350 Park Avenue | Foster+ Partners for Vornado Realty Trust and Citadel
Last week, the Financial Times reported, “Investors are piling back into New York office buildings, committing billions of dollars to property developers,” and, additionally,” Owners of four New York skyscrapers have tapped the commercial mortgage-backed securities market to refinance their debts in recent weeks.”
After several years of sluggish recovery, the New York office market is staging a comeback in 2025. The city has seen a stronger return-to-office push than other parts of the country, led by major firms expanding in Midtown and Union Square. Developers are broadening the definition of what an “office” can be, leaning into flexibility, design innovation, and adaptive reuse. They’re not simply filling space, they’re reshaping it.
Office trends
Companies are prioritizing well-located, design-forward, and amenity-rich environments. While older Class B and C buildings continue to struggle, demand is surging for high-end offices and “plug-and-play” suites that allow teams to move in quickly without costly build-outs. This past April, Amazon secured a 330,000-square-foot lease in 10 Bryant Park, a premier recently renovated Class A tower overlooking Bryant Park. With its prime location, high ceilings, and transit access, it commands premium rents placing it above many Midtown peers for quality and prestige.
It was also announced earlier this summer that 550 Madison Avenue, a landmarked building near key business corridors is 96% leased, with Chubb, Clayton Dubilier & Rice, and Hermès among tenants, and a substantial 75,000-square-foot penthouse leased to Aquarian Holdings. The Pritzker Prize laureate Philip Johnson originally designed the post-modern tower in the 80s which is affectionately known as the “Chippendale” tower for its distinctive roofline.
It was also announced earlier this summer that 550 Madison Avenue, a landmarked building near key business corridors is 96% leased, with Chubb, Clayton Dubilier & Rice, and Hermès among tenants, and a substantial 75,000-square-foot penthouse leased to Aquarian Holdings. The Pritzker Prize laureate Philip Johnson originally designed the post-modern tower in the 80s which is affectionately known as the “Chippendale” tower for its distinctive roofline.
Prep work has begun to make way for 350 Park Avenue, a 62-story office tower to be anchored by Citadel
Leasing activity across Manhattan climbed steadily through 2024 and into this year, with the tech sector driving much of the momentum. Union Square has been a standout: vacancy rates have dropped below 11%, outperforming the citywide average. Meanwhile, SoHo’s tight supply has pushed creative firms to pay as much as $180 per square foot for compact but stylish spaces, while Brooklyn’s Navy Yard, Greenpoint, and Dumbo remain magnets for startups and production studios drawn to converted industrial buildings and flexible lease structures
Conversions are reshaping the landscape as well. New York leads the nation in office-to-residential redevelopment, with about 8,310 units currently in active construction (up 59% year over year) and a pipeline of as many as 17,400 apartments planned across 15.2 million square feet, much of it in Lower Manhattan. Landmark projects include the conversion of 25 Water Street (1,300 units), Pfizer’s former Midtown campus (1,500 units), and 5 Times Square (~1,250 units), alongside redevelopments at 55 Broad Street and 40 Exchange Place, all supported by the 467-m property tax incentive.
152 West 36th Street | JMN Architecture PC
But housing isn’t the only new use. Conversions are also producing gyms, studios, and, in a surprising twist, self-storage. Flatiron and Mequity are transforming a former Class C office building, once a 1900 NYC Board of Education book repository, into a 16-story Class A self-storage tower. The 75,000-square-foot project will hold 1,500 climate-controlled units, with eight new floors added and upper levels featuring 20-foot ceilings for stacked storage. Rising 256 feet on a 46,004-square-foot site with M1-6 zoning, expanded through purchased air rights, it will be among the tallest self-storage facilities in the country and operated by Manhattan Mini Storage.
Amid these shifts, flexible “plug-and-play” suites are gaining traction as a middle ground between traditional leases and coworking. Typically offered for six to twelve months, these pre-furnished, tech-enabled spaces allow startups and growing teams to scale quickly. Landlords are now dedicating entire floors to the model, often in partnership with coworking operators, and pairing them with shared lounges, reservable meeting rooms, and hospitality-style amenities once reserved for luxury hotels.
Security is also top of mind. The tragic shooting at 345 Park Avenue in July 2025, the deadliest office tower attack in New York in decades, underscored how safety has become a leasing consideration. In recent years, landlords have invested in AI-powered weapons detection, biometric access controls, expanded patrols, closer coordination with law enforcement, and more frequent active-shooter drills. As early as 2020, tenants were paying 5–10% rent premiums for verified safety certifications.
