RFR Announces Massive Redevelopment Plan and 300,000-SF Vacancy at 345 Park Avenue South

345 Park Avenue South - RFR

In a surprise announcement, real estate investment firm RFR is in pursuit of a new anchor tenant to fill 300,000 square feet of Class-A office space at 345 Park Avenue South. The available space amounts to almost the entirety of the property, including a new private rooftop terrace.

RFR also announced a comprehensive plan to modernize and redevelop building interiors. The scope of redevelopment includes a relocation of building mechanicals to improve internal flow and connectivity, updated plumbing and mechanical systems, new elevators, windows, and restroom areas, as well as a renovated lobby entrance. The upper levels of the office will also contain an impressive penthouse with skylights measuring 17 feet high.

A new rooftop terrace is the crowning component of the redevelopment.

Rendering of roof terrace at 345 Park Avenue South – RFR Realty

Rendering of 12th floor commercial space at 345 Park Avenue South – RFR Realty

Rendering of lobby area at 345 Park Avenue South – RFR Realty

“Once we complete our redevelopment, 345 Park Avenue South will be an entirely new building with all the latest cutting-edge technology, infrastructure, and capabilities for forward-thinking tenants to establish a centrally located headquarters required to attract and retain the best talent,” said RFR’s Director of Leasing, AJ Camhi. “Madison Square Park has an ideal set of attributes and amenities that appeal broadly to users in different industries, and we plan to take advantage of the location by offering the best building in all of Midtown South.”

According to an official statement, Digital, the building’s former tenant amicably negotiated an early termination of its lease. RFR has not made public when construction will kick off, nor the expected duration of the redevelopment.

“We have the unique opportunity to customize the full building for users requiring up to 300,000 square feet and seeking to establish a presence in one of Midtown South’s most prominent and well-located addresses,” said Co-Founder and Principal of RFR, Aby Rosen. “Blocks of this size, quality, and location are few and far between.”

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2 Comments on "RFR Announces Massive Redevelopment Plan and 300,000-SF Vacancy at 345 Park Avenue South"

  1. Please pardon me for using your space: Beautiful ending on development report, few and far between. Can I cursed it? No, not my habit to act like that. (Thank you)

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