Solow Building Sets New Record for Manhattan Office Rent
New York-based real estate developer Soloviev Group recently announced the completion of a new lease deal at its flagship tower in Midtown Manhattan, N.Y.
The tenant, a private international family office, signed a 10-year lease for an average of $327.50 per rentable square foot, which the developer stated to be the highest rate ever commanded for space at 9 West 57th St. and estimated to be the highest office rent recorded in New York City. Located on the northwest corner of the top floor, the new tenant will occupy 5,063 square feet of premium Manhattan office space, featuring the tower’s best views of Central Park.
A CBRE team of Howard Fiddle, John P. Maher, Gregg Rothkin, Alex Leopold, and Tara Rhodes worked on behalf of the property owner in the transaction.
Notably, the market’s high-demand properties have not been struggling with occupancy like the more outdated stock has. As such, 9 West has attracted a strong roster of commercial tenants throughout the last few years, most recently welcoming The U.S. Soccer Federation, Hess Group, Beaconlight Capital, and Platinum Equity. The Solow Building is also home to: Apollo Global Management, CHANEL, Loews Corporation, Qatar Investment Authority, Coatue, Veritas, Standard Industries, Mousse Partners, Davidson Kempner, Tikehau Capital, Jain Capital, PointState Capital, and Panco Operations.
Located in the Plaza District submarket, the Solow Building rises 50 stories tall and incorporates nearly 1.6 million square feet of class A+ office space. It also features above-standard ceiling heights, a 200-space subterranean parking, and a retail component. Originally completed in 1971, the property’s most recent renovation wrapped up last year.
Work on the iconic Billionaires’ Row building’s recent renovation included major upgrades to the lobby, elevator modernization, and building system technology, as well as improvements to the tenant experience. The latter includes the addition of an amenity floor — 20,000 square feet offering exceptional Central Park views; modern conferencing; a multifunctional meeting space; a grab-and-go coffee bar; executive dining; and a hospitality area.
Asked to comment on the record-breaking lease deal, Stefan Soloviev, chairman of Soloviev Group, offered: “The price speaks for itself.”
Solow Building at 9 West 57th St., in Midtown Manhattan.
Ioana Ginsac
Senior Content Writer, Industry News & Reports
Ioana is a content writer who has been covering all-things-CRE (and more) for several Yardi network publications since 2017. You will find her byline regularly in industry news and market reports, but also on articles covering sustainable development, green urbanism, and innovation, all of which she has been passionately learning about for more than a decade. Her work has been referenced by publications including AmericanInno, Bisnow, BusinessInsider, Commercial Property Executive, Curbed, Fast Company, Forbes, GlobeSt.
