Consisting mostly of residential buildings due to longstanding zoning regulations, Murray Hill is a neighborhood of Midtown Manhattan best known for its brownstone architecture and dining options. Located just south of the area around the United Nations Plaza, the neighborhood has become home to an increasing number of office buildings around its outer edges.
Due to high office demand across Manhattan, office buildings have popped up even in areas like the formerly fully residential neighborhood, leading to more than 150 commercial assets being available in the submarket.
Buildings in the area are generally subject to recent renovations and improvements, with assets like 180 Madison Avenue being extensively worked on to accommodate new, more demanding tenants. Companies like L3 Technologies, a defense contractor, and the Sumitomo Corporation, one of the largest Japanese trading companies, have headquarters in the area. The district’s tenant base largely consists of diplomatic missions and cultural institutions, meaning that there is consistent demand for space on long term leases.
The combination of older office buildings and loft properties proved alluring to many traditional Midtown businesses, including publishing, advertising, and public relations firms, beginning in the 1980s when Midtown rents began to exceed what such businesses could or were willing to afford. While rents for Murray Hill office space and loft space have also risen, it is still an excellent alternative to the prime areas of Midtown. The area is one of the last remaining sections of Midtown where asking rents are still below the $65 mark on average.
Transportation is excellent in the area, falling in line with history, as the city’s very first subway line, opened in 1904, once ran through Murray Hill beneath Fourth Avenue. Today’s 4 and 5 express trains and 6 local train follow that original route, with stops at 28th, 33rd, and 42nd streets. The Sixth Avenue lines are also within easy walking distance. Easy access to public transport is a factor to consider when deciding on office rentals in Murray Hill.
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