NEW YORK CITY-420 Fifth Ave., one of the city’s largest office condominiums, has awarded a three-year management contract to Grubb & Ellis, replacing Jones Lang LaSalle at the 600,000-sf property.

Fifteen companies own space in the 29-story building, located between 37th and 38th streets, and much of the space is owner-occupied, according to John Poblocki, Grubb & Ellis vice president and director of management services. Poblocki, who will be spearheading management duties at the property, says an in-depth positioning strategy for the building is what put Grubb over the top.

“We brought in additional people who go beyond just property management who are consulting with the owners on positioning the building within the marketplace,” Poblocki tells GlobeSt.com. “The other agencies didn’t see this as an investment opportunity. We did. Most of the tenants in the building are owners and this is a major investment in their portfolios.”

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