Essentially the highest-priced office submarket in Midtown Manhattan, Madison/Fifth commands respect through its sheer name. The area features some of the most iconic addresses in the borough, proving popular with well-capitalized companies looking for exposure and vanity addresses. With an inventory that consists of 24 million square feet of office space, the submarket is one of the largest in Midtown.
The submarket is globally recognized as being the global hotspot for advertising. The area is home to the most high-profile branding and advertising agencies, harking back to the 50s when the industry caught on new highs and established Madison Avenue as its habitat.
Concerns from Colgate-Palmolive to Citigroup to Major League Baseball have their headquarters here, as do many of the largest and most prestigious law firms. The Seagram Building, between 52nd and 53rd streets, was designed by the legendary Mies van der Rohe and built-in 1958. Though at 800,000 square feet, it is not nearly as large as some of the other office buildings in this area of Midtown, it has an unmatched prestige, being one of the most elegant skyscrapers in the city.
Due to asking prices that run around the $90 per square foot mark and average Class A prices closer to $97, space here comes at a real premium. As a result, vacancy is the highest in Midtown, at roughly 17 percent.
Transportation is excellent, as you would expect in an area that is equally attractive to tourists and tenants of New York City office space. The east side of this submarket is serviced by the 4, 5, and 6 trains. Access to the west side is via the Sixth, Seventh, and Eighth Avenue lines. The west side and east side are connected by such lines as the R, F, and V.
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