CBRE Retained as Exclusive Leasing Agent, Property Manager for 650 Fifth Avenue

NEW YORK, Sept. 28, 2012 /PRNewswire/ -- Following an $11 million, all-cash capital improvement program that resulted in a new lobby and other enhancements, the owner of 650 Fifth Avenue has retained CBRE as the exclusive office leasing agent and property manager for the Class A, virtually column-free office building with river-to-river views. The announcement was made by ownership, 650 Fifth Avenue Company.

The 36-story, 382,500 sq.ft. building, in the Plaza District on 52^nd Street, is on the northern edge of Rockefeller Center, in the renowned Fifth Avenue corridor, with world-class amenities, restaurants and shopping. 650 Fifth Avenue 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.

CBRE Vice Chairman Robert Stillman, Senior Vice Presidents Paul Haskin and Zachary Freeman and Senior Financial Analyst Molly Concannon are spearheading leasing efforts at 650 Fifth Avenue. The CBRE team is showcasing contiguous and non-contiguous full and partial floors, some of which are pre-built, at attractive rentals.

650 Fifth Avenue Company, which is well-capitalized and owns the building free and clear, is positioned to support the leasing campaign. The owner recently funded an $11 million capital improvement program, working with the world-class architectural firm Swanke Hayden Connell. Enhancements include a new lobby and elevators.  New restrooms are being installed on vacant floors, and the building has just engaged Mulligan Security, the premier provider of security services in Manhattan today. The building offers boutique floor sizes with efficient floor plates, a side core and the ability to construct custom space for tenants.

"Breathtaking river-to-river views, a brand new lobby and elevators, virtually column-free entire floors, and an opportunity to brand your company with a location that speaks to quality and prestige – that's what we're offering the marketplace," said CBRE's Stillman.

In tandem with the leasing team, Kathleen Murphy, Director of Management Services, will continue in her role of property manager at 650 Fifth Avenue.

"The building, location and floors will work for any smaller or mid-sized office user," Freeman said, "and we anticipate strong interest in what 650 Fifth Avenue offers."

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.

About CBRE Group, Inc.

CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

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SOURCE 650 Fifth Avenue Company