Inside Park 53: A Premier Office Tower In Manhattan's Plaza District

Park 53, a luxury office building at 45 E. 53rd St. in Manhattan’s Plaza District, is available for lease for the first time in its existence.

Built by Santander Bank in 1991 as its New York headquarters, the building’s only tenant was the bank until 2022, when the luxury building was sold to ZG Capital and Rialto Capital Management. Since then, the building has been in the process of a complete renovation — one that will transform it into one of Manhattan’s most sought-after boutique buildings, ZG Capital partner James Tamborlane said. 

“We are doing a total renovation with major infrastructure improvements, a new lobby, a brand-new facade and an array of amenities, as well as building out very high-end boutique office floors,” Tamborlane said. 

The 19-story, 136K SF building features full-floor office opportunities ranging from 5,500 SF to 8,500 SF, something that Tamborlane called “very unique” to this submarket. Each floor boasts floor-to-ceiling windows with views overlooking Park Avenue, column-free floor plates, private elevator access and branding opportunities.

In addition to the newly renovated office spaces, the building features a second-floor amenity club consisting of a 26-seat boardroom, a library, a lounge, a bar and a private dining room. The ground and cellar floors of the building will be home to restaurant and retail space. 

Given the building’s location in the Plaza District, Tamborlane said it is suited for financial service firms, family offices and private equity companies. Park 53’s neighbors include JPMorgan Chase, Morgan Stanley, Blackstone and Citadel.

This submarket has had a strong start to the year, accounting for 30% of the city's office leasing volume in the first and second quarters. It also had the second-highest asking rents in the second quarter. This success can be attributed to demand shifting toward higher-end assets since the start of the pandemic, Tamborlane said. Park 53 is situated to meet these new market requirements for firms to attract and retain talent.  

Notable landmarks within walking distance of the building include The Plaza Hotel, St. Patrick’s Cathedral, Rockefeller Center and the Chrysler Building — as well as award-winning restaurants and high-end shopping and hotels. It is also only a few blocks away from several subway stations and Grand Central Terminal, making it easy for commuters or visitors to get to the office. 

Prime Grand Central and Plaza District assets have seen a postpandemic resurgence, said Brian Waterman, executive vice chairman at Newmark, the firm tasked with leasing the building. He said that with 160,000 new daily riders commuting into Grand Central Terminal via the Long Island Rail Road East Side Access, the location has not only become a central hub for Connecticut and Westchester commuters but also now those coming from Long Island.  

The reimagination of this office building was made possible through a team of top-quality designers and architecture firms, Tamborlane said. New York-based architecture firm MdeAS designed Park 53’s lobby, and architecture and design group Vocon was responsible for the building’s amenities. Spector Group was brought in to reinvent the office spaces.

ZG has worked with Newmark’s brokerage team to help with leasing efforts, including Waterman, Scott Klau, Brent Ozarowski, Kevin Sullivan and David Waterman. The ZG team is excited to show the brokerage and tenant communities the finished product, Tamborlane said. 

“Park 53 is perfectly positioned to accommodate requirements of all sizes in these submarkets, as the floor plates range from 5,500 RSF to 8,300 RSF,” Waterman said. “The building has undergone a dramatic capital improvement program and will be able to complete with the top-tier assets in the area.”

This article was produced in collaboration between ZG Capital and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.