Blue Chip REITs on Blue Chip Streets
Many people aren't surprised to know that the nation's second most expensive address is Fifth Avenue in New York City. Consistently ranked as a top "blue chip" street, Fifth Avenue is also a familiar name for many office REITs including Vornado
University Avenue in Silicon Valley and Greenwich Avenue in Greenwich, Conn., round out third and fourth on LaSalle's list with office rents of $95.00 and $93.00 respectively.
Fifth on the list is Pennsylvania Avenue, better known as "America's Main Street". As LaSalle's report explains, "Pennsylvania Avenue is home to many firms wanting close proximity to Washington's two main points of power, the White House to the west and the Capitol to the east. A big growth area in tenant demand in recent years has stemmed from the government affairs sector of corporate America. Vornado also controls two key properties along Pennsylvania Avenue: 1299 and 1750.
Rounding out the last five "blue chip streets" include California Avenue in San Francisco; Boylston Street in Boston; Avenue of the Stars in Los Angeles; Royal Palm Way in West Palm Beach; and Newport Center Drive in Orange County.