Lease Beat

Weil Gotshal Renews Lease at GM Building

The GM Building

Weil Gotshal & Manges, one of New York’s toniest law firms, has renewed its lease in the 50-story General Motors Building at 767 Fifth Avenue.

First reported by Crain’s New York Business, Weil Gotshal will hold onto its space on the 23rd through 32nd floors and will also occupy the sixth floor in a new lease that spans from 2019 to 2034. This remains the firm’s worldwide headquarters and largest office. With an estimated 400,000 square feet of space occupied at the premier address, which could command between $125 and $150 per square foot, it is likely the lease is among the most high-priced in recent memory. Read More

Lease Beat

York Capital Management Renews, Expands at GM Building

GM Building.

York Capital Management has signed a long-term renewal and expansion at the General Motors Building at 767 Fifth Avenue.

The investment management firm, a 10-year tenant in the building, occupies the entire 17th floor and a portion of the 21st floor and will supplement its existing footprint with a 7,179-square-foot sublease from law firm Weil, Gotshal & Manges on 23rd floor. The firm will now occupy a total of to 53,445 square feet at the trophy tower.  Read More

Fifth Avenue Retail Asking Rents Pass $3K

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Average asking rent for the Fifth Avenue retail corridor has crossed over $3,000 per square foot, the highest in New York City, according to CBRE’s second quarter Manhattan retail report. The increase represents the first time a Manhattan retail corridor has registered average asking rent north of $3,000.

“There was a time when $600 per square foot was considered outrageous on Fifth Avenue,” Richard Hodos, executive vice president of the CBRE Retail Group, told The Commercial Observer. “Putting inflation aside, it speaks to the fact that New York is a world class city.” Read More

Sales Beat

Sale of 425 Lexington Tops $664 M.

425 Lex (Credit: Hines)

A group of institutional investors advised by JPMorgan Asset Management has closed on its purchase of 425 Lexington Avenue for more than $664 million, city records show.

The 31-story office tower was auctioned off by the international real estate investment firm Hines, which put the 27-story office building at 499 Park Avenue up for sale Read More

The Plan

Check Out Available Space at the General Motors Building

CO Page 34 - The Plan

The 50-story General Motors Building at 767 Fifth Avenue is among the most sought-after properties in New York. It’s the rare building that takes up an entire city block, situated across from the Plaza and Central Park and bounded by Fifth and Madison Avenues, in one of the top shopping districts on the planet.

Cushman & Wakefield is currently marketing a 6,514-square-foot ground-floor retail space that was made available when CBS moved its morning show’s studio to Hell’s Kitchen last summer. Prospective tenants can count on blockbuster neighbors like the Apple Store and, also in 767 Fifth Avenue, FAO Schwarz to reel customers in to a tall, airy space.

C&W Senior Director Steven Soutendijk reviewed the plan with The Commercial Observer and discussed, what exactly, the space has to offer. Read More