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S L Green finds demand for 'pre-built' units.

An unusual "pre-built" leasing program designed to save small office users time and money was introduced earlier this year by S L Green Properties at its 20-story, fully renovated office tower at 215 Park Avenue South.

Within 60 days, all three 2,000-square-foot, pre-built units were leased.

Response by prospective tenants was so strong that S L Green is now pre-building three more units of 2,500 square feet each at 432 Park Avenue South and is considering other sites as well.

"Pre-built' office space simplifies and speeds the leasing process for smaller tenants," said S L Green Chairman Stephen Green. "Most would rather not be burdened with the cost and time attached to working with designers, architects and contractors.

"Under this approach, if you like what you see, all you do is sign the lease and move in," said Green. "It's just like subletting, only better, because you're able to enjoy the benefits of being a primary tenant."

The multi-million dollar renovation of the 300,000-square-foot 215 Park Avenue South was honored with the New York State Association of Architects Excellence in Design Award in 1990.

Now more than 90 percent, tenants include: the administrative offices of Beth Israel Hospital; Houghton Mifflin Co.; Business International Corporation; Oxtoby-Smith, Inc.; David Deutsch Associates; and The Pushpin Group.

At 432 Park Avenue South, 16-story Beaux Arts office building located between 29th & 30th Streets, a branch of Chemical Bank is located on the ground floor. Office tenants on the upper floors include the Juvenile Diabetes Foundation International; the New York Lung Association; and the Joint Council for Economic Education. Office units range in size from 1,000 to 6,300 square feet.
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Title Annotation:S L Green Real Estate Inc.
Publication:Real Estate Weekly
Date:Aug 5, 1992
Words:279
Previous Article:420 East 86th Street.
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