New York & Tri-State + Downtown New York + Office | July 10, 2019

SJP Unveils Repositioning for 470 Park South

SJP Properties unveiled the design of new amenity spaces and an entire floor of pre-built office space as part of its revamp of 470 Park Avenue South, which it acquired in partnership with PGIM Real Estate for $245 million last December. The building-wide amenity spaces will occupy the reclaimed, previously unused ground floor space.

The owner/developer has engaged Gensler to create The Club at 470, comprised of three distinct common areas for the building’s tenants: a ground-floor, private outdoor space with fire pits and seating; a social lounge with gaming capabilities; and a coffee bar and cafe. SJP plans to bring in a third-party vendor on food and beverage offerings for tenants.

“We are selectively repurposing previously unusable square footage inside this historic building to create a culture through these amenities, which should help our tenants better attract and retain engaged and productive talent,” said SVP Zach Freeman at SJP.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).