6 Things Every Modern Office Tenant Wants In Their Building
In our interviews with NYC's top office owners/managers, the question of NYC's existing office supply has consistently been a point of discussion. Office developers are always striving to make these buildings not only safe and sustainable, but to appeal to the rapidly changing workforce. But what can developers do to transform an iconic building into a cutting-edge modern workspace?
To get a good perspective, we took a look at the William Kaufman Organization’s (WKO) 437 Madison Ave, an 850k SF Modernist office tower just a few blocks from Grand Central Terminal in the heart of the Midtown office district. WKO recently completed a $60M capital improvement program on the property, transforming it inside and out to appeal to tenants of various sizes and industries.
“We are proud to meet the needs of space users of all sizes, from large companies to boutique firms," said Michael Lenchner, VP and leasing director of Sage Realty, the leasing and management division of WKO. "437 Madison Ave offers Plaza District prestige with Grand Central convenience, making it an ideal location for any company looking for a strong central location with state-of-the-art infrastructure and amenities, modern finishes and concierge-level services.”
We took a closer look to see how 437 Madison captures the widespread revitalization trend and modern office needs.
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Why It Matters: With amenities like bike racks and WiFi seen everywhere, developers are stepping up their game when it comes to amenities. In fact, some studies have shown that amenities can help office tenants be more sustainable, active and productive, so the office that offers life-changing amenities is also offering a better working experience.
The 437 Madison Angle: 437 boasts a spectacular list of amenities—including an advanced infrastructure in every major operating system from additional electrical capacity, extended HVAC hours and telecom to life safety and security, an on-site parking garage, food delivery/messenger center, and public plaza with seating and free WiFi—but none are perhaps as unique as the building's "Garden in the Sky" Terrace (pictured) on the 15th floor. The 8,900 SF terrace will feature built-in planting beds, breathtaking views of NYC and first-of-its-kind outdoor conference rooms, which can be reserved by the building’s tenants. The 15th floor sky lounge can also be reserved for private events complete with wet bars and catering prep areas, and sunrise yoga classes will be offered.
Why It Matters: Today’s businesses are incredibly dependent on power and connectivity, so top office buildings offer deluxe packages, technical security measures and an extensive network of backup generators as a baseline. For tenants interested in sustainability—and in saving thousands every month—the best office buildings need to do everything they can to conserve energy and water.
The 437 Madison Angle: 437 Madison has “extraordinarily advanced technological infrastructure” in every major operating system, including electricity, HVAC and telecom. With "multiple points of IT entry," the building's networks can be easily accessible to every tenant. As for energy, the building boasts 8 watts/SF and a 1000 kW emergency backup generator for tenant use and life safety providing sufficient excess power to operate without interruption for multiple days. Finally, an efficient center core layout and extended HVAC hours give tenants the comfort they need, no matter when they're working.
Why It Matters: While amenities and appealing, high-class space may draw a tenant to a building, a superior management system and the ability to quickly respond to concerns with a professional and well-trained staff can be the determining factor in lease renewal.
The 437 Madison Angle: With concierge-level service and personal request system, 437 Madison’s management addresses any concerns that arise during the workday. The building offers a higher standard of hands-on management and ownership, a messenger and food delivery center, new access management system and turnstiles, CCTV security monitoring and 24/7/365 uniformed security guards, so it’s no surprise that the building’s current tenants (including Omnicom Group, Ospraie Management, Harbor Spring Capital, Medallion Financial Corp, Darktrace, HT Capital Advisors, Kekst and Co, and Carnegie Corporation of New York) have decided to sign leases in the building.
Why It Matters: With the emergence of the co-working phenomenon, many smaller companies are drifting toward the micro-unit model, assuming they'd never find Class-A office space that can accommodate their company's size, but also provide them room to grow. The build-to-suit office space—which has become increasingly popular in Class-A buildings—provides value (and growth potential) to tenants of all sizes.
The 437 Madison Angle: 437 Madison Ave features elegant pre-built spaces ranging in size from 2,893 RSF to 6,402 RSF. The units—which are under construction (available July 2016) will be offered at prices ranging from $80/RSF to $110/RSF—will feature new state-of-the-art reception areas with stone floors, private glass-walled offices, high-end pantries with counter seating, Viking appliances and flat-screen TVs, new common corridors and new restrooms, broadband internet connectivity, flexible floor plates and spectacular views of St. Patrick’s Cathedral and the Midtown skyline. The building also offers partial and full floor build-to-suit opportunities providing a unique, custom office suited for any tenant.
Why It Matters: Architecture and interior design have become amenities by which tenants (and visitors) gauge the prestige and sophistication of the spaces they inhabit. As such, many tenants are seeking progressive (yet convenient and efficient) architecture, building systems and elevators, knowing that their building’s entrance and the lobby will be the first impression potential clients and partners will have of their business, and wanting to make sure it’s a very positive one.
The 437 Madison Angle: With a newly redesigned lobby, arcade and building plaza, 437 Madison's capital improvement program has created a "first impression masterpiece" that instantly impresses tenants and visitors. The plaza serves as the literal and figurative centerpiece of the building and an idyllic refuge for tenants and the general public, featuring free WiFi, bike racks, planting beds and outside birch bistro tables and chairs designed by JANUS et Cie.
Why It Matters: Tenants are signing leases in neighborhoods they think are advantageous to their businesses. In fact, many tenants rank “accessibility” as their highest priority when it comes to office location, as an office that gives access to partners and deals all over the city, region or country can make all the difference in catalyzing scalable growth.
The 437 Madison Angle: With a prime Plaza District location offering access to multiple subway lines and Metro-North trains at Grand Central Station, 437 Madison occupies a full block on Madison Avenue between 49th and 50th streets, and is ideal for a tenant looking for a strong central location. And, naturally, being in the heart of Midtown provides tenants access to world-renowned hotels, restaurants, clubs and bars, and countless other amenities.
