What Does the World’s Most Expensive Office Space Look Like?
We’re used to seeing Hong Kong and London making headlines as the most expensive office locations. But Manhattan is now stealing the show with a Midtown office property, listed for an eye-watering $49.9m.
It can only be described as exquisite. The 19th century Beaux-Arts mansion-turned-office, located on West 54th Street in Midtown Manhattan, is the world’s most expensive place to work. Once home to Philip Lehman, one of the co-founders of Lehman Brothers, the property is now up for sale at $49.9m (approx ┬ú30.9m) by hedge fund Zimmer Lucas Capital.
According to Haute Living, the beautiful former townhouse dates back to 1899 and originally housed Lehman’s impressive art collection. It was later converted into a quite spectacular home office, complete with a glass penthouse, in 2006.
If that’s not enough temptation for Manhattan’s finest, the property is currently on offer too. It was originally listed at $65m in May 2012, but the price has recently been slashed by $15m to its current figure of $49.9m.
That works out at over $3,000 per sq ft (approx ┬ú1,862) which exceeds Manhattan’s previous office space record of $1,600 per sq ft (approx ┬ú993). According to CBRE, on average, office space rental in Midtown Manhattan is usually around the $114 (┬ú70) mark per sq ft. So the price of this lavish Midtown property eclipses not only New York but also Hong Kong Central, which is classed by CBRE’s Prime Office Occupancy report as the most expensive location in the world to rent an office.
Coming back down to earth, officebroker.com’s quarterly Serviced Office Reviews shows that, unsurprisingly, Central London is the most expensive location in the UK to rent serviced office space ΓÇô a flexible and less balance-sheet-bashing way of securing office space for your business.
And while a 19th century, penthouse included pad may not be on the cards, a great selection of serviced offices are available in some of the most iconic buildings across Central London including the likes of the Gherkin and Heron Tower.
Of course securing office space in these exclusive business addresses comes at a premium ΓÇô but it’s a reassuringly long, long way behind Philip Lehman’s former residence.
Image courtesy of www.hauteliving.com
Currency conversions according to Xe.com 03/01/13