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With vacancy rates in the Grand Central area hovering near 11% and very few ground-up office buildings being built, developer Axel Stawski's 505 Fifth Ave. is a success story before it officially opens this month.
"The building's design, infrastructure and location are just a few of its many assets," says Raul Clickman, executive vice president of Cushman & Wakefield and leasing agent for 505 Fifth Ave. "Its infrastructure offers tenants state-of-the-art power, security and telecommunications systems. The building's location, one block from major transportation hub Grand Central Terminal, allows easy accessibility for tenants and visitors. Located on the corner of Fifth Avenue and 42nd Street, tenants have access to some of Manhattan's best shops, eateries and hotels."
Designed by renowned architects Kohn Pedersen Fox Associates, 505 Fifth Ave. is a 300,000-sf glass-curtain walled and concrete office tower situated at one of New York City's most vital crossroads. Its amenities and location has already drawn several financial firms to the 28-story building and is currently 80% leased. The building is comprised of 25,000 sf of retail space at...