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 three floors General Motors has opted to sublease.
The multinational conglomerate, established in Belgium in 1813 and headquartered in New York since 1964, is one of the world’s oldest food and agribusiness companies.
A Newmark Grubb Knight Frank team of Moshe Sukenik and Eric Zemachson represented the tenant in the transactions, which were completed with Andrew Levin, who handles leasing in-house at Boston Properties.
Peter Riguardi, Lloyd Desatnick and Michael Shenot of Jones Lang LaSalle, represented General Motors in the assignment to sublease three floors 14 through 16, which according to the Post had an asking rent of $89 per square foot (the 16th floor was previously rented to Reservoir Capital, while the 14th is still available).
Continental Grain will move from its current offices at 277 Park Avenue in the last quarter of 2014, according to the report.
The General Motors Building is a 50-story, 705-foot office tower, facing Fifth Avenue at 59th Street — one of the few structures in Manhattan that occupies a full city block. The nearly 1.8-million-square-foot building stands on a 200-by-420-foot plot that was formerly the site of the Savoy-Plaza Hotel.
The brokers did not immediately return calls seeking comment.