Leasing is underway for a historic 35-story building in Midtown Manhattan that previously housed Marvel Comics and was renovated to be a forward thinking work space and include post-pandemic amenities for a safe work environment.
Resolution Real Estate announced the leasing launch on Monday, following a $120 million revamp of the 700,000-square-foot, historic West side landmark located at 330 West 42nd St.
The post-pandemic work environment amenities include modernized air quality systems, wellness center, nine outdoor terraces, collaborative event spaces and a direct outside air system, or HVAC, which will improve indoor air quality and thermal control. The building’s industrial bones and character were preserved during renovation.
“The tower’s workspaces are specifically designed to accommodate the needs of today’s tenants post-pandemic with abundant natural light, high ceilings, open layouts, outdoor terraces, and best-in-class amenities,” said Dan Shannon, Partner, MdeAS, in a press release from Resolution Real Estate.
The direct outside air system circulates fresh, outside air throughout the building and the operable windows and outdoor space also help provide fresh air.
“It’s a building that breathes,” said Scott Klau, vice chairman at Newmark.
An opportunity to ‘craft a true headquarters’
Resolution, a New York-based asset management firm specializing in Manhattan office re-positionings, is heading up the renovation and leasing effort. The firm assembled a team including MdeAS Architects and a Newmark team led by Brian Waterman and Scott Klau.
“The reimagining of this landmark property brings to market one of the most extraordinary prospects for businesses looking for a true headquarters opportunity,” Klau said. “The property offers an unrivaled environment for employees to collaborate in modern spaces with state-of-the-art amenities.”
Resolution and its team anticipate securing an anchor for the building by the second quarter of next year, Klau said.
“The beauty of this building is that it’s entirely vacant so we have the opportunity to truly reimagine the building,” Klau said. Adding, “Because it is a vacant building, it’s an incredible branding opportunity where we can give extraordinary identity. We have a blank canvas to craft a true headquarters opportunity for a forward thinking company.”
The building has been sectioned into low-rise, mid-rise, and high-rise floors with varying office layouts, according to the release. Office spaces are industrial, and floor plates span from 20,000 to more than 30,000 square feet.
Seven to 12 foot high windows provide natural light and views of Midtown, Lower Manhattan and across the Hudson River. The building also includes lounges, conference rooms, and prime location for transit access.
“What you have is the best of both worlds,” Klau said. “You have slab heights and window heights that are consistent with new construction, but you have the character of an old building. When you couple that with the amenities that we are building, which are on a grand scale, there really is no offering like it in the market.”
The landmark property was once home to McGraw-Hill Publishing Company and Marvel Comics. It was built in 1931 by architect Raymond Hood. The building became a National Historic Landmark in 1989.
“Raymond Hood’s McGraw-Hill Building was the most progressive property when it was completed in 1931,” said Dan Shannon, Partner, MdeAS in a press release. “Nearly 100 years later, and with the planned major rejuvenation project underway, the building is once again poised to be a modern marvel.”
The lobby has been fully modernized, the release said. It features a 35-foot atrium among other amenities.
“It (the building) is definitely forward thinking and market leading in terms of the amenities package which is why we think we are going to be super successful at our lease-out process and securing our anchor which is our focus right now,” Klau said.
Resolution Real Estate is known for “carrying out much-needed building infrastructure and amenity upgrades that render historic buildings relevant for modern use,” the release said. “The building’s façade, composed of blue-green terracotta panels with windows framed in green metal, has undergone extensive, meticulous repairs to restore Hood’s original vision and design. Meanwhile, the renovated interior spaces are equipped with all of the design features required by 21st century companies.”