Real Estate Weekly ( View Original )

Commercial real estate firm Equity Office is investing $25 million-plus to execute a capital improvement program within Park Avenue Tower in Midtown.

In addition to a reinvented lobby designed by Gonzalez Architects and new transom windows allowing for floor-to-ceiling glass on every floor, Equity Office will introduce “The Club” – 20,000 square feet of exclusive amenity space for all building occupants. The expansive new space will include a state-of-the-art fitness center with an executive locker room facility, a business and recreation lounge, conference center, a curated grab and go food service and innovative building technology.

“We’re introducing a new concept to the commercial real estate industry in New York City,” said Zachary Freeman, vice president of leasing for Equity Office. “We’re embracing a progressive and innovative approach that offers occupants a curated work/life experience, which is important given how much time people spend at work.”

This extensive and cutting-edge renovation will be completed by the fourth quarter of 2016. Other capital improvements include:
•A “building within a building” for up to 300,000 rentable square feet, complete with a dedicated private entrance on 55th Street, three exclusive elevators and significant branding opportunities
•New outdoor plaza with outdoor bar/café designed by MdeAS Architects
•Exceptional 12’9 ceiling heights
•A three-story office penthouse with 360-degree views
•Cutting-edge iVisitor lobby technology including iPad-carrying security guards who greet guests in a friendly, hotel concierge-like manner.
Park Avenue Tower is a 36-story contiguous block of 300,000 rentable square feet, located between 55th and 56th Streets.

Current tenants are leading private equity, investment banking, hedge fund and investment management firms, including the National Bank Financial – National Bank of Canada, Oak Hill Capital Management, King Street Capital Management, TowerBrook Capital Partners L.P., Eminence Capital, LLC, Stephens Inc., and Avista Holdings, LLC