Cushman & Wakefield completes leasing at 505 Fifth Ave

Real Estate Weekly,  July 11, 2007  

Tags: Cushman & Wakefield, leasing

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Cushman & Wakefield announced three new leases at 505 Fifth Ave., which have brought the newly constructed office tower to 100% occupancy.

Since being awarded the leasing agency for 505 Fifth Ave. in January 2005, Paul Glickman, Matthew Astrachan, Shawna Menifee and Diana Biasotti have been successfully marketing the property on behalf of the building's owner, Fifth @ 42nd LLC. When the building was completed in May 2006 it was 70% pre-leased.

Three new leases were signed in the first quarter of 2007, totaling more than 50,000 s/f. American Capital Strategies, the second-largest tenant in the building, completed the largest of the new leases. The financial services firm expanded by 32,568 s/f, signing a lease for the entire 17th through 19th floors. Norges Bank of Norway, which will relocate from 230 Park Ave., signed a new lease for the entire 20th floor, totaling 10,856 s/f. New Brook Capital Advisors signed a lease for one of 505 Fifth Ave.'s pre-built units on the 16th floor, totaling 4,743 s/f.

"We are pleased to have represented Fifth @ 42nd LLC in the successful leasing of 505 Fifth Ave.," said Glickman, a Cushman & Wakefield executive vice president. "This is a true example of the flight to quality we've seen in the Manhattan office market. The building's world-class architecture and superior infrastructure have made it the go-to location for tenants looking for high-quality, new construction in Midtown."

CIT Group made a significant commitment to the building in June 2005, leasing 130,000 s/f in the building for its global headquarters. Other tenants who have made significant commitments to the building include Fir Tree Partners, Coalco New York and The Reserve Bank of Australia. Fashion retailer H&M occupies 25,000 s/f of retail space at the building.

Located on the northeast corner of 42nd Street, 505 Fifth Ave. is a 28-story office tower totaling about 300,000 s/f. The angles on the building and floor-to-ceiling windows, measuring more than 11 feet, offer expansive views of Fifth Avenue. The building's location, one block from Grand Central Terminal, allows easy accessibility for tenants and visitors. Situated on famous retail corridor Fifth Avenue, tenants have access to some of Manhattan's best shops, eateries and hotels.

COPYRIGHT 2007 Hagedorn Publication
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