NEW YORK CITY-Marking the re-branding and relaunch of the property as the “Creative Arts Building,” real estate and fine arts blended together at Rockrose Development Corp.’s beaux-arts office building at 300 Park Avenue South on Wednesday evening, signaling the site’s official arrival in Manhattan’s Flatiron District.
Brokers, tenants and art aficionados alike gathered on the fifth floor of the 15-story building for an art show and cocktail reception celebrating the completion of major architectural upgrades and capital improvements to the 1910-era property, including renovations to the lobby, elevators and common areas designed by architecture firm Moed, de Armas & Shannon. In addition, Rockrose also recently installed lighting that illuminates the building’s oversized arched windows at night.
In turn, that combination of art and architecture helped establish a dynamic tenant base, says Rockrose principal Justin Elghanayan.
“We had this vision for what the building was going to be,” Elghanayan says, noting that the site is now 95% occupied by creative and cultural tenants such as the Whitney Museum, the Smithsonian Institution, the New York State Council on the Arts, Leo Burnett, Rizzoli International Publishers and Wilhemlmina Models. “The tenancy has seen a momentum because tenants want to be around other successful, exciting, sexy tenants,” he adds. “There’s an energy and a vibe in this building.”
The building—which once served as an industrial printing plant designed by Starrett & Van Vleck—has seen significant rent growth. Elghanayan says asking rents at the Creative Arts Building start in the high $40s to mid $50s per square foot, which falls in-line with other class A product in Midtown South. According to fourth quarter data from Cushman & Wakefield, the market remains the tightest office market in the city, with a vacancy rate at 4.6%--and asking rents have increased by nearly 15%.
“Both from a space constraint perspective and from an economic trend perspective, creative organizations are doing well right now and expanding,” Elghanayan says, noting that the 180,000-square-foot 300 Park Ave. South only has a few spaces left. “And it’s only going to get better.”
A C&W team of Mikael Nahmias, Andrew Peretz and John Peters are the leasing agents for the building. Check out photos from the event below:
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| A FAMILY AFFAIR. (left to right) Rockrose Development Corp.'s CEO Henry Elghanayan, Rockrose principal Justin Elghanayan and C&W's senior managing director of strategic agency services, Mikael Nahmias. |
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| FULL FLOOR. Around 100 people attended the event. |
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| THE ART OF THE DEAL. To commemorate the new naming of the building, Rockrose is sponsoring a gallery installation in the building featuring Latin American art, curated by Frederico Seve over the next two weeks. See more work from the show below: |
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