New York, NY –November 26, 2018 – Cushman & Wakefield today announced that the real estate services firm has been retained on an exclusive basis to market for sale a brand-new, four-story office and retail building located at 12 West 48th Street in Midtown Manhattan. Ownership is seeking proposals for this prominent headquarters or flagship retail opportunity.
A Cushman & Wakefield team consisting of Executive Vice Chairman Charles Borrok, Vice Chairman John F. Ciraulo, Senior Director Craig Waggner and Director Will Conrad will be leading the marketing efforts on behalf of the property’s seller.
“12 West 48th Street presents a unique branding opportunity for any occupier at the southern end of Rockefeller Plaza,” said Charles Borrok of Cushman & Wakefield. “Given its proximity to Times Square, the Theatre District, the world-renowned Fifth Avenue retail corridor, the United Nations Headquarters, and over 20 million square feet of office space within three blocks, 12 West 48th Street could be acquired as a flagship retail location, corporate headquarters, family office or government embassy, mission or consulate”, added John Ciraulo. “This is an important place to be if you want your brand or headquarters to be on the world’s stage”, said Craig Waggner.
12 West 48th Street features approximately 30,845 gross square feet and 75 feet of frontage along the south side of West 48th Street between Fifth Avenue and Rockefeller Plaza. The building, constructed as a glass jewel box, was designed with an articulated façade to capture sight lines from Fifth Avenue and Rockefeller Plaza with high ceilings and floor-to-ceiling windows. The building will be completed during early 2019.
The building will contain a retail unit totaling approximately 10,831 rentable square-feet across the first floor and basement. The upper floors contain 18,108 rentable square-feet of office space designed for flexibility allowing the space to either be split into full-floor office units or to be utilized by one user. The property also features outdoor space with a large private rooftop terrace and has been future-proofed to cater to a user’s changing requirements.
12 West 48th Street is located just 150 feet away from the highest priced retail corridor in the world, upper Fifth Avenue. It is situated among over 20 million square-feet of office space and has direct visibility of Rockefeller Center which experiences over 400,000 visitors daily and over 800,000 visitors during the holiday season. It also offers proximity to other New York City premier attractions including Times Square, Central Park and the United Nations Headquarters. The property is steps away from the B, D, F, M, R, W and 6 train lines, as well as Grand Central Station.
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.