Third Avenue is becoming a respectable destination for tenants as Class A office towers on more desirable avenues reach capacity, offering lower rents and better views.
"All of a sudden there's a new focus on Third Avenue, not only by the owners, but by the tenancy," said Dan Shannon, highlighting the shifting interest towards Third Avenue.
"The fact is, all the buildings on Park and Madison...are seeing rents that are higher, but availabilities are mostly only on the lower floors," Adam Henick explains.
Several renovated Third Avenue towers like the Lipstick Building are now offering a variety of office spaces, enhancing the avenue's appeal for businesses.
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