Renderings credit: VMIAn aging Park Avenue office building will undergo a $200 million renovation to turn the property into a state-of-the-art modern workplace. The Korea International Trade Association (KITA) on Monday began the redevelopment of 460 Park Avenue, which involves stripping the mid-20th-century structure down to its steel frame before rebuilding it with cutting-edge infrastructure and 350,000 square feet of premier office space. Streetview of 460 Park Avenue © Google 2026Completed in 1954 as the Olin Building, the 22-story structure was designed by Emery Roth & Sons, and was one of the city’s first buildings with prefabricated aluminum facade panels, according to Yimby. According to JLL, the property’s exclusive leasing agent, 460 Park will bring new modern office space to Park Avenue, where direct vacancy stood at just 2.2 percent during the first quarter of 2026. “The result will be a boutique workplace of enduring quality that reflects the prestige and purpose of Park Avenue itself.”