KITA launches $200M redevelopment of 460 Park Avenue

NEW YORK, July 27, 2026 – The Korea International Trade Association (KITA) is launching a comprehensive, $200-million redevelopment to reposition 460 Park Ave. as a premier, next-generation office destination at one of Manhattan’s most prominent corners, Park Avenue and East 57th Street.

JLL will act as the exclusive leasing agent for the property, which will bring much-needed trophy space to Park Avenue, where direct vacancy was just 2.2% in the first quarter of 2026.

The mid-20th-century building is being returned to its original steel structure and rebuilt with state-of-the-art infrastructure, including a new lobby, modernized elevators, an innovative façade with floor-to-ceiling windows and advanced air-handling systems featuring DOAS. The project will bring a 350,000-square-foot block of best-in-class space to the Park Avenue market when it is completed in Q2 2028.

“We are reimagining 460 Park Avenue with a focus on quality, performance and experience, delivering a workplace defined by natural light, modern infrastructure and thoughtfully integrated indoor-outdoor space,” said President Jimin Paik of the Hahn Kook Center, an affiliate of the Korea International Trade Association. “The result will be a boutique workplace of enduring quality that reflects the prestige and purpose of Park Avenue itself.”

The Skidmore, Owings & Merrill-led redevelopment will feature all-electric building systems and advanced infrastructure designed to meet the highest standards for sustainability, efficiency and tenant wellness. The project, which is targeting LEED Gold, WELL certification and WiredScore Platinum, was selected as the third awardee for the Manhattan Commercial Revitalization Program (M-CORE), an initiative designed to promote the transformation of properties in the city’s commercial business districts.

The project will provide a dramatically upgraded arrival, including a double-height lobby and integrated hospitality-driven amenities centered on activating terraces and outdoor space, creating a seamless connection to the outdoors for tenants. A multi-floor amenity suite will feature flexible meeting and event space, lounge and dining areas, wellness spaces and a signature loggia designed to flood the workplace with fresh air and open sky.

Upper floors will offer a range of highly efficient floor plates, many with private terraces, providing a rare opportunity for large-block users in the Plaza District. The building’s design maximizes daylight through floor-to-ceiling oversized glazing and offers floorplates that complement a variety of layouts, while new mechanical systems deliver enhanced indoor air quality and energy performance.

The property is located amid a host of Manhattan’s elite destinations, including the Four Seasons Hotel, St. Regis, The Polo Bar, The Lobster Club, Daniel and global luxury retailers including Louis Vuitton, Van Cleef & Arpels, Cartier and Tiffany & Co. Situated at the intersection of Grand Central, the Upper East Side, Fifth Avenue, and Central Park, the address commands one of the most coveted corners in Manhattan.

The JLL agency team leading the marketing and leasing of the property includes Vice Chairmen Dave Kleiner, Frank Doyle and Cynthia Wasserberger and Senior Vice President Michael Pallas.

“460 Park Avenue offers a truly rare opportunity at a time when large blocks of high-quality space in the Plaza District are increasingly scarce,” said Kleiner. “This project creates an elite office destination featuring flexibility, amenities and an unparalleled location, with unique double-width frontage on 57th Street and Park Avenue. It also has the added advantage of scale and the ability to create a highly customized space for a major user.”

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