NYC Office Tower to Commence $200M Renovation
The redevelopment is part of a larger NYC initiative to rework older NYC office buildings.
The Korea International Trade Association is launching a $200 million repositioning of the aging 460 Park Ave., a more than 300,000-square-foot office tower in Midtown Manhattan. JLL will act as the leasing manager of the property once the redevelopment is completed in the second quarter of 2028.
The redevelopment will strip the building back to its original steel frame before adding a new façade with floor-to-ceiling windows, a redesigned lobby, upgraded elevators and modern mechanical systems. Following completion, the project will bring a 350,000-square-foot block of office space to the Park Avenue market. Architecture firm Skidmore, Owings & Merrill is leading the redesign.
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The project is targeting LEED Gold and WELL certifications. It was also selected as the third awardee under New York City’s Manhattan Commercial Revitalization Program in January 2025. The program provides incentives for owners to modernize aging office buildings through sustainability upgrades and amenity-rich workplace improvements that better compete for tenants.
KITA purchased the 22-story office building from Breecom in 1995 for $15.5 million, according to Yardi Matrix. It was originally built in 1954 and went through cosmetic renovations in 2014 and 2016, the same source shows.
Located in Manhattan’s Plaza District, the asset is near the 59th Street subway station, serving the 4, 5 and 6 lines. Central Park and Rockefeller Center are a half mile away from the property.
Marketing and leasing efforts at 460 Park Ave. will be led by JLL Vice Chairmen Dave Kleiner, Frank Doyle and Cynthia Wasserberger, along with Senior Vice President Michael Pallas.
Revitalizing older Manhattan offices
This redevelopment is part of a broader effort to modernize Manhattan’s aging office stock as demand for high-quality space remains concentrated in the borough’s premier office corridors. JLL reported direct vacancy along Park Avenue at just 2.2 percent during the first quarter of 2026.
460 Park Ave. is the third project selected for the M-CORE program. The first recipients were announced in January 2024, when New York City Economic Development Corp. selected 850 Third Ave. and 175 Water St. 850 Third Ave. is undergoing a $63 million repositioning as part of the initiative.
Tenants continue to seek newer, amenity-rich office space, particularly in gateway markets. Last month, Commonfund signed a full-floor lease agreement at 825 Third Ave., a 521,707-square-foot property. The 40-story tower recently completed a $150 million renovation that included new amenities, a new lobby and 4,000 square feet of public open space. Commonfund relocated from its previous office on Park Avenue.
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