Lease Beat

Metropolitan Real Estate Relocating to 650 Fifth Avenue

650 Fifth Avenue

International investment advisory firm Metropolitan Real Estate is moving its New York headquarters from 135 East 57th Street to 650 Fifth Avenue, The Commercial Observer has learned.

The firm signed an 11-year lease for 11,289 square feet, taking the entire 29th floor of the 36-story, 382,500-square-foot office building located in the Plaza District on 52nd Street, on the northern edge of Rockefeller Center. 

“We are excited to add Metropolitan Real Estate to the growing list of excellent tenants at 650 Fifth Avenue,” said Dr. Houshang Ahmadi, president of the not-for-profit Alavi Foundation, the majority owner and managing partner of 650 Fifth Avenue Company. Read More

Lease Beat

Real Estate Firm TGM Associates Renews at 650 Fifth Avenue

650-fifth

TGM Associates, a New York-based investment advisory firm focused on multifamily properties, has renewed its 11,280 square-foot lease at 650 Fifth Avenue, The Commercial Observer has learned.

The firm takes the entire 28th floor of the 36-story, 382,500-square-foot office building located in the Plaza District on 52nd Street, on the northern edge of Rockefeller Center.

“The fact that an entity immersed in the real estate industry has continued its commitment in this building speaks volumes about the ownership and the manner in which business is conducted at 650 Fifth Avenue,” said CBRE’s Paul Haskin, who represented the landlord, 650 Fifth Avenue Company, with Robert Stillman and Zachary Freeman.  CBRE is the exclusive office leasing agent and property manager at the building. Read More

Lease Beat

Korea-Based Hana Bank Renews 7,318 SF at 650 Fifth Avenue

650 Fifth Avenue

Korea-based financial institution Hana Bank has signed a 10-year, 7,318 square-foot office lease renewal on the 15th floor at 650 Fifth Avenue, where ownership plans to reap the rewards of an ongoing capital improvement project.

The 36-story, 382,500 square-foot office building located in the Plaza District on 52nd Street, on the northern edge of Rockefeller Center, recently underwent an $11 million lobby renovation, completed in July.

“The building has always treated them well and we’re fortunate to retain them in the building,” said CBRE’s Paul Haskin, who represented owner 650 Fifth Avenue Company along with Robert Stillman and Zachary Freeman.  “I think they’re excited to stay, particularly given the renovations the owner has completed, as they continue to improve the property.” Read More

Marketing

650 Fifth Avenue, A Building With Alleged Ties to Iranian Bank, Celebrates New Coming-Out Party

Brokers congregate over food and a cash prize at 650 Fifth Avenue

“This is a schlock fest.”

So sniffed one junior real estate broker last week, who was standing in a raw, white-washed space on the 29th floor of 650 Fifth Avenue. Formerly known as the Plaget Building, 650 Fifth Avenue now had an ownership group and a new leasing team that were both aggressive in their efforts to simultaneously lease space and erase any lasting impressions left by the building’s alleged ties to an Iranian bank.

The broker’s snarky critique was overheard as that person sipped from a complimentary martini glass filled with gazpacho, garnished with a singular shrimp. The marketing event was arranged in part by the new CBRE team that was hired this summer to lease out the 140,000 square feet of vacant space in the 36-story building. Read More