Office Space at 349 Fifth Ave. to Be Brought to Market for First Time

3 Feb, 2010, New York

Cushman & Wakefield announced today that it has been named the exclusive leasing agent for the office portion of 349 Fifth Ave., an eight-story building located on the southeast corner of 34th Street. The building is under new ownership and it is the first time the office space will be available for lease.

Cushman & Wakefield brokerage professionals Danielle Zimbaro, Josh Goldman and David Berke will market the available office space on behalf of the building's owner, Dario Zar, managing principal of Zar Property NY. The new owner acquired 349 Fifth Ave. from JP Morgan Chase in December. JP Morgan Chase, who had previously occupied the entire building, leased back the retail portion of the building, consisting of the entire ground and second floors.

"This is an opportunity for small and mid-sized tenants to establish a full-floor identity in a great office building in a highly desirable location," said Ms. Zimbaro, a senior director at Cushman & Wakefield.

According to Mr. Goldman, also a Cushman & Wakefield senior director, "Tenants have a rare opportunity to secure furnished office space in move-in condition, and to benefit from the new ownership's committed reinvestment in the property, which includes a lobby renovation and other upgrades."

The available office space includes floors three through eight, each measuring approximately 7,000 square feet. JP Morgan Chase's executive lending department had previously occupied the building, and each floor is fully built-out and in move-in condition.

"We're pleased to be working with Cushman & Wakefield to bring this opportunity to the market," said Mr. Zar of Zar Property NY. "This building offers the potential for a mid-sized business the prestige of occupying the entire building, or smaller businesses the same opportunity on individual floors. We will consider all offers and expect strong interest from a wide variety of industries."

Built in 1904, 349 Fifth Ave. is currently undergoing renovations including the addition of a new modern lobby and new elevator cabs. A dedicated 24/7 HVAC allows each tenant to run their systems independently.

Zar Property NY is a family-based investment firm with more than four million square feet of commercial and residential property nationwide. In Manhattan, Zar Property NY owns 64-68 Wooster Street, 38 Green Street, 42 Greene Street, 50 Greene Street and the retail condominium at 62 Thomas Street, home to the highly popular restaurant Megu.

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