Weil Gotshal & Manges, one of New York’s toniest law firms, has renewed its lease in Boston Properties’ 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.
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.
Continental Grain Company has signed a 38,100-square-foot, seven-year sublease and relocation at Boston Properties’ 767 Fifth Avenue – the iconic GM Building.
The New York Post reported that the 200-year-old company will relocate its Midtown headquarters to the GM Building, where it will take the entire 15th floor. The space was one of Read More
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.”
Stat of the Week
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
As we get into the dog days of summer, and as the city gets ready to host the All-Star Game, we have seen several all-star performances from the office market already in 2013.
Several Class A buildings have sold for over $1,000 per square foot; batting cleanup, 767 Fifth Avenue traded for $1,870 per square Read More
Some were surprised, to say the least, when news spread last month that Brazil’s Banco Itaú had agreed to pay upward of $200 per square foot for a 35,000-square-foot space on the 50th floor of the General Motors Building at 767 Fifth Avenue.
“I nearly fell off of my chair when I read that,” said Read More
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.