Thanks in part to the success of Related’s 1 billion-square-foot Time Warner Center – and easy access through the Mariner’s Gate into the southeast corner of Central Park – the Columbus Circle submarket has shed its gritty past and turned into one of Manhattan’s most exciting commercial real estate destinations.
Named, of course, for Christopher Columbus, and located at the intersection of Eighth Avenue, Broadway, West 59th Street, and Central Park West, Columbus Circle itself is actually the point from which all official distances from New York City are measured. It was completed in 1905 and renovated in 2005 in connection with the construction of the Time Warner Center. The marble statue of Christopher Columbus was placed in 1892 to commemorate the 400th anniversary of Columbus’s landing in America.
New office opportunities in and around Columbus Circle include the historic, renovated LEED Gold Argonaut Building and the LEED-EB 1745 Broadway. But all tenants no matter their location enjoy all that the Time Warner Center has to offer – from Jazz at Lincoln Center and Whole Foods to Per Se. For workers in need of a mid-day escape, the Museum of Arts and Design on the south side of Columbus Circle hosts free Friday evenings and a cocktail lounge with stunning views over Central Park.
Overall current inventory in the Columbus Circle submarket is approximately 3.5 million square feet. BAs of the first quarter 2012, the vacancy rate was 6.7 percent. But office space generally remains a good value – average asking Class A rents of just $47 per square foot are only slightly higher than overall average asking rents at $43 per square foot.
Best Manhattan Office Buildings in Columbus Circle
- 3 Columbus Circle
- Originally designed by Shreve, Lamb and Harmon - best known as the architects of the Empire State Building - and the home of General Motors until 1968, Three Columbus Circle's recent $90 million facelift - and accompanying LEED application to USGBC - is positioning the historic tower as one of Midtown's best-performing green buildings, just steps away from Central Park.
- 3 Columbus Circle, New York, New York
- The Argonaut Building
- An instantly recognizable, inarguably stunning white terra cotta neo-Gothic structure that rises 10 stately stories over the intersection of Broadway and 57th Street, the Argonaut Building also happens to have become a New York City landmark in 2000.
- 224 West 57th Street, New York, New York