Midtown Beemer owners, or aspiring Beemer owners, have another reason-aside from their ability to afford high-end German machines-to be content with their lives. BMW has decided to keep its Manhattan flagship store at its convenient 11th Avenue spot, signing a long-term renewal at 555 West 57th Street in one of the largest deals of the past year.
“They had looked at a lot of different options, whether it was buying [a] building or moving to New Jersey or splitting the operation up,” said Steven Durels, executive vice president and director of leasing at landlord SL Green. “Obviously, given the quality of their brand, it was certainly important to us, because 555 is the best commercial building in that part of town. Their brand married to our building was kind of a natural.”
Indeed, BMW was so keen on staying put that it renewed its nearly 228,000-square-foot lease two years early. The black-glass, 20-story tower, which is 100 percent leased, is also home to CBS, CUNY and New York Presbyterian.
The tenant was represented by CB Richard Ellis vice chairmen Michael Laginestra and Michael Geoghegan, senior vice president Joan Meixner and broker Matthew Settipane. CBRE declined to comment for this story, as did BMW.