ElevatedNY Expands Manhattan Footprint to 130 KSF

Edison Properties has added 26,000 square feet of flexible office space to ElevatedNY, the company’s coworking initiative at The Hippodrome, an office building at 1120 Avenue of the Americas in Midtown Manhattan. This expansion brings the provider’s footprint to 130,000 square feet across four stories. Move-ins are expected to begin in July this year.  

Designed by LB Architects and spanning an entire floor, the space will feature 18 furnished, pre-built flexible offices made to serve teams of up to 12 people. Other amenities will include reception services and a dedicated mothers’ room, as well as an event space and a conference room.  

Edison Properties first opened ElevatedNY at the 21-story building in 2019, which encompassed more than 100,000 square feet of coworking space. At the time, the location consisted of 23 full office suites, 163 smaller private office units, updated conference rooms and common areas.

A theater-to-office conversion

Originally built in 1905, The Hippodrome served as a theater and circus space for 34 years, after which it was transformed into an office building. The asset has been under Edison Properties’ ownership since 1978, when the company purchased it from Massachusetts Mutual Life Insurance Co. for $7.6 million, according to CommercialEdge information. 

The 620,000-square-foot office building underwent a complete renovation between 2006 and 2014 and is now a LEED Gold-certified property. The high-rise features floorplates ranging from 9,562 to 61,084 rentable square feet. Chase Bank, TD Bank, FedEx, AT&T and Hippodrome Cleaners are some of the retailers in the building’s roster. 

As of February, there were 7,814 coworking spaces nationwide, reflecting a 25 percent increase year-over-year, a CommercialEdge office report shows. In terms of space, the sector also expanded by 15.2 percent, reaching 140.1 million square feet and accounting for 2.0 percent of all office space in the U.S.

In March, Manhattan’s average full-service equivalent listing office rate ranked highest nationally, reaching $69 per square foot, more than double the $33.4 U.S. average, according to the latest CommercialEdge report. Office vacancy in the borough reached 16.5 percent last month, below the country’s 19.9 percent rate.

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