New York, NY –October 9, 2018 – Cushman & Wakefield and Colliers International today jointly announced that the firms have been retained on an exclusive basis to market 554 On the Eighth, a 325,000 square-foot office building located at the southeast corner of Eighth Avenue and West 38th Street.
Steps from major transportation hubs and minutes away from Hudson Yards, 554 On the Eighth is a soon-to-be reimagined innovation hub with strong appeal to office tenants from the technology industry. The Expansion Group Inc., managers of 554 On the Eighth, deeply understand the needs of tech world tenants, in no small part due to the fact that their venture capital arm, Expansion Venture Capital, has funded a long list of game-changing startups that includes Allbirds, Via, Lemonade, Enigma, and Postmates. The synergy between forward-thinking technology tenants in the office portion and A-list tenants in the retail portion will establish 554 On the Eighth as one of the most dynamic assets in Manhattan.
554 On the Eighth also offers a rare opportunity for a full building lease that can potentially include naming rights. Following a state-of-the-art capital improvement plan, the property will feature a new lobby, retail façade and streetscape, new infrastructure, high-speed elevators, operable windows and new HVAC under tenant control. The building provides six terraces on various floors and expansive 360-degree views from its tower. For the right tenant, 554 On the Eighth can be their brand’s gleaming Manhattan headquarters of tomorrow, located in the heart of one of the city’s busiest districts.
Formerly known as 554 Eighth Avenue, the building has been rebranded by The Expansion Group Inc. as 554 On the Eighth in order to better convey the sense of wonder and possibility that the asset will offer its future tenants. The transformed 554 On the Eighth will soon be home to the sort of industry-disrupting office tenants that drive headlines and redefine the parameters of our daily lives.
A Cushman & Wakefield team consisting of Managing Director Brandon Singer and Senior Brokerage Coordinator Michael Cody will be leading the retail marketing efforts. The 21-story property offers nearly 29,000 square-feet of divisible retail space across the ground floor, lower level and second floor.
“554 On the Eighth offers an unprecedented opportunity for large format retail space at the base of one of Manhattan’s most prominent technology hubs,” said Brandon Singer of Cushman & Wakefield. “We’re excited to provide high caliber retail offerings not only to 554 On the Eighth’s cutting edge office tenants but also to the thousands of pedestrians who walk Eighth Avenue every day.”
Colliers International’s Executive Managing Director Christel Engel and Director of Brokerage & Advisory Services Joshua Goldsmith will market the office space and will leverage the availability of providing a full building for a single user.
“With the proximity to Hudson Yards and the increased interest from technology companies in the midtown submarket, 554 On the Eighth is positioned as a premier, headquarter-style destination for the most innovative firms in the country,” said Joshua Goldsmith of Colliers International. “Colliers is thrilled to offer world-class companies this singular opportunity for full building occupancy in one of the most desirable markets in the world.”
“We’re excited to be bringing together the legacy of the neighborhood with the vibrant tech ecosystem, fostering the growth and expansion of technology jobs in New York,” said Lauren Pilla of The Expansion Group Inc.
Located in the heart of Midtown, the property offers easy access to major transportation hubs including Penn Station and the Port Authority Bus Terminal. Additionally, the property is surrounded by shopping, dining, hotels and major attractions including Madison Square Garden and Times Square.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.