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Rent Office Plaza District

Address SF Monthly Rent
Address SF Monthly Rent
office Tenants Rented / Leased Plaza District

Plaza District Office Rent Average

Building Class Year $ / SF
A 2019 87.0
A 2020 264.0
A 2021 87.0
A 2022 129.0
A 2023 136.0
Building Class Year $ / SF
B 2019 68.0
B 2021 53.0
B 2022 65.0
B 2023 70.0
Year $ / SF Building Class

Plaza District

The Plaza District is a prestigious area in Midtown Manhattan, known for its high-end real estate, luxury retail, and iconic landmarks. Its boundaries are generally defined as:

  • North: 59th Street (southern edge of Central Park)
  • South: 48th Street
  • East: Third Avenue
  • West: Seventh Avenue

This area encompasses some of the most valuable and recognizable real estate in New York City, including the southeastern corner of Central Park and parts of Fifth and Madison Avenues.

History

The Plaza District's history is closely tied to the development of Midtown Manhattan and the iconic Plaza Hotel, from which the district derives its name. Some key historical points include:

  • In the late 19th century, the area around Grand Army Plaza (at the southeastern corner of Central Park) was home to several Gilded Age mansions.
  • The original Plaza Hotel was built in 1883 and completed in 1890.
  • The current Plaza Hotel, a landmark of the district, opened its doors on October 1, 1907. It quickly became a symbol of luxury and prestige in New York City.
  • Throughout the 20th century, the area transformed from a primarily residential neighborhood to a commercial and retail hub.
  • In the decades following World War II, numerous office and apartment buildings were constructed around Grand Army Plaza.
  • By the late 20th century, the Plaza District had become synonymous with high-end office space, luxury retail, and premium real estate.

Subways

The Plaza District is well-served by the New York City Subway system, with several major stations in or near the area:

  • 5th Avenue/59th Street station: Served by the N, R, and W trains.
  • 57th Street station: Served by the F train.
  • 59th Street–Columbus Circle station: Served by the A, B, C, D, and 1 trains.
  • Lexington Avenue/59th Street station: Served by the 4, 5, 6, and N, R, W trains.

These stations provide easy access to other parts of Manhattan and the outer boroughs, making the Plaza District a highly accessible location for both work and leisure.

Restaurants

The Plaza District is home to numerous high-end restaurants and dining establishments, catering to both locals and tourists. While specific restaurants may change over time, the area is known for its upscale dining options, including:

  • The Palm Court at The Plaza Hotel: An iconic New York dining experience, famous for its afternoon tea.
  • Per Se: Thomas Keller's three-Michelin-starred restaurant in the Time Warner Center.
  • Le Bernardin: Eric Ripert's acclaimed seafood restaurant, consistently rated among the best in the world.
  • Jean-Georges: Jean-Georges Vongerichten's flagship restaurant at Trump International Hotel and Tower.

These restaurants, along with many others in the area, contribute to the Plaza District's reputation as a culinary destination.

Museums

The Plaza District is in close proximity to several world-renowned museums, making it a cultural hub:

  • Museum of Modern Art (MoMA): Located on 53rd Street between Fifth and Sixth Avenues, MoMA is one of the world's most influential modern art museums.
  • Museum of Arts and Design: Situated at Columbus Circle, this museum focuses on contemporary craftsmanship and design.
  • American Folk Art Museum: Located on 66th Street near Lincoln Center, it showcases American folk art and the work of international self-taught artists.

While not strictly within the Plaza District's boundaries, these museums are easily accessible and contribute to the area's cultural significance.

Retail Stores

The Plaza District is famous for its high-end retail, particularly along Fifth Avenue. Some notable retail establishments include:

  • Bergdorf Goodman: An iconic luxury department store located at 58th Street and Fifth Avenue.
  • Apple Store Fifth Avenue: The famous glass cube store, located at the southeast corner of Central Park.
  • Tiffany & Co.: The flagship store of the renowned jeweler, located at 57th Street and Fifth Avenue.
  • Louis Vuitton, Gucci, Prada, and other luxury brands have flagship stores along Fifth Avenue in this area.

