PBC USA Completes Strategic Execution of Asset Management Plan and Repositioning of Trophy Office Tower at 452 Fifth Avenue
Prominent Ownership Announces Final Two Leases for Spectacular Penthouse Office Space, Bringing Property to 100% Occupancy; Sees Continued Upside Potential in its Long-Hold Ownership Plan
NEW YORK, July 21, 2015 /PRNewswire/ -- PBC USA today announced the successful completion of its strategic, five-year asset management plan and transformation of its trophy office tower at 452 Fifth Avenue. The announcement follows two new lease transactions for the final availabilities in the penthouse of the Class-A, 865,000-square-foot office property located across Bryant Park on 40st Street. The space commanded triple-digit rents and offers uninterrupted, panoramic views of Bryant Park, the Empire State Building and Midtown, as well as the rapidly expanding Financial District. The announcement was made by Eli Elefant, Chief Executive Officer of PBC USA.
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According to Mr. Elefant, "The completion of these two leases is the final step in realizing our vision and executing our strategy for this trophy asset. We believe there is further upside potential in this asset, as we continue to focus on additional acquisition opportunities in New York City and across the U.S."
The ownership worked closely with Paul Glickman, Jonathan Fanuzzi and Michael Higgins of international real estate brokerage firm JLL to complete the leasing campaign at the property. Varadero Capital L.P., an alternative investment firm that seeks to capitalize on opportunistic, credit-based investment across specialized credit markets, inked a 10-year, 7,636-square-foot lease for Penthouse North on the 30th floor of 452 Fifth Avenue. The firm will relocate and expand its corporate offices from 1095 Avenue of the Americas. Varadero was represented by Brian Goldman and Matthew Lorberbaum of Newmark Grubb Knight Frank in the lease negotiations.
Triangle Capital Group, a private investment firm, committed to 7,054 square feet for 10 years on the 30th floor - Penthouse South. The firm will relocate its headquarters from 157 West 57th Street. Howard Hersch represented Triangle Capital in the lease negotiations.
In addition to JLL's work as Exclusive Leasing Agent for 452 Fifth Avenue and the completion of the final two leases which bring the property to 100 percent occupancy, PBC USA Real Estate is working with JLL to achieve the larger mission of targeting unique acquisition opportunities and expanding the company's presence nationally.
PBC USA Real Estate purchased the institutional-quality asset at 452 Fifth Avenue in April 2010 from HSBC for $330 million. In 2011 the ownership completed phase one of a $45 million capital improvement campaign, which included the redevelopment of a dramatic multi-floor lobby and entrance, the upgrade of all the high rise elevators serving the tower floors, and the upgrade of new emergency power generators. With the completion of the second phase of its capital improvement plan and the installation of two mission critical projects - new cooling towers and an additional generator serving the tower floors – the building's ownership created one of the most technologically-advanced spaces to hit the market.
Located at the crossroads of Fifth Avenue and Bryant Park, with panoramic 360° views and overlooking the recently renovated New York Public Library, 452 Fifth Avenue consists of a 10-story, landmark Beaux-Arts building constructed in 1902 with an adjoining 30-story tower. It also includes 31,189 square feet of prime retail space on Fifth Avenue. The building's central location offers convenient access to a number of transportation options including Grand Central Station, with access to the Metro North Railroad, as well as the 4, 5, 6 and 7 subway lines. The building is just two blocks from Times Square, which contains the city's largest subway station with easy access to the A, C, E, N, Q, R, 1, 2, 3 and 9 trains. In addition, Penn Station and the Port Authority Bus Terminal are within short walking distance. The property also serves as the North American headquarters for HSBC, one of the largest banking and financial services organizations in the world. The institution occupies approximately 548,000 square feet of space on the lower floors of the property.
About PBC
Property and Building Corporation (PBC), is one of the largest real estate companies in Israel, operating domestically and abroad in the field of income producing, retail, mixed-use and residential properties. For more information visit www.pbcus.com
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SOURCE PBC USA
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