W
hen does a newly minted office space of over 200,000 square feet go unnoticed? The answer is when it's inside a high-profile apartment skyscraper on Fifth Avenue. This project, led by Rabina and set to be completed next year, is primarily known for offering luxury condo homes. The tower at East 43d Street, designed by KPF, is hard to miss due to its striking, double-height, terra cotta-framed arched windows.

    The 1,000-foot-tall skyscraper at 520 Fifth Ave., in the shadow of the Empire State Building, is slated to open next year. It will also feature 210,882 square feet of offices on its lower floors, ranging in size from 6,500 to 12,000 square feet. These offices are designed for tenants who want a sense of identity and arrival upon exiting the elevator.

    Despite the challenges in the leasing market, Benjamin Bass, the JLL executive managing director leading the leasing campaign, is confident that the new product will appeal to a variety of tenants beyond smaller financial firms seeking modest footprints. The proximity to Bryant Park and Grand Central Terminal is a significant draw, according to Bass.

    The Rabina-led project will offer 100 luxury condo homes, and most office floors will come with highly sought-after terrace or loggia outdoor space. Details about the large-scale amenities center are not yet available. Bass believes that the supply of trophy-quality space in Midtown has diminished, resulting in a tightening effect. He is confident that his team is well-positioned to exploit this situation.

    Rabina took over the long-stalled project from Ceruzzi Properties and SMI USA in 2019 and secured a $540 million construction loan package in early 2022.