Newmark is pleased to announce its appointment by Gorjian Real Estate Group to market its newly acquired asset, 192 Lexington Avenue. The Newmark leasing and marketing team comprises President David Falk, Executive Managing Director Eric Cagner, Senior Managing Director Bernard Weitzman and Associate Director Alex Leopold.
192 Lexington Avenue is an architecturally significant 17-story, 140,000-square-foot asset located on the border of Midtown and Midtown South on the northwest corner of 32nd Street. The building is conveniently situated one block from the 6-subway line and equidistant between Grand Central and Penn Station.
The Gorjian family is keenly aware of what today’s tenant is seeking. They are kicking off a multi-million dollar campaign that will focus on re-positioning this boutique asset to meet the needs and aspirations of today’s modern tenant. The initial renovation will focus on creating a dramatic contemporary lobby with a double-wide glass entrance and 25-foot-high ceilings. The lobby will be outfitted with contemporary art, highlighted by a large custom mosaic designed in Italy.
“We are very excited about the opportunity to transform 192 Lexington Avenue into a building that will be extremely competitive with the rest of the of the Midtown South market,” said Myron Gorjian of Gorjian Real Estate.
The initial availabilities will consist of full floor pre-builds ranging in size from 7,000 RSF to 8,600 RSF. Ownership will construct modern glass fronted offices, new pantries and new bathrooms in all availabilities. Existing concrete floors will be refurbished, and all columns will be exposed. Juliet terraces will be introduced on certain floors bordered by new glass exterior walls that will replace the old-world parapet walls, allowing an abundance of natural light to flow in.
“We are thrilled to be a part of what will be a transformative process at 192 Lexington,” said Cagner of Newmark. “The bones of this asset are fantastic, with ample ceiling height, great natural light and an accessible location that is equidistant to Penn Station and Grand Central. Taking the inherent positive attributes that exist today and fusing that with the Gorjian Group’s distinct style and commitment to delivering a high-end, modern product make us incredibly excited to see the process unfold. We anticipate delivering our first full floor pre-build in the fall of 2019 and delivering a final product that will cater to the various user groups of both Midtown and Midtown South.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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