Rare 20,000 SF Spec Suite in Move-in Condition Available at 555 11th Street
In a market where pre-built “spec suites” are increasingly popular, what is often overlooked are the tough decisions owners face to speculatively build a suite prior to receiving a commitment from a tenant.
There’s no doubt, it’s a big risk. Building out space from scratch can easily cost $60.00 – $100.00+ per square foot. So missing the mark on design, or creating a configuration that isn’t in demand, can cost a landlord big bucks and leave them with space that sits empty for months.
This is why most “spec suites” are under 5,000 square feet in order to limit a landlord’s exposure. Very few landlords have the guts to build out a space much larger than that.
Let me introduce you to one of the nicest spec suites on the market right now, which happens to be the largest as well. The building’s owner, Rockrose recently unveiled their latest $2 MILLION+ spec suite in the heart of Metro Center at 555 11th Street.
Designed by Wingate Hughes, the suite is the perfect balance of open space and private offices with thoughtful meeting rooms sprinkled throughout. Perhaps the biggest draw are the THREE PRIVATE BALCONIES that come with the suite exclusive to the future tenant. These aren’t just any outdoor spaces that fit 1-2 people that owners claim to be “balconies”, these are MASSIVE balconies that rival some of the area’s nicest rooftop terraces.
Rockrose certainly rolled the dice in building out this suite speculatively, but they absolutely nailed it. With an asking rent of $57.00/SF this is going to be a home run for a lucky tenant looking to make a statement in one of the best submarkets in the city.
The space was so nice we just had to make a video:
And here are some renderings showing how the space can look when furnished:
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Savills North America | 399 Park Avenue | 11th Floor | New York, NY 10022