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Deals & Dealmakers

SJP Properties and PGIM Complete Repositioning of 470 Park Avenue South with Opening of New Outdoor Roof Terrace

SJP Properties and PGIM Real Estate have completed the outdoor roof terrace at 470 Park Avenue South, signifying the culmination of the boutique office and retail building’s transformative repositioning, which has revitalized the property into one of the only fully amenitized workspaces along Manhattan’s Park Avenue South corridor.

470 Park Avenue South offers approximately 300,000 square feet of office and retail space on the block that spans from 31st to 32nd Streets. With panoramic views of the city’s iconic
landmarks, the building’s rooftop features lounge areas and table seating for al fresco breaks, lunches, and happy hours, and is exclusively available to tenants on the 12th floor of the north side of and the 14th floor of the south side. The adjacent 14th floor interior features a sleek, open-concept kitchen; collaborative break stations and workspaces; and organic yet modern finishes throughout.

“Tenants are becoming more demanding than ever when it comes to a first-class experience. The market’s renewed focus on high-caliber amenity offerings, particularly those that include functional outdoor space, is a critical component of a larger package that employers of all industries are implementing in order to attract and retain top talent,” said Alexander Erdos, Senior Vice President – Leasing & Marketing at SJP Properties. “These improvements at 470 Park Avenue South, coupled with the building’s accessible location, have created a quintessential destination for employees. We have dedicated years to thoughtfully repositioning this property and are pleased to see our efforts come to fruition.”

SJP and PGIM have invested over $15 million into 470 Park Avenue South since the
partnership acquired the building in December 2018. These capital improvements include:
extensive renovations to the building’s façade and exterior; replacing all perimeter windows to enhance the abundant natural light throughout the tenant floors; a pre-built program and custom interior fit-outs; upgrading the property’s infrastructure and improving sustainability measures; modernizing the building’s elevator system; cosmetic retail space upgrades; and more.

As part of the building’s repositioning, ownership also created a hospitality-inspired tenant
lounge off the building’s main lobby that is ideal for meetings, presentations, and collaboration. This lounge provides a seamless transition into the building’s landscaped outdoor courtyard, which is outfitted with a custom-designed stone fire pit and bar for after-hours socializing and team building in a truly indoor-outdoor environment. SJP and PGIM also undertook a full modernization of the building’s elevator cabs.

This boutique offering caters to companies seeking turnkey office space within walking distance of several major transportation hubs. Centrally located in Midtown South, just a 10-minute walk from Grand Central and Penn Station, 470 Park Avenue South eliminates the double commute that many employees encounter in Manhattan. Due to its convenient location, the building provides ease of access to and from the Metro-North Railroad, Amtrak, PATH, LIRR, and NJ TRANSIT. It also offers prime access to the 1, 2, 3, 4, 5, 6, 7, A, C, E, and S subway lines.

470 Park Avenue South features restored brick exterior walls; original hardwood and exposed polished concrete floors intermixed throughout; modern finishes in the common areas; and 10,000- to 20,000-square-foot floor plate sizes. Each floor has operable windows, private restrooms, and a new HVAC system with advanced HEPA air purification systems in individual tenant spaces.

The property currently has single, two, and three contiguous full-floor availabilities of
approximately 10,000 square feet per floor. Current availability includes the pre-built space on the 14th floor with exclusive access to the rooftop terrace of the south wing, as well as the pre-built 8th floor in the north wing. Additional floors can be made available; please contact the leasing team — Neil King, Paul Amrich, James Ackerson, and Josh Pernice of CBRE. For more information, visit www.470pas.com.

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