{"id":1004806538,"date":"2026-07-27T12:24:42","date_gmt":"2026-07-27T20:24:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004806538"},"modified":"2026-07-27T12:24:43","modified_gmt":"2026-07-27T20:24:43","slug":"nyc-office-tower-to-commence-200m-renovation","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-office-tower-to-commence-200m-renovation\/","title":{"rendered":"NYC Office Tower to Commence $200M Renovation"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a67d7b837781&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004806539\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nyc-office-tower-to-commence-200m-renovation\/460parkave\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/460ParkAve.png\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"460ParkAve\" data-image-description=\"&lt;p&gt;Image sent with press release by Clare Hayden of Shea Communications July 2026&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The renovation of 460 Park Ave. is bringing the tower back to its original steel frame. Image courtesy of JLL &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/460ParkAve.png?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/460ParkAve.png\" alt=\"Exterior of 460 Park Avenue\" class=\"wp-image-1004806539\" style=\"width:429px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/460ParkAve.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/460ParkAve.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/460ParkAve.png?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The renovation of 460 Park Ave. is bringing the tower back to its original steel frame. <em>Image courtesy of JLL<\/em> <\/figcaption><\/figure><\/div>\n\n\n<p>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.<\/p>\n\n\n\n<p>The redevelopment will strip the building back to its original steel frame before adding a new fa\u00e7ade 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 &amp; Merrill is leading the redesign.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/where-office-use-is-heading-the-nyc-bellwether\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/where-office-use-is-heading-the-nyc-bellwether\/\">Where Office Use Is Heading<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The project is targeting LEED Gold and WELL certifications. It was also selected as the third awardee under New York City&#8217;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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Located in Manhattan\u2019s Plaza District, the asset is near the 59<sup>th<\/sup> Street subway station, serving the 4, 5 and 6 lines. Central Park and Rockefeller Center are a half mile away from the property.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-revitalizing-older-manhattan-offices\">Revitalizing older Manhattan offices<\/h2>\n\n\n\n<p>This redevelopment is part of a broader effort to modernize Manhattan&#8217;s aging office stock as demand for high-quality space remains concentrated in the borough&#8217;s premier office corridors. JLL reported direct vacancy along Park Avenue at just 2.2 percent during the first quarter of 2026.<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-tower-to-undergo-63m-revamp\/\">$63 million repositioning<\/a> as part of the initiative.<\/p>\n\n\n\n<p>Tenants continue to seek newer, amenity-rich office space, particularly in gateway markets. Last month, Commonfund signed a <a href=\"https:\/\/www.commercialsearch.com\/news\/commonfund-takes-entire-floor-at-midtown-office-tower\/\">full-floor lease agreement<\/a> 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.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The redevelopment is part of a larger NYC initiative to rework older NYC office buildings. <\/p>\n","protected":false},"author":3749,"featured_media":1004806539,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,1600,21742,10,21747],"tags":[32796,37021],"class_list":["post-1004806538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-new-york","category-latest","category-northeast","category-office","tag-jll","tag-skidmore-owings-and-merrill-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NYC Office Tower to Commence $200M Renovation - 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