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LAST TUESDAY, nearly 70 brokers gathered in the new marketing center for 120 Park Ave. to hear about the building's virtues. While the brokers sat munching omelets and muffins they were told about the premier location, wraparound terraces, private parking garage and branding opportunities that come with the nearly 440,000 square feet of available space in the building.
"This is a rare opportunity for a corporate headquarters on Park Avenue," says Paul Glickman, a vice chairman of Cushman & Wakefield Inc.
On Park Avenue, options are indeed limited. But on the storied street and beyond, the number of large blocks of vacant office space is soaring, with tenants spoiled for choice as they have not been in years.
As of June, there were 54 blocks of large space - defined as 100,000 square feet or more - available in Manhattan. That figure is up 35% from the year-ago period, according to Colliers ABR Inc., which also reports that in June there were 15 totally empty buildings, eight with large blocks of space. A year earlier, there were only six vacant properties, four with large blocks of space.
Large blocks can be leased at 909 Third Ave., 3 Columbus Circle and 345 Park Ave. Empty buildings...