A 24-story office tower at 360 Lexington Avenue in Midtown East has completed a sweeping modernization, adding a new double-height glass storefront and an eighth-floor clubhouse, while work continues on a tenant-only fitness suite in the 268,000-square-foot building built in 1959. The renovation caps a dramatic turnaround for a property that sold for a fraction of its former value just two years ago.
According to New York YIMBY, the building sits between East 40th and 41st Streets and now features tinted brick, darkened window frames, and a new entry marquee with integrated signage and architectural lighting. Owner AmTrustRE developed the project with MdeAS Architects serving as lead design architect, according to the same report. The redesign preserved the tower's original structural concrete waffle-slab ceilings and its distinctive mid-century wedding-cake massing, a style characteristic of postwar Manhattan, as detailed by Connect CRE.
From Distressed Asset to $65.5 Million Bet
AmTrustRE acquired the building in late 2024 in a joint venture with Capstone Equities, paying $65.5 million — a 63.6% discount from the $180 million that seller Savanna had paid for the tower back in 2019, according to The Real Deal. The steep markdown followed a rough stretch for the property: occupancy had slipped to roughly 60% as a $110 million mortgage backed by lenders Barclays and PPM America neared maturity, pushing those lenders to steer a debt-driven sale process, the outlet reported. Savanna had bought the building from AEW Capital Management in 2019 when it was 82% leased.
Brokers had originally floated 360 Lexington as a candidate for an office-to-residential conversion, but the report notes that AmTrustRE and Capstone Equities chose instead to keep it as office space. The modernization includes the new eighth-floor clubhouse, called Club 360, along with pre-built move-in suites and the upgraded street-level entrance.
Inside the New Amenity Package
Club 360 spans more than 7,000 square feet and includes a conference room seating 20-plus people, work pods, lounge areas, meeting rooms, and a grab-and-go food and beverage bar, per the same YIMBY report. A separate ground-floor space is being converted into a tenant-exclusive fitness suite with a weight room, lockers, and showers. The pre-built suites scattered throughout the tower come outfitted with wood-paneled elevator lobbies, demountable partitions, built-in millwork, and pantries.
The new double-height storefront is framed by large angular metal panels, giving the 1959 tower — originally designed by Schuman & Lichtenstein — a markedly more contemporary street presence than it has had in decades.
Tenants Are Already Signing On
The amenity push appears to be paying off in leasing terms. Non-profit Citymeals on Wheels signed a 15,214-square-foot lease in October 2025 to take over the entire ninth floor, relocating its headquarters from across the street at 355 Lexington Avenue, according to Commercial Observer. Architecture and design firm GKV Architects followed in May 2026 with a 5,754-square-foot lease on the 14th floor, moving from 675 Third Avenue, the outlet reported.
Anchor tenant Webster Bank has also expanded its footprint at the property, growing to 46,018 square feet across three floors as of March 2025, according to Traded. That expansion followed an earlier office lease increase Webster Bank had signed under the building's previous ownership in 2022.
A Broader Midtown Rebound
The 360 Lexington repositioning lands amid a tightening Midtown Manhattan office market. Average asking rents in the submarket reached $85.11 per square foot in March 2026, per commercial real estate research from CBRE cited by Commercial Observer, while Midtown's availability rate stood at 12.1%, with 11.96 million square feet of year-to-date leasing activity, according to CBRE.
Market analysts at JLL noted in a Q2 2026 report that with ground-up commercial construction at historically low levels nationwide, investors are finding strong returns by buying discounted mid-century office buildings and executing targeted amenity retrofits rather than building new. The 360 Lexington project mirrors a similar recent transformation nearby: Hoodline previously reported on a glass recladding at JPMorgan's 383 Madison Avenue, another Midtown East tower modernized near Grand Central Terminal.
