Multifamily Investment Firm Agrees To Ten-Year Lease Renewal of Entire Floor at Class A Plaza District Trophy Tower
NEW YORK, March 4, 2013 /PRNewswire/ — TGM Associates, a New York based investment advisory firm focusing on multifamily properties throughout the United States, has renewed its 11,280 square-foot lease at 650 Fifth Avenue, encompassing the entire 28th floor of the 36-story, 382,500+/- square-foot office building located in the Plaza District on 52nd Street, on the northern edge of Rockefeller Center. The announcement was made by 650 Fifth Avenue Company, the building’s ownership and represents the second major lease renewal for the property since the beginning of the year.
CBRE Vice Chairman Robert Stillman, along with CBRE Senior Vice Presidents Paul Haskin and Zachary Freeman, represented 650 Fifth Avenue in the transaction. CBRE currently serves as the exclusive office leasing agent and property manager for the entire property.
“We remain committed to retaining our tenant roster at 650 Fifth Avenue and we are pleased to have negotiated a mutually beneficial lease extension with TGM Associates,” said Dr. Houshang Ahmadi, president of the not-for-profit Alavi Foundation, the majority owner and managing partner of 650 Fifth Avenue Company. “This latest transaction with TGM Associates is a testament to the strong relationship we have built together and we are excited to enter into another ten year partnership. We also look forward to a continued leasing momentum in the coming months as interest in the property is strong, particularly due to our recent extensive capital improvement program.”
650 Fifth Avenue is based in the renowned Fifth Avenue corridor, known for its world-class amenities, restaurants and shopping. 650 Fifth Avenue Company, who owns the building free and clear, recently funded an $11 million capital improvement program, working with the world-class architectural firm Swanke Hayden Connell.
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+/- square-foot 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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