: Colliers International took this year’s RECon as an opportunity to launch their marketing of the retail space at 501 Madison Avenue, which the company is repositioning as it comes off an 81-year ground lease this month.
The two stories of retail, currently divided between a number of tenants, will be renovated into a single 12,000 s/f space that should be ready for occupancy in the second quarter of 2014, according to Robert L. Freedman, of Colliers.
Asking rent is likely to be in the range of $750 psf, Freedman said, in keeping with the huge demand for retail space on Madison and Park Avenues.
“A year and a half ago we would have priced this at $400 a foot,” he said.
Freedman doesn’t particularly care for Las Vegas, he told Real Estate Weekly, but he’s enjoying marketing this new offering and had meetings at the conference scheduled with “upscale credit tenants who are intrigued by the location.”
“This is the first time I’ve been so excited about repositioning an asset,” he said.