Built Value-Play Sublease in Midtown South

January 17, 2017

Tech Office Spaces Author

Washington D.C. Team Market Expert | Assistant Director, Savills Studley | DC/MD/VA Licensed Real Estate Broker

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Sublease in Midtown South from the Rubicon Project

Anyone sifting through this website will know Midtown South has become the epicenter of the tech community in New York City. The neighborhood has become extremely popular amongst TAMI tenants, start-ups, and budget conscious creative companies. However, many of these firms have been priced out of this area. Due to this trend, innovative executives have been looking to the sublease market to identify a good deal or discounted space instead of blindly paying top dollar for the latest and greatest.  As venture capital firms start to look at potential start-ups’ overhead costs more closely, a careful space search process has become a crucial task in mitigating over-spending. Whether you are a start-up in the beginning stages of funding, or an established ad agency, TAMI tenants across the board are finding that doing more with less is the key to surviving these uncertain times.

This sublease opportunity from the Rubicon Project at 180 Madison was constructed a year and a half ago. This unit in particular is located on the corner of 34th street and Madison Avenue and boasts 12-foot ceiling heights, allowing a great deal of natural light into the space.  The build out was completed with a modern feel with exposed ceilings, colorfully painted conference room, and a wet pantry. With an open area that can seat 44 employees, three conference rooms, two phone booth areas, and a breakout area, this space supports a collaborative community which is essential to any thriving tech firm (click here to see a floor plan).

The true value in this sublease opportunity is the pricing and short term. An incoming subtenant will receive the benefit of Rubicon’s built, wired, and furnished space. Additionally, they will gain a recognizable Madison Avenue address. The space is available immediately and offered at a discounted rent relative to the neighborhood. It is priced in the mid $50’s per square foot, when comparable direct space in the area trades in the $70’s and $80’s per square foot. The sublease term extends through July of 2019 allowing maximum flexibility for any TAMI tenant.

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