Against this backdrop, JPMorgan Chase’s $3 billion headquarters at 270 Park Avenue stands out as a model of the “office of the future.” The 14,000 employees based there will rely on the “Work at JPMC” mobile app to navigate building maps, store a digital badge, reserve bike storage, and preorder food or coffee. Entry will be streamlined with palm-scan biometric authentication, while bathrooms on each floor include emergency locks that alert security staff. The design reflects the bank’s caffeine-heavy culture — four cafes, floor-by-floor “work cafes,” and QR-code-powered coffee machines — alongside features to improve wellness, including 30% more daylight than a typical office tower, circadian lighting, and nature-inspired elements to reduce sensory overload.
Some of the most compelling transformations, however, are happening outside Midtown’s steel-and-glass towers. Historic low-rises, warehouses, and former manufacturing hubs offer the authenticity and adaptability today’s tenants increasingly want. In Dumbo, Brooklyn, Two Trees’ portfolio at 55 Washington, 45 Main, and 20 Jay houses a mix of design studios, media companies, and technology firms. These spaces pair furnished offices with rooftop terraces, bike storage, and shared conference rooms, amenities that reinforce the sense of creative community.
For all the uncertainty of recent years, New York’s office market now finds itself at a moment of reinvention. The shift isn’t only about bringing people back to their desks, it’s about reimagining how the workplace fits into the city’s fabric, and what new life it can take on.
Newly Completed Offices
Terminal Warehouse, West Chelsea
The Terminal Warehouse in West Chelsea, originally built in 1891 as a freight hub with a rail tunnel running through its core, has a colorful past that includes serving as storage, hosting the iconic Tunnel nightclub, and housing galleries and offices. Now finishing its redevelopment steered by L&L Holding, Columbia Property Trust, and partners with COOKFOX Architects, the 1.2 million-square-foot landmark has been transformed into a state-of-the-art office and retail complex.
The COOKFOX Architects design preserves its brick masonry, timber beams, and historic tunnel while introducing a distinctive rooftop addition and carving out a central courtyard for natural light, restoring the 670-foot rail corridor as a retail passage, and adding six setback stories with over 100,000 square feet of terraces and greenery. Targeting LEED Platinum and WELL Gold, the project topped out in 2023 and is just about done, reimagining the warehouse as a modern, sustainable workplace that fuses industrial heritage with contemporary design.
PENN 2, Midtown West
This double-wide block modern Class A office building was designed to complement the original PENN 1 tower, featuring sustainable design elements, large flexible floor plates, and direct connectivity to transit hubs including Penn Station. With an emphasis on advanced technology and tenant amenities, PENN 2 aims to attract major corporate tenants seeking prime office space in one of New York’s busiest and most strategically located business districts. Verizon signed a 200,000-square-foot lease here in Q2, and that was the top lease of July 2025 at around 199,000 square feet.
The Refinery at Domino, Williamsburg
Williamsburg is a popular residential destination, and has started to see significant office development as well. Perhaps the best-known example is The Refinery at Domino, which combines the historic 167-year-old brick facade of the former Domino Sugar Factory with modern elements, including a barrel-vaulted glass structure, suspended gardens, and biophilic design, all fully electrified for net-zero carbon emissions. The 15-story, 460,000-square-foot Class A building offers flexible workspaces, a double-height event space, and a 27,000-square-foot glass dome penthouse with panoramic views. Since completion, it has achieved over 50% occupancy through multiple tenants, including fintech and AI companies like Plastic Labs and Metal, while retail and fitness amenities such as Equinox and a full-service gym complement the office environment.
The Refinery at Domino | Photo by Max Touhey | https://www.twotreesny.com/office-spaces/williamsburg/refinery
The Refinery at Domino Offices at 300 Kent | https://www.twotreesny.com/office-spaces/williamsburg/refinery
430 West Broadway, SoHo
430 West Broadway is a newly completed seven-story commercial building in the SoHo Cast Iron District, designed by Morris Adjmi Architects and developed by New Soho Associates. The building's rust-colored metal façade with recessed floor-to-ceiling windows and zinc-paneled storefront pays homage to the neighborhood’s historic cast iron architecture. The 40,000-square-foot property features ground-floor retail and community facility space with 18-foot ceilings, along with office space on the upper floors and amenities including a rooftop lounge, kitchen, and landscaped terrace.
