CBRE Tapped to Move Prime Floors at 452 Fifth
William Alden Aug. 2, 2010, 3:42 p.m.
Starting next spring, the tower floors of 452 Fifth Avenue will be available for lease, The Observer has learned. The space, spanning the 12th to the 30th floors, and totaling 300,000 square feet, will likely be one of the most-sought-after office plots in midtown.
CB Richard Ellis is representing IDB Group subsidiaries Property and Building Corporation Limited, a holding company, and Koor Industries Limited, a holding company, which together own the building. The current tenant, HSBC Bank, which has occupied the space since 1999 (the building was constructed in 1984), plans to shrink its office space into the building’s base.
Craig Reicher, vice chairman of CBRE New York Tri-State, called the office space his firm will market “A-plus,” “high-quality” and “boutique.” Both Mr. Reicher and Ehud Elizur, executive vice president of PBC-Koor USA, praised the view from the tower floors, which takes in Bryant Park, Rockefeller Center and the Brooklyn and Manhattan bridges. “If you’re going to meet high-net-worth clients, you’d rather do it in a building like this and not in a Class B building without any view,” Mr. Elizur said.
The building’s owners have hired Studios Architecture, which has also done projects at 200 Fifth Avenue and 731 Lexington Avenue, to renovate the building. Changes will include an upgrade of the lobby, a set of new elevators and an installation of new electromechanical systems. The work, Mr. Elizur said, will begin in September and, if all goes according to plan, will end in March.
“It’ll really transform the entrance to the building,” Mr. Elizur said. “The lobby is nice, but it’s from 1984.”
Representing ownership will be, in addition to Mr. Reicher, CBRE vice chairman Howard Fiddle; first vice presidents James Ackerson, Sinclair Li and Zachary Freeman; and senior financial analyst Rima Shpolyansky.