{"id":1004672088,"date":"2023-07-13T03:41:00","date_gmt":"2023-07-13T11:41:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004672088"},"modified":"2023-07-13T04:08:49","modified_gmt":"2023-07-13T12:08:49","slug":"microsoft-moves-into-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/microsoft-moves-into-manhattan-tower\/","title":{"rendered":"Microsoft Moves Into Manhattan Tower"},"content":{"rendered":"
\"122<\/a>

122 Fifth Ave. Image courtesy of The Bromley Cos.<\/em><\/p><\/div>\n

Microsoft<\/strong> has moved into 122 Fifth Ave., an 11-story mixed-use tower in Manhattan’s Union Square, the New York Post<\/em> reported. The tech company signed a lease<\/a> for 150,000 square feet in 2021 to occupy floors six through 10. The deal also includes a part of a 13,200-square-foot rooftop terrace and a 5,500-square-foot pavilion.<\/p>\n

The building has been under The Bromley Cos.<\/strong>‘ ownership since 1979, marking the company\u2019s first purchase in New York City. The redevelopment of the property was in the works since at least 2018, when Bromley proposed a three-story vertical addition.<\/p>\n

However, the proposal changed over time and in 2021 The Landmarks Preservation Commission approved a new plan that would include the renovation of the facade and the construction of a 10-story office building with space for retail. That same year, Bromley received $170 million in financing from PCCP LLC<\/strong>. The project topped out in June 2022 and its completion was recently announced.<\/p>\n

\n

READ ALSO:<\/strong> Office Revival Program Coming to Midtown Manhattan<\/a><\/p>\n

\n

The Class A building originally designed by architect Robert Maynicke for developer Henry Corn came online in 1900. The tower then underwent cosmetic renovation in 1982 and 1987. STUDIOS Architecture<\/strong> designed the current redevelopment, including floorplates ranging from 27,000 to 33,000 square feet, six passenger elevators and is now targeting LEED and Fitwel certifications. Amenities include a rooftop terrace, a bike storage room and a coffee shop.<\/p>\n

Located in the heart of the Flatiron District, 122 Fifth Ave. is a few blocks from Union Square Park and Madison Square Park.<\/p>\n

Other tenants at 122 Fifth Ave. include clothing and shoe company Allbirds, which signed an 8,000-square-foot lease in early 2022, as well as Parachute Home and jeweler Pandora, which signed in August 2022.<\/p>\n

Manhattan leads the U.S. in office rents<\/h2>\n

Manhattan is maintaining its position as the most expensive office market in the country. In May, the average full-service equivalent listing rate was $85.9, registering a 0.7 percent increase in the last 12 months, according to a CommercialEdge report<\/a>. The vacancy rate clocked in at 17.0 percent, a 290-basis-point increase year-over-year.<\/p>\n

Some recent noteworthy Manhattan leases include Clayton Dubilier & Rice signing for 144,000 square feet with Olayan Group at 550 Madison Ave.<\/a> Meanwhile, Skanska expanded its tenancy at the Empire State Building<\/a>, and Empire State Realty Trust landed a new tenant as well, relocating from 7 Penn Plaza.<\/p>\n","protected":false},"excerpt":{"rendered":"

Renovations just wrapped up at the Union Square building.<\/p>\n","protected":false},"author":2829,"featured_media":1004672089,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,1600,21742,10,21747],"tags":[33865,33801],"class_list":["post-1004672088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-microsoft","tag-studios-architecture"],"acf":[],"yoast_head":"\nMicrosoft Moves Into Manhattan Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Microsoft has moved into 122 Fifth Ave. The tech company signed a 150,000-square-foot lease with The Bromley Cos. back in 2021.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/microsoft-moves-into-manhattan-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Microsoft Moves Into Manhattan Tower\" \/>\n<meta property=\"og:description\" content=\"Microsoft has moved into 122 Fifth Ave. The tech company signed a 150,000-square-foot lease with The Bromley Cos. back in 2021.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/microsoft-moves-into-manhattan-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-13T11:41:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-13T12:08:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/122-Fifth-Avenue.-Image-courtesy-of-The-Bromley-Cos-e1689242224965.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1068\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/microsoft-moves-into-manhattan-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/microsoft-moves-into-manhattan-tower\/\",\"name\":\"Microsoft Moves Into Manhattan Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/microsoft-moves-into-manhattan-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/microsoft-moves-into-manhattan-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/122-Fifth-Avenue.-Image-courtesy-of-The-Bromley-Cos-e1689242224965.jpg\",\"datePublished\":\"2023-07-13T11:41:00+00:00\",\"dateModified\":\"2023-07-13T12:08:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a\"},\"description\":\"Microsoft has moved into 122 Fifth Ave. The tech company signed a 150,000-square-foot lease with The Bromley Cos. back in 2021.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/microsoft-moves-into-manhattan-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/microsoft-moves-into-manhattan-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/microsoft-moves-into-manhattan-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/122-Fifth-Avenue.-Image-courtesy-of-The-Bromley-Cos-e1689242224965.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/122-Fifth-Avenue.-Image-courtesy-of-The-Bromley-Cos-e1689242224965.jpg\",\"width\":1068,\"height\":801,\"caption\":\"122 Fifth Avenue. 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