SJP Properties and PGIM Unveil Transformation of 470 Park Avenue South With New Indoor-Outdoor Lifestyle Amenities

Upscale amenity suite features in-demand outdoor courtyard with firepit and boutique ground-floor lounge spaces to complement evolving workplace needs

SJP Properties and PGIM Unveil Transformation of 470 Park Avenue South With New Indoor-Outdoor Lifestyle Amenities

NEW YORK CITY – SJP Properties and PGIM Real Estate today unveiled a  suite of purpose-built indoor and outdoor lifestyle amenities at 470 Park Avenue South that have transformed the boutique office and retail building into one of the only fully amenitized workplaces along the Park Avenue South corridor. 

As part of the building’s repositioning, ownership created a contemporary tenant lounge space branching off the building’s main lobby — perfect for meetings, presentations, and coffee breaks — that offers relaxed seating and a wall-mounted screen. This lounge area also grants a seamless transition into the building’s newly completed landscaped outdoor courtyard — outfitted with a custom-designed stone fire pit and bar ideally suited for after-hours socializing and team building in a truly indoor-outdoor environment.

“The shift in priorities of office tenants has only further strengthened the importance of not just common areas that can facilitate safe, team-based work, but also outdoor amenities, which were previously unheard of in this submarket. These spaces have now taken on a different significance, and our strategy has evolved to continue developing future-proof assets for today’s progressive tenants,” said Alexander Erdos, Senior Vice President – Leasing & Marketing at SJP Properties. “We’re seeing a flight to unique, top-end amenities, high-quality building ownership, and to more strategic locations within the city now that the post-pandemic return to office is underway. The increased leasing momentum we’re experiencing at 470 Park Avenue South — a building that has been transformed to meet tenants’ new expectations — is a testament to that.”

Centrally located in Midtown South, just a 10-minute walk from both Grand Central and Penn Station, 470 Park Avenue South eliminates the double commute that many employees have to make in Manhattan. Because of its unique location, the building provides easy access to and from the Metro-North Railroad, Amtrak, PATH, LIRR, and NJ TRANSIT. It also offers prime access to the 1, 2, 3, 4, 5, 6, 7, A, C, E, and S subway lines.

SJP and PGIM have invested $15 million into 470 Park Avenue South since the partnership acquired the building in December 2018. This reinvestment includes extensive renovations to the building’s façade and replacing all perimeter windows to enhance the already abundant natural light throughout the tenant floors. In addition to the indoor lounge area, the repurposed outdoor amenity area, and the extensive façade upgrades, SJP and PGIM will undertake a full modernization of the building’s elevator cabs and construct a new 14th-floor rooftop terrace, exclusively available to that floor’s tenant — all of which will be completed by early 2022.

“In the years since we acquired this property, we have continued our thoughtful repositioning — even in the midst of a global pandemic — with an evolving workforce and real estate landscape in mind. A full-floor identity is another key attribute being sought by companies, particularly smaller tenants, that want to truly own and control their office environment in a safe and easily navigable building, and we’re pleased to be able to offer that opportunity at 470 Park Avenue South,” added Erdos.

Designed in collaboration with global architecture firm Gensler and New York-based design firm MKDA, the new interior and exterior meeting and collaboration areas position 470 Park Avenue South as a standout workplace in Midtown South. This modern, boutique offering caters to companies seeking turnkey office space within walking distance of two major transportation hubs. 

Encompassing approximately 300,000 square feet of office and retail space on the blockfront from 31st to 32nd streets, the building consists of a north and south tower with restored original brick exterior walls, original hardwood and exposed polished concrete floors intermixed throughout the property, modern common area finishes, an abundance of natural light, and 10,000 to 20,000-square-foot floor plate sizes. Each floor has operable windows, private restrooms, and a new HVAC system with advanced HEPA air purification systems in individual tenant spaces.

470 Park Avenue South currently has single, two, and three contiguous full-floor availabilities of approximately 10,000 square feet per floor in the north and south towers. The south tower also features a to-be-built amenity suite at the top of the building on the 18th floor. Current availabilities include the pre-built 2nd floor in the north tower, which offers striking views of Grand Central Terminal as well as views south along Park Avenue given the building’s natural site lines. The building also has space in “white box” condition on the 8th floor in the north tower and the 14th floor in the south tower.

Neil King, Paul Amrich, James Ackerson, and Josh Pernice of CBRE are the exclusive leasing brokers for the building. For more information, visit

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