Norges Bank Grows Fifth Avenue Office to 32K SF


505 Fifth Avenue (image: Kohn Pedersen Fox)
505 Fifth Avenue (image: Kohn Pedersen Fox)

Norges Bank, the central bank of Norway, has expanded its New York City headquarters at 505 Fifth Avenue from roughly 10,000 square feet to 32,000 square feet, Crain’s New York Business reported.

According to Crain’s, the bank renewed its lease for the entire 20th floor while simultaneously leasing floors 19 and 21 at the Class A, 300,000-square-foot property. It will occupy all of the spaces for 10 years as part of the deal. Asking rents were north of $100 per square foot.

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The building, which sits at the corner of Fifth Avenue and East 42nd Street, was designed by Kohn Pedersen Fox. It has views of both the New York Public Library and Bryant Park.

Paul N. Glickman and Diana Biasotti of JLL represented the building owner, Fifth @ 42nd LLC.

“Located directly across from the New York Public Library and Bryant Park, 505 Fifth Avenue offers spectacular views,” Mr. Glickman said in a press release about the deal issued by JLL. “The property is an exclusive office building with boutique floor plates and superior infrastructure that has remained at full occupancy since construction was completed in 2006.”

Silvio Petriello and Nicholas Weld of CBRE represented the bank. CBRE declined to comment on the deal.