Search
 

Equity Office Fills Boutique Office Building

NEW YORK CITY-After a vigorous marketing campaign to reposition the property the Corsair Investment lease brings the property to 99% occupancy.

By Katie Hinderer | Updated on October 27, 2006

NEW YORK CITY-Less than two years ago, Equity Office bought the office building at 717 Fifth Ave. with 100,000 sf of unoccupied space.

“What we saw was an opportunity,” says Michael Berman, vice president of leasing for Equity Office’s New York region. Before Equity Office took ownership, Berman says, the building “had been marketed but not aggressively. It was not positioned as any particular type of building.” The company believed the building, located near The Plaza, would benefit from the small to medium sized boutique firms that occupy many of the surrounding buildings and desired class A facilities.

Equity Office first built small units that varied in size from 2,000 sf to 8,000 sf. “What that allowed us to do was to capture that segment of the market that was willing tp pay a premium for that location and standards office,” Berman says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.