JLL has been retained on an exclusive basis to arrange for the sale of 554-568 Eighth Avenue (the “Property”), a rare, 21-story, corner office building delivered 100% vacant in Midtown Manhattan. Configured as 309,703 rentable square feet with 232’ of wraparound corner frontage (99’ on Eighth Avenue & 133’ on West 38th Street), the Property is a blank slate providing investors with multiple ways to create value. Zoning allows for immediate, as-of-right, mixeduse positioning for office, retail, community facility or an end user. All of these potential uses will benefit significantly from the recent passage of the Midtown South Mixed-Use Plan (MSMX) rezoning, which is expected to transform the Midtown South submarket over the coming cycles. Midtown South’s expected future transformation will also be driven by several recently enacted city programs that have passed with overwhelming support from local politicians and the public. In addition to the MSMX rezoning, City of Yes and the 467-m / 485x tax abatements will reshape the neighborhood’s future - a trend that will be further enhanced by proximity to several ongoing mega-developments including Hudson Yards, the Port Authority terminal replacement, and the Penn Station/Penn District redevelopment. All potential business plans for 554-568 Eighth Ave are also well-supported by strong fundamentals / tailwinds in Manhattan’s office and residential markets. The Manhattan office market is exceeding prepandemic leasing volume (highest YTD leasing volume through Q3 since 2006) while an accelerating number of residential conversions and a stalling development pipeline are shrinking future office supply (majority of conversions are geared towards class B product). In Manhattan’s residential market, apartments are continuing to hit record-high rents while vacancy remains near all-time lows - trends that will continue moving forward due to tight supply and healthy job growth. These strong underlying residential fundamentals will incentivize conversion activity within the MSMX rezoning, transforming the neighborhood into a live-work-play destination. This diminishing supply of inferior competing office product will drive local office rents / values and bolster the Class B office market’s resurgence in the neighborhood. Given the Property’s excellent base building condition due to a recently implemented CapEx program (~$15M), quality corner light and air with multiple outdoor terraces, and unrivaled tenant / commuter proximity to transportation (3-min walk to Port Authority, Penn/Moynihan Station and entrances to twelve different subway lines), the offering presents a scarce value-add opportunity in a section of Midtown expected to rapidly evolve over the coming cycles. The Property will be sold on an as-is, where-is basis.