Leasing has begun for 125 West 57th St. in Midtown Manhattan, a 260,000-square-foot tower with ground-floor retail and approximately 180,000 square feet of full-floor Class A office space, featuring direct Central Park views and private outdoor spaces.
Developed by partners Alchemy-ABR Investment Partners and Cain International along the residential corridor of the iconic Billionaires’ Row, the property is the only planned, ground-up Class A trophy office building going up on spec for the Plaza District within the next few years, at a time when there is limited new product being delivered to the office market.
Designed by FXCollaborative, the 30-story, 420-foot-tall glass tower is accentuated by vertical, bronze-colored fins. JLL exclusively handles leasing for the building, and office tenant buildouts can start as early as the third quarter of 2024, with a temporary certificate of occupancy expected for the first quarter of 2025.
Focus on health, well-being, knowledge-sharing
The mixed-use project’s Class A boutique office component will fill a gap in a pandemic-shaped market driven by the experiential office space, focused on health and well-being. Upon completion, the building will be one of the few centrally located Class A offices in the Plaza District.
Peter Miscovich, Global Future of Work Leader at JLL Consulting, who co-authored the book “The Workplace You Need Now,” told Commercial Property Executive that “experiential offices and experiential workplaces foster greater employee engagement and satisfaction by providing stimulating, interactive and immersive work environments that cater to the physical, cognitive and emotional needs of employees.”
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“These environments promote creativity, collaboration and knowledge-sharing by enabling serendipitous interactions, facilitating cross-functional teamwork and encouraging the exchange of ideas through thoughtfully designed spaces and amenities,” he added.
The building is targeting LEED Gold certification.
Miscovich said an experiential office and workplace can also serve as a powerful talent attraction and retention strategy, as they signal an organization’s commitment to employee well-being and offer a unique and compelling work experience that appeals to both current and prospective employees.
“By blending elements of hospitality, technology, and activity-based work, this environment can increase productivity, efficiency and innovation by enabling employees to choose the most appropriate work settings for their tasks and work styles,” he said.
“An experiential approach to the workplace can also contribute to an organization’s broader sustainability and wellness goals by promoting physical activity, healthy behaviors and a sense of community, all of which can positively impact employee health, work-life balance and overall well-being.”
Pierre Debbas, Esq., co-founder of Romer Debbas LLP, told CPE, “This is a very interesting project and demonstrates the optimism in Class A office space. Unfortunately, the same optimism does not apply to Class B and C buildings. While few are developing office space in NYC, creating an experiential modern space will serve well for the current demand in a post-pandemic world.”
For JLL, Mitchell Konsker, Christine Colley, Dan Turkewitz, Kristen Morgan, Kate Roush are handling leasing.
Alchemy-ABR and Cain bring decades of commercial, hospitality and residential expertise to 125 West 57th St. Alchemy-ABR recently sold out The Woolworth Tower Residences, which transformed the top floors of the iconic Woolworth Building into luxury residences, in addition to the recent development of high-end residential condos on the Upper West Side, including 378 West End Ave., and 250 W. 81st St.