These stores, along with many others, contribute to the Plaza District's reputation as one of the world's premier shopping destinations.

Company Offices

The Plaza District is home to numerous corporate headquarters and high-profile offices, particularly in the financial and legal sectors. Some notable companies with offices in or near the Plaza District include:

  • IBM: The tech giant has offices in the area.
  • Apple: In addition to its retail store, Apple has corporate offices in the district.
  • Accenture: The consulting firm has a significant presence in the area.
  • Microsoft: The tech company has offices in the nearby Times Square area.

Many hedge funds, private equity firms, and law firms also have offices in the Plaza District, attracted by the prestige of the location and its proximity to other major businesses.

Universities

While the Plaza District itself is not home to major university campuses, several educational institutions have a presence in or near the area:

  • Fordham University's Lincoln Center campus is located just west of the Plaza District, offering programs in law, business, and the arts.
  • The Juilliard School, one of the world's leading performing arts conservatories, is also located at Lincoln Center.
  • Columbia University's Manhattanville campus, while further uptown, has expanded the university's presence closer to the Midtown area.

These institutions contribute to the intellectual and cultural life of the broader Midtown area, including the Plaza District.

Conclusion

The Plaza District stands as a microcosm of New York City's reputation for luxury, culture, and commerce. Its boundaries encompass some of the most valuable real estate in the world, while its history reflects the evolution of Manhattan from a residential area to a global center of business and tourism. The district's excellent subway connections, world-class restaurants, proximity to renowned museums, high-end retail stores, prestigious corporate offices, and nearby educational institutions all contribute to its status as one of the most desirable and influential areas in New York City. Whether for business, shopping, dining, or cultural experiences, the Plaza District continues to be a vital and vibrant part of Manhattan's landscape.

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The Plaza District in NYC is renowned for its prestigious office space and upscale business environment. It is located in Midtown Manhattan, primarily centered around Fifth Avenue, between 42nd Street and 59th Street. Here are some key features and attractions of the Plaza District for office space:

1. Prime Location: The Plaza District is situated in the heart of Manhattan, offering close proximity to major financial institutions, luxury retailers, top-notch dining establishments, and cultural landmarks. It is easily accessible by public transportation, making commuting convenient for employees.

2. High-End Office Buildings: The district boasts some of the most prestigious office buildings in NYC, such as the General Motors Building, 712 Fifth Avenue, Solow Building, and Trump Tower. These buildings are known for their architectural grandeur and sophisticated interior design.

3. Class A Office Space: The Plaza District offers Class A office space, characterized by modern amenities, top-of-the-line infrastructure, cutting-edge technology, and superior building management services. The office spaces are designed to meet the needs of high-end corporate and professional firms.

4. Expansive Floorplans: The office spaces in the Plaza District are generally spacious, with large floorplans that cater to the needs of multinational corporations and financial institutions. The open layouts promote collaboration and flexibility.

5. Luxury Retail and Dining Options: The Plaza District is renowned for its luxury retail stores, including designer boutiques, upscale department stores, and flagship stores of renowned brands. The area also offers a wide range of fine dining options, providing a variety of cuisines and venues for business lunches and client entertainment.

6. Pedestrian-Friendly Streets: The streets in the Plaza District are well-maintained and pedestrian-friendly, with wide sidewalks, landscaped plazas, and ample seating areas. This creates a pleasant environment for employees and visitors alike.

7. Networking Opportunities: Being located in the Plaza District offers considerable networking opportunities due to the presence of numerous prestigious businesses, financial institutions, and corporate headquarters. The district attracts an array of professionals from diverse industries, fostering a vibrant business community.

8. Proximity to Central Park: The Plaza District is adjacent to Central Park, providing easy access to the park's recreational and leisure amenities. This allows office employees to enjoy green spaces, jogging paths, and outdoor activities during breaks or after work.

Overall, the Plaza District offers a prestigious and high-profile setting for office space, catering to the needs of companies seeking a prime address in a vibrant business hub in NYC.
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