The office tower that once stood at 1290 Sixth Avenue has joined the street's rapidly growing parade of fun, food and games.
Owner Vornado Realty Trust has signed a lease with Five Iron Golf for 15,300 square feet of land. Five Iron Golf is a growing empire of indoor golf simulators and instructional facilities designed to, as its founder puts it, “bring out the golfer in everyone.”
The location, the sixth in Manhattan, will be open to the public.
Donald Trump, an avid golfer, owns a 30% passive stake in 1290 Six, “but it looks like he won't be able to participate in the Five Iron Open next year,” a source quipped. .
The latest addition is part of 1290 Sixth's approximately $45 million in new tenant amenities. The 52nd Street entrance is lined at the concourse level with a variety of offerings for green lovers, including a 6,000 square foot state-of-the-art fitness and wellness center and a 3,000 square foot ground floor tenant lounge . .
Vornado's plans for 1290 also include a 12,000-square-foot “Tablecloth” restaurant on the West 51st Street side that will be leased to an unidentified outside operator.
The tower will also feature a 230-person “Town Hall” conference facility on a 17th-floor setback, where Vornado is building a 10,000-square-foot pavilion and landscaped terrace.
Vornado officials said the addition of 1290 Sixth reflects a decision to “introduce work-life capabilities to North Pen 1 and Pen 2.”
The redevelopment of Penn Towers near Madison Square Garden has seen success with a rapid pace of leasing, including a recent 36,000-square-foot deal with accounting firm Weaver & Tidwell.
About 90% of the 43-story tower's 2 million square feet is leased to tenants including Neuberger Berman, King & Spalding, and Cushman & Wakefield, but our sources say major users The recent exit of one AXA highlighted the need for different types of tenants. High-demand tenant amenities like those found in Pen 1 and Pen 2.
Asking rents for most offices at 1290 Sixth range from $95 to $105 per square foot. Terms of Five Iron's lease were not disclosed.
The changes at 1290 coincide with a remarkable revitalization from the days when Sixth Avenue was considered a bland corporate corridor interrupted only by Radio City Music Hall.
The office building north of 42nd Street currently houses restaurants such as STK Steak, Del Frisco's, Avra and Salt Bay's Nusr Et, and will soon be joined by larger restaurants at Carnegie Diner and 1290 Six.
For less calorie fun, there's the MLB Store, the expanded Brooks Brothers store, and the Rough Trade Music Store in Rockefeller Center.
Vacancy rates in this corridor range from 10% to 11%, while the average for Manhattan as a whole is 20%.
