The Best Value Office Spaces in Grand Central
As companies continue to bring their workforce back to the office, proximity to transportation is more important than ever. While that might sound obvious, before COVID, many companies sought unique office spaces that stood out from the competition, often favoring neighborhoods outside the core Midtown hustle and bustle. Post-COVID, the priority has shifted to making it as easy as possible for employees to get to work quickly. This makes Grand Central a more popular location than ever.
Here’s a list of buildings that provide excellent value within the Grand Central submarket:
420 Lexington Avenue (The Graybar Building)
Landlord: SL Green
Located on Lexington Avenue at 43rd Street, directly above Grand Central Terminal, 420 Lexington Avenue offers immediate access to the terminal. This 31-story, 1.5 million-square-foot tower, also known as the Graybar Building, was originally constructed in 1927 and was once among the largest office buildings in the world. Today, its large floor plates and 32-passenger elevator cabs ensure seamless movement throughout the building for tenants of all sizes. Many spaces are pre-built, and tenants also enjoy the convenience of a large tenant-only lounge/conference center and an on-site Equinox fitness club.
One Grand Central Place (60 East 42nd Street)
Landlord: ESRT
One Grand Central Place, or 60 East 42nd Street, is a 55-story property owned by ESRT and located directly across the street from Grand Central Terminal. The property offers direct access to the terminal and all commuter trains. This building has been fully renovated, is powered entirely by renewable wind energy, and is certified by the International WELL Building Institute. In-building services include a visitor center and a tenant-only conference center. Its large floor plates allow for multiple size spaces, and the tower floors, approximately 13,000 square feet, are perfect for a mid-size company seeking a special space.
122 East 42nd Street (The Chanin Building)
Landlord: The Stahl Organization
122 East 42nd Street, or The Chanin Building, at the corner of Lexington Avenue, is one of the finest examples of Art Deco architecture in New York City. While it hasn’t been renovated to the same level as some of its Grand Central peers, it offers a prime location and solid value, with direct access to Grand Central. The building primarily caters to small to mid-size companies, and its upper floors boast great views of the city and the East River.
551 Fifth Avenue (The French Building)
Landlord: The Feil Organization
Known as the French Building, this 38-story property was the business headquarters for the famous real estate tycoon Fred Fillmore French, who also built Manhattan’s renowned Tudor City and Knickerbocker Village residential complexes. This property is a bit further from Grand Central than the previous three, but being on Fifth Avenue, it offers better proximity to high-end retail and restaurants, social clubs, and bars. The building features a beautifully restored exterior, bronze entrances, and an Art Deco lobby. Its upper floors offer sweeping views of Manhattan, and the property caters to mid-size and smaller tenants.
400 Madison Avenue
Landlord: Daishin America
400 Madison was recently upgraded with hospitality-focused suites and an amenity center, providing excellent tenant experiences. The building features a luxury amenity package, including a five-star tenant lounge and a fully equipped conferencing center. Availabilities range from 2,500 to 10,000 square feet, all featuring soaring ceiling heights and abundant natural light. While this property is higher priced than the previous four buildings, it still offers significant value when compared to the more modern buildings on Park Avenue and tends to cater more to financial services and hedge fund companies.
441 Lexington Avenue
Landlord: The Gordon Property Group
441 Lexington Avenue is a boutique office building located directly across from Grand Central Station. This is one of the better value plays in the Grand Central submarket. This 19-story commercial office building offers full-floor and multi-tenant office spaces of various sizes, ranging from 400 square feet to almost 9,000 square feet. This property is smaller than the others and doesn’t boast extensive building amenities, but its competitive rental rates for such a prime location make it an excellent option.
10 Grand Central Place
Landlord: Marx Realty
Located at 155 East 44th Street, 10 Grand Central is a striking 35-story office tower originally designed by Ely Jacques Kahn in 1931. In 2019, Marx Realty completely renovated the building with a contemporary flair while honoring its original Art Deco heritage. Throughout the building, you’ll find thoughtfully restored 1920s and 1930s-inspired art, patterns, and materials that create a harmonious blend of old-world charm and modern luxury.
Entering through the full-height wooden doors, tenants and visitors are welcomed by a beautifully appointed lobby that feels more like a luxury hotel than an office building. Tenants enjoy access to an 11,000-square-foot lounge, known as The Galleries, which boasts a cocktail bar, a town hall-style meeting room, a mini movie theater, and a state-of-the-art podcast studio – offering much more than just office space for both work and relaxation. Adjacent to The Galleries is the building’s private landscaped terrace, an open-air retreat in the heart of Midtown.
There are other properties in Grand Central also worth exploring. I would be delighted to discuss any requirement you may have and provide a detailed survey of appropriate space options.
Feel free to contact me:
Paul Walker 212-984-7117 Paul.Walker@cbre.com Paul Walker | LinkedIn
About the Author
As a commercial real estate broker specializing in all facets of office leasing for over 30 years, I’m also a proud native New Yorker with a deep love for this city. My commitment to my community is reflected in my founding of two real estate charity events and consistent involvement in professional organizations. Outside of work, I enjoy live music, movies, basketball, tennis, podcasts, and a continuous pursuit of knowledge, especially regarding history and the fascinating story of New York.
About the Author
Paul Walker
As a commercial real estate broker specializing in all facets of office leasing for over 30 years, I’m also a proud native New Yorker with a deep love for this city. My commitment to my community is reflected in my founding of two real estate charity events and consistent involvement in professional organizations. Outside of work, I enjoy live music, movies, basketball, tennis, podcasts, and a continuous pursuit of knowledge, especially regarding history and the fascinating story of New York.