Iconic toy store FAO Schwarz is in serious negotiations to move its flagship from Fifth Avenue to a smaller, sleek space in the Crossroads of the World, Commercial Observer has learned.
On July 15, the oldest toy company in the country will be vacating the General Motors Building at 767 Fifth Avenue—its home for nearly 30 years—due to a significant rent increase, the company has said. Sources with intimate knowledge of the deal told CO that the new store is slated to open at the base of Paramount Group‘s 2.5-million-square-foot office tower at 1633 Broadway between West 50th and West 51st Streets, just in time for the 2016 Christmas season.
Davis Wright Tremaine, a national business and litigation law firm, is relocating its New York City offices nearby its current digs on the 27th floor at 1633 Broadway.
The firm is taking 42,000 square feet for the entire 21st floor at Japan-based Mitsui Fudosan’s 1251 Avenue of the Americas between 49th and 50th Streets, The Real Deal reported. Its current office is between 50th and 51st Streets.
Stat of the Week
Law firm Kasowitz, Benson, Torres & Friedman LLP has signed a 20-year renewal at The Paramount Group’s 1633 Broadway.
The deal will see the firm restack at its headquarters, trading its current space on floors 20 through 24 for 225,000 square feet on floors 19 through 23. The restacking will include a complete reconstruction and technological renovation project spearheaded by TPG Architecture.
“It was intricate reinventing the infrastructure of a 43-year-old building in order to support the demanding needs of a cutting-edge law firm that needs to be in operation 24/7,” said Mark Weiss, of Newmark Grubb Knight Frank, who represented the tenant, in a prepared statement. “We ultimately succeeded in creating a modern day solution for a middle-aged building.”
The Midtown West/Columbus Circle submarket has been in the headlines a lot lately.
The area has had good news and some not so good news, like the legal issues over the sale of Worldwide Plaza and the likelihood of Time Warner leaving Columbus Circle for Hudson Yards. But let’s focus on the good news this Read More
Cushman & Wakefield is marketing a sub-level retail space at 1633 Broadway, where a 733-glass cube entryway designed by Moed de Armas & Shannon will serve as a portal to two lower levels made up of 39,588 square feet of stacked concourse space.
The opportunity lies within a 2.5 million-square-foot Class A office tower spanning the entire block-front of Broadway between 50th and 51st Streets, owned by the Paramount Group.
The vacant sub-level space, formerly occupied by the outer-space-themed Mars 2112, has been gutted, and a sparkling glass entry cube, reminiscent of the above-ground glass façade leading to Apple’s flagship store on Fifth Avenue, will provide visibility and signage opportunities for a range of potential uses, said Alan Schmerzler, an executive director at Cushman & Wakefield who reviewed the floor plans with The Commercial Observer. Mr. Schmerzler is marketing the space along with Executive Vice President Brad Mendelson, Senior Director Steve Soutendijk and Senior Associate Chris Schwart.
The Germany-based Paramount Group is marketing a partial stake in its ownership of the 2.4 million-square-foot 1633 Broadway building in Times Square. The group, which recently added a 49 percent stake to its majority investment last month, is now seeking to flip a similar interest in a deal that might also include equity and part Read More
In the most significant office building deal to close since Google last winter grabbed 111 Eighth for $1.9 billion, Albert Behler’s Paramount Group has bought up the remaining 49 percent stake at 1633 Broadway in a deal that valued the building at $2 billion. A joint venture of Merrill Lynch and Morgan Stanley sold their interest Read More
Good news for the remaining employees of Hachette Filipacchi: your new offices won’t likely alter your commute much.
Magazine publisher Hachette Filipacchi is planning to trade its too-capacious offices at the Paramount Group’s 1633 Broadway for more recession-friendly offices less than half the size at the Time-Life tower two blocks east, according to multiple industry Read More