NEW YORK | 175 Park Avenue (Grand Hyatt) | 1,581 FT | 92 FLOORS

[ChiND]

Originally Posted by NYguy

The thing about 175 Park Avenue is that it’s extremely rare to get the oppurtunity for this much office space - 2 msf - in a brand new tower in east Midtown. With the exception of JPMC’s purpose built 270 Park, there hasn’t been a tower of that size in the area since the Pan Am Building (Metlife) was constructed. That seems nuts, but it was mainly due to zoning. Even now, with the new zoning, it still remains a rare oppurtunity due to lack of sites that can accomodate the zoning to produce such a large tower. That’s just one reason I know this tower will be filled. It’s more suitable at this point for companies seeking larger chunks of space (500,000 sf or more), due to the larger floorplates - there’s nothing similar planned in Midtown East. Hudson Yards is still a competitor, especially as Related has been in talks with companies to anchor its own 2 msf+ tower there (and we know they always get somebody). But many companies will not want to leave east Midtown at all, and 175 Park will be calling, especially as construction gets underway. I’m not concerned so much with the “who” at this point.