$11 MM, All Cash Improvement Project at 650 Fifth Avenue Results In New Lobby, Esplanade, Elevators Building Ownership, Advisor & New Leasing and Property Management Team Mark Capital Project With Ribbon-Cutting
NEW YORK, Oct. 11, 2012 /PRNewswire/ -- The location – the northern edge of Rockefeller Center – has always been golden. The office space is strictly Class A, with river-to-river views, efficient floor plates and virtually column-free floors. The tenant roster oozes class and prestige. And now, following an 18-month, all-cash, $11 million capital improvement project that yielded a new lobby, new elevators, a new outdoor esplanade and new restrooms on vacant floors, 650 Fifth Avenue is ready not only for its close-up, but also for a renewed leasing program.
With cameras flashing and smiles all around, representatives of the building's owner, the 650 Fifth Avenue Company, its advisor SCOPA CRE, and its new leasing and property management team CBRE recently celebrated the official opening of the lobby with a ribbon-cutting.
"As good as it was before the capital improvement project, 650 Fifth Avenue is now even better," Dr. Houshang Ahmadi, president of the not-for-profit Alavi Foundation, majority owner and managing partner of 650 Fifth Avenue Company, said after cutting the ribbon.
"This has always been a property worth investing in, and we believe our investment dollars were well-spent, especially when you take into account the world-class team on the improvement," Dr. Ahmadi said, referring to the architectural firm Swanke Hayden Connell.
Robert Stillman, the CBRE vice chairman spearheading the renewed leasing effort along with Senior Vice Presidents Paul Haskin and Zachary Freeman and Senior Financial Analyst Molly Concannon, said the improvements would make 650 Fifth Avenue even more attractive to prospective tenants.
"The contemporary new lobby and common areas – as well as the new elevators, which are of paramount importance to tenants and prospects – really put this building over the top," Stillman said. "In conjunction with the building's inherent qualities – column-free floors of 11,000 to 16,000 square feet – the improvements mean that 650 will appeal to any mid-size business that wants a prominent, prestigious location on the world's most famous avenue. Just as the ownership of 650 Fifth Avenue has demonstrated a true commitment to improving the aesthetics of the property, it is similarly committed to the highest level of service from building personnel."
The 36-story, 382,500 sq. ft building is home to a variety of corporate office tenants, including Citigroup, the clothier Joseph Abboud, Starwood Hotels and Resorts, Kurt Salmon Associates, Liz Claiborne, the Doris Duke Foundation, Delta National Bank, Hana Bank and Sterling National Bank. Retail tenants include Juicy Couture, which has its flagship store in the building, and the chocolatier Godiva.
About 650 Fifth Avenue:
Built in 1979 and originally designed by John Carl Warnecke & Associates, 650 Fifth Avenue (earlier known as the Piaget Building) is a 36-story, 382,500 sq.ft. Class A office tower located near Rockefeller Center on 52nd Street in New York City. The building is owned by the 650 Fifth Avenue Company.
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SOURCE 650 Fifth Avenue Company