275,000-SF LCOR Building to Target Small, Mid-Size Tenants

NEW YORK CITY-Companies seeking smaller, high-quality blocks of space right near Grand Central Terminal will have a new choice in 2003 at 505 Fifth Avenue, a major project being undertaken by LCOR Inc. on the corner of 42nd St. The building will be marketed to tenants needing 20,000 sf to 75,000 sf of space

LCOR, which unveiled the design for the property this week, will begin razing the two existing buildings on the site in the second quarter of 2002 and expects to open the 275,000 sf class A building in 2003. Total development costs will be about $160 million.

The new building was designed by Kohn Pedersen Fox Associates and will consist of 23 rentable stories, with three levels of retail space and a double-height penthouse. Amenities will include an attended security desk, floor-to-ceiling windows, and a naturally lighted lobby with a custom-designed art glass ceiling. The side-core floors will offer dramatic views of the New York Public Library and Bryant Park.