A series of upcoming departures by some of Park Avenue’s largest office occupants has real estate observers wondering if New York City’s premiere business address is losing its luster. Citigroup and Major League Baseball are moving, and the giant investment firm BlackRock is weighing an exit in the coming years, according to a report in Crain’s New York Business. Those moves and several others could leave more than 2 million square feet vacant, almost 10 percent of Park Avenue’s office market, as defined by its expanse between East 45th to East 59th streets. Mary Ann Tighe, CEO of CBRE’s New York office told Crain’s:
“We’ve always looked at Park Avenue as the No. 1 location for office space in all of Manhattan. But what you’re seeing is a migration to newer product. The age of these buildings is catching up to them.”
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The views, statements and opinions expressed in this article are those of the author and are not necessarily those of Institutional Real Estate, Inc.
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Mike Consol is editor of Real Assets Adviser.