430 West Broadway | https://www.430westbroadway.com/
One Madison Avenue, Flatiron
One Madison Avenue, a landmark adaptive reuse project fully opened earlier this year. The limestone podium of the building was originally built in 1893 by Napoleon LeBrun & Sons and rebuilt in 1953 in a late Art Moderne style by D. Everett Waid, the building spans the full block between Park and Madison Avenues and East 23rd and 24th Streets.
The new glass addition, designed by Kohn Pedersen Fox with Hines and Vocon, stretches the building to 26-stories. The project offers flexible, airy office interiors, two full garden floors, a redesigned lobby and street entrance, and state-of-the-art systems. A LEED Gold v4.0 rating is anticipated.
Offices In Construction
70 Hudson Yards, Midtown West
Under construction, 70 Hudson Yards will incorporate nine million square feet of innovative office buildings designed by Gensler and Roger Ferris + Partners , with interiors by leading luxury hospitality designer INC. Anchored by a major tenant (Deloitte committed to 800,000 SF in a pre‑construction lease), and offering ultra-efficient, sustainability-focused spaces at rental rates around $200/sq ft. It’s shaping up to be a benchmark in Manhattan leasing - a fusion of luxury, innovation, and conscientious design.
70 Hudson Yards (Visualhouse)
520 Fifth Avenue, Midtown West
In addition to the luxury condos on the uppermost levels, the new tower at 520 Fifth Avenue features a collection of full-floor offices on floors 10-34. The offices have operable arched windows and will enjoy private terraces and loggias as well as interiors by Charles & Co. and access to Moss, the private members club located within the tower.
The first office tenants at 520 Fifth Avenue, which include private equity firm Ancient and investment firm JAB Holding Company, were signed in summer 2025. Occupancy is expected to commence in Q3 2025.
520 Fifth Avenue (Kohn Pedersen Fox)
Office terrace rendering (Binyan Studio)
343 Madison Avenue, Midtown East
A landmark 46-story commercial office tower is planned at 343 Madison Avenue in Midtown Manhattan, developed by BXP and designed by Kohn Pedersen Fox (KPF). The 930,000-square-foot tower will feature strategic setbacks and integrated green spaces to enhance light, air, and visual engagement in the densely built neighborhood, while reflecting a strong commitment to sustainability with a target of LEED Platinum certification. Adding to its appeal, the project will include an underground transit entrance to Grand Central Terminal, improving connectivity in one of the city’s busiest transit hubs and positioning the building as a premier destination for modern office tenants.
Rolex Building, Midtown East
Next year, Rolex is set to unveil a striking 30-story tower designed by David Chippenfield at the corner of 5th Avenue and 53rd Street, replacing its long-standing headquarters dating back to the 1970s. The 165,000-square-foot development will combine modern office spaces for employees and tenants with a new flagship Rolex store spanning the first four floors, while also offering curated brand experiences that reflect the company’s wide-ranging pursuits. Designed to LEED Platinum standards, the tower aims to set a new benchmark for sustainability among New York City’s new constructions. Its thoughtfully crafted interiors and high-quality materials will foster a sense of well-being for both occupants and visitors, while the building itself stands as a bold testament to Rolex’s enduring dedication to precision, excellence, and innovation.
50-64 Third Avenue, The East Village
50–64 3rd Avenue is a six-building assemblage strategically positioned at the crossroads of the East Village, Greenwich Village, and Astor Place. The 16,500-square-foot site offers the potential for approximately 160,000 square feet of new construction, providing a rare opportunity to create a landmark development in one of Manhattan’s most dynamic neighborhoods. Construction was slated to begin in late 2023, but the site has recently been cleared of it old albeit characterful tenement buildings.
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360 Bowery, NoHo
360 Bowery is a boutique 22-story commercial office building located at Bowery and East 4th Street in NoHo, Manhattan. Designed by Morris Adjmi Architects and developed by CBSK Ironstate, the tower offers full-floor office suites ranging from 4,000 to 10,000 square feet with 12-foot ceilings. Its distinctive tiered façade combines dark gray aluminum frames with blush-colored GFRC panels, while interiors feature two curated finishes: “Alloy,” with polished concrete floors and matte black accents, and “Timber,” with wide oak floors and marble backsplashes.
Amenities will include a 1,500-square-foot communal terrace with Lower Manhattan views, a 6,000-square-foot amenity floor called the “360 Club” with a fitness center, flexible boardrooms, bike storage, and select private outdoor spaces.
