Lease Beat

Banco Itaú Takes Most of the GM Building’s 50th Floor in an Unprecedented Deal

Courtesy of Panoramio

In an unprecedented deal that reached upwards of $200 per square foot, Itaú BBA USA Securities Inc., a branch of the Brazilian Banco Itaú, will increase its operation from 25,000 square feet to 35,000 square feet on the prized 50th floor of 767 Fifth Avenue.

With outstanding views of the Central Park and Midtown, the floor plates at the 50-story tower, otherwise known as the General Motors Building, span 40,000 square feet, leaving a mere 5,000-square-foot office to share the view, brokers said. 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