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Naming Rights Sweeten Deal on 46,000-SF Office Space

NEW YORK CITY-The developer of a 47-story Midtown tower will include naming rights to the building for the tenant who leases the mostly residential property's three floors of self-contained office space.

By Glen Thompson | Updated on February 12, 2002

NEW YORK CITY-A 47-story mixed-use Midtown property currently under construction is presenting an opportunity for a medium-size player to establish a big-league presence. Though it is a predominantly residential development, the tenant that takes the three floors of office space available at the property will also walk away with naming rights to the building.

The Gotham Organization is developing 1010 Ave. of the Americas, a 380,000-sf tower located on the southeast corner of 38th Street. The building’s Schuman Lichtenstein Claman Efron design features retail space on the ground level and luxury residential units on floors five through 47.

Floors two, three and four, however, comprise 46,000 sf of office space that carries an asking rate of $42 per sf and optional naming rights to the building. Accessed by a separate lobby and two dedicated elevator banks, the office space is designed as a “building within a building,” according to Gotham president David Picket. While the property’s residential component will be known as the Atlas, the opportunity for a medium-size firm to hang signage on a major Midtown property is making this deal especially compelling for office tenants, Picket says.

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