360 Bowery (Morris Adjmi Architect) | https://ma.com/360-bowery.html
One Saint Marks, The East Village
The nine-story office building at St. Mark’s Place and Third Avenue is now poised to welcome tenants, marking a new chapter for this prominent East Village corner after years of zoning disputes, financial uncertainty, and personal hardship. The building offers modern office spaces complemented by a full suite of amenities, including a fitness center with locker rooms, flexible meeting areas, and a dedicated bike room. Interiors feature high-end, residential-style kitchens and bathrooms, blending comfort with professional functionality for a truly elevated workplace experience.
One Saint Marks (JLL)
174 Mott Street, NoLiTa
The six-story building at 174 Mott Street in Nolita, also known as 368 Broome Street, is undergoing a comprehensive renovation to transform it into a modern commercial space. The property spans approximately 46,967 square feet and is being developed by venture capital firm AlleyCorp.The renovation includes structural upgrades such as a newly constructed concrete scissor staircase and reinforced wood beams, as well as the installation of new elevator shafts completed in 2020. The building is designed to offer high-efficiency floor plates with minimal columns and a side-core elevator system, making it suitable for various commercial uses. The renovation is expected to be completed by Summer 2025
1 Wythe Avenue, Williamsburg
Construction is winding down on 1 Wythe Avenue, a new office building at the nexus of Williamsburg and Greenpoint that presents a modern take on historic local architecture with its brick facade, floor-to-ceiling windows, landscaped setbacks, and angled elevations. Acme Smoked Fish signed a 10-year lease for the building, which is located across from its former headquarters, in October 2024, and will take its place alongside Brooklyn Brewery.
Rendering of 1 Wythe Avenue (StudiosC)
Offices in the Works
350 Park Avenue, Midtown East
The 350 Park Avenue project is a proposed 62-story, 1,600-foot supertall tower in Midtown East designed by Foster + Partners, set to replace three existing buildings and provide 1.8 million square feet of Class A office space, anchored by Citadel and Citadel Securities. The development has entered the city’s ULURP public review process, with input from multiple agencies expected over several months. If approved, demolition of the current structures would begin in 2026, with construction following and completion projected for 2032. The tower will also feature a 12,500-square-foot public concourse along Park Avenue, enhancing pedestrian access and contributing to Midtown East’s ongoing revitalization as a modern commercial hub.
350 Park Avenue by Foster +Parners
405-415 Park Avenue, Midtown East
Plans have not yet been released for the new tower at 405-415 Park Avenue, on the northeast corner of East 54th Street, but the site is clear and located in a central Midtown East business district once described as "the world's greatest blockfront development site." The Archdiocese of New York was once in talks to sell the developers 30,000 square feet of development rights, but was undercut by The Brook, a private, men-only club located directly next door to the site. A 17-story office building and a 100-year-old cooperative previously stood on the site.
405-415 Park Avenue (CityRealty)
175 Park Avenue, Midtown East
175 Park Avenue, also known as Project Commodore, is a proposed 83-story, 1,575-foot supertall skyscraper in Midtown East, Manhattan. Designed by Skidmore, Owings & Merrill and developed by RXR Realty and TF Cornerstone, the mixed-use tower is planned to offer approximately 2.1 million square feet of Class A office space across its 7th through 63rd floors . The development also includes a 500-room Hyatt hotel on the upper floors, 10,000 square feet of retail space, and a 25,000-square-foot elevated public plaza . Construction is expected to begin in mid-2025, with completion projected for 2030.
2 World Trade Center - 200 Greenwich Street
Designed by Norman Foster of Foster + Partners and developed by Silverstein Properties, the redesign recently announced for the 2 World Trade tower will rise 62 stories and 1,230 feet, scaled back from the earlier 80-story, 1,348-foot proposal. The project will deliver 2.2 million square feet of office space on a full-block site bounded by Vesey, Fulton, Church, and Greenwich Streets.
15 Penn Plaza, Penn Station - Midtown West
PENN15 is set to replace the shuttered 1,700-room Hotel Pennsylvania on Seventh Avenue between West 32nd and 33rd Streets with a 57-story, 1,200-foot tower offering 2.8 million square feet of rental space. Foster + Partners’ design features articulated glass volumes resembling stacked shipping containers, with 27 landscaped outdoor terraces alternating along the façade every fourth floor. Floor heights range from 17 to 19 feet across one two-floor retail section and four distinct office “neighborhoods,” anchored by a 1,200-foot side core that allows for flexible layouts. The tower blends high-ceiling, modern office interiors with extensive outdoor spaces, though its Amazon-eco-Helix-inspired exterior and WeWork-style interiors reflect a pre-pandemic approach to office and co-working design, raising questions about the environmental and functional efficacy of such large new-build projects.
