Home to some of New York City’s most iconic buildings – including Grand Central Station, which of course lends its name to the submarket – Grand Central is one of Manhattan’s most important – and desirable – commercial real estate locations. Built in 1913 and designed by Reed and Stern and Warren and Wetmore, the Beaux-Arts Grand Central Station is actually the sixth-most visited tourist attraction in the world and a National Historic Landmark. But although easy rail access to Westchester, Connecticut, and, soon, Long Island (thanks to the MTA’s massive East Side Access project), that’s not the only attraction that draws commercial office tenants to the Grand Central submarket.
The Grand Central submarket is home to some of New York City’s most timeless pre-war office buildings, from the Chrysler Building and the Chanin Building to the American Radio Tower: Raymond Hood’s art deco masterpiece. Many other buildings have received extensive building infrastructure upgrades in connection with lobby and façade renovations that have repositioned them as Class A towers suitable for doing business in the twenty-first century.
Overall current inventory in the Grand Central submarket is approximately 43 million square feet, making it the largest submarket in Midtown. As of the first quarter 2012, the vacancy rate was just over 10 percent. Average asking Class A rents are in the neighborhood of $57 per square foot, while average asking rents are barely lower at $56 per square foot.
The Best Manhattan Office Buildings in Grand Central
- Chanin Building
- The Chanin Building couples stunning pre-war Art Deco architecture with Energy Star-labeled commercial office space at 122 East 42nd Street near Grand Central Station.
- 420 Lexington Avenue
- Once the largest office building in the world, the 30-story 420 Lexington Avenue is now one of the best performing buildings anywhere in Midtown.
- 330 Madison Avenue
- After a complete overhaul in 2010 that resulted in a LEED-EB Certified rating, Vornado's 330 Madison Avenue is now one of Midtown's highest performing office buildings.
- 250 Park Avenue
- This lovely pre-war office building boasts LEED Gold certification just steps from Grand Central Terminal.
- 245 Park Avenue
- The former American Tobacco Building is now one of the greenest - and healthiest - Class A office buildings in New York City.
- 230 Park Avenue
- A New York City landmark, 230 Park Avenue was Gotham's first pre-war office building to achieve Gold certification under LEED for Existing Buildings.
- 100 Park Avenue
- A landmark International Style building that was completed in 1949, 100 Park Avenue fits squarely within the "Mad Men" aesthetic of New York during its postwar boom years -- 100 Park Avenue, like the city it then inhabited, is both grand and plain large, graceful and classy and also perhaps a little show-offy.