Midtown Office Tower at 460 Park Avenue Slated for $200M Overhaul

Work has officially commenced on a $200 million transformation of 460 Park Avenue, a prominent Midtown East office building. The Korea International Trade Association (KITA), which has owned the property since 1974, is overseeing the project with architecture firm Skidmore, Owings & Merrill (SOM) leading the design efforts.

Originally constructed in 1954 as the Olin Building, the 22-story structure was designed by Emery Roth & Sons and gained historical recognition as one of the city's first buildings to utilize prefabricated aluminum facade panels. The current redevelopment plan involves stripping the building down to its original steel frame to facilitate a comprehensive modernization. Upon completion, the site is expected to offer 350,000 square feet of premier office space.

According to project plans, the redesigned building will feature a double-height lobby, updated elevator systems, and a new floor-to-ceiling glass facade. The renovation also includes a 9,307-square-foot expansion. Designers intend to incorporate hospitality-inspired amenities, such as activated terraces, outdoor spaces, and a signature loggia designed to improve air quality and provide access to natural light.

Sustainability is a core component of the project, with the developers aiming for LEED Gold, WELL certification, and WiredScore Platinum status. The building will utilize all-electric systems to align with modern energy performance standards.

JLL, the project's exclusive leasing agent, noted that the development arrives at a time when direct vacancy rates in the area remain low, hovering around 2.2 percent during the first quarter of 2026. The property was previously selected as the third recipient of the Manhattan Commercial Revitalization Program in early 2025, an initiative designed to incentivize the modernization of commercial districts.

Jimin Paik, president of the Hahn Kook Center—a KITA affiliate—stated that the project aims to deliver a workplace defined by quality and modern infrastructure. The redevelopment is currently scheduled to conclude in the second quarter of 2028.