44+Mad, Midtown East
SL Green Realty announced Tuesday that it will acquire 346 Madison Avenue and the adjacent 11 East 44th Street for $160 million, with the deal expected to close in Q4 2025. The two adjoining properties, currently improved with office buildings totaling 21,269 square feet, sit on the northwest corner of Madison Avenue and 44th Street, one block from Grand Central Terminal. Under East Midtown rezoning, the assemblage can support up to 800,000 rentable square feet, giving SL Green the opportunity to pursue a new ground-up office tower in what it calls the strongest office market in the country.
Hudson Ivy, Midtown West - Hudson Yards
Hudson Ivy, a planned 34-story boutique office tower at 413 Ninth Avenue in Manhattan’s Hudson Yards district, will offer 272,000 square feet of sustainably constructed Class A office space, ground-floor retail, and a cellar level. Designed as a more intimate counterpoint to its towering neighbors, the project is being developed with cost estimating and management support from SBI Consultants, who are guiding the budget, design, and procurement phases, as well as overseeing construction compliance, change management, and project close-out. With its thoughtful design and strategic execution, Hudson Ivy aims to contribute meaningfully to the area’s growing commercial landscape.
The Hahn Kook Center, 460 Park Avenue, Midtown East
The New York City Economic Development Corporation and Industrial Development Agency announced in January 2025 that the Hahn Kook Center, the U.S. headquarters of the Korean International Trade Association at 460 Park Avenue, has been selected as the third awardee of the Manhattan Commercial Revitalization Program (M-CORE). The program will support a $200 million renovation of the building, positioning it as a global hub for business incubation and partnerships. Designed by Emery Roth & Sons, the midcentury modern Hahn Kook was built in 1954.
The Hahn Kook Center, 460 Park Avenue
360 Tenth Avenue, Midtown West-Hudson Yards
360 Tenth Avenue, developed by McCourt Partners, is a one-million-square-foot Class A office tower ideally positioned between New York City’s landmark developments, Hudson Yards and Manhattan West. The building will offer direct access to the expanded High Line and the new Moynihan Train Hall at Penn Station, enhancing connectivity and urban integration. Designed as a state-of-the-art LEED Platinum office, it will feature advanced environmental, health, and safety systems to maximize tenant performance and wellness.
500 Kent Avenue, Williamsburg
In 2019, a limited liability company purchased the waterfront site at 500 Kent Avenue from Con Edison for $50 million. Since then, plans have been in the works for a 23-story commercial tower with about 555,000 square feet of office space, 20,700 square feet of retail space, about 23,000 square feet of public waterfront access, and a public parking garage. Some have questioned the need for an office tower, and Brooklyn Borough President Antonio Reynoso was not in favor of it, but the project was nevertheless approved by the City Council in August 2024.
Rendering of 500 Kent Avenue (Marvel Architects)
307 Kent Avenue, Williamsburg
In fall 2021, the City Council voted to approve a rezoning to allow for a nine-story office tower at 307 Kent Avenue. A one-story warehouse formerly used as event space (and currently used as a Padel Haus outpost) is to be demolished and replaced with a mixed-use commercial building offering 70,000 square feet of offices, a 22,000-square-foot community medical facility and 9,000 square feet of ground-level retail. Renderings by S9 Architecture show a large outdoor terrace on the fifth floor.
Rendering of 307 Kent Avenue (S9 Architecture)
20 Berry Street, Williamsburg
As of this writing, a zoning review is underway for a 10-story, 192,000-square-foot building to accommodate retail, office, and manufacturing uses as 20 Berry Street. Crain's New York Business identified the owner as Hadi Hajjar, president of Mirtex Trading Corp. and Mihata Corp., and noted that Hajjar's corporations own the eight lots of the proposed site. Renderings show an L-shaped building with oversized windows, as well as a brewery and cafe in the two-story pavilion.
Rendering of 20 Berry Street (Studio V Architecture)
Would you like to tour any of these properties?
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Contributing Writer
Michelle Sinclair Colman
Michelle writes children's books and also writes articles about architecture, design and real estate. Those two passions came together in Michelle's first children's book, "Urban Babies Wear Black." Michelle has a Master's degree in Sociology from the University of Minnesota and a Master's degree in the Cities Program from the London School of Economics.
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