Nike outgrew space at 620 Avenue of the Americas and wanted to lease a "large contiguous block of raw space and build it out to their specifications," according to a spokesperson for the building ownership. The company will use the space for its local headquarters and for showroom area.

"Nike's lease marks the further diversification of 111 Eighth Ave.'s tenancy," says Paul Pariser, principal and co-founder of Taconic Investment Partners, who, along with Jamestown and the New York Common Retirement System, owns the building. "Its features and location allow for a diversified group of market-leading enterprises to work within one large office building."

In one of the city's larger recent deals, Jamestown acquired a 75% stake in the 16-story site, which fills and entire city block and was once home to the Port Authority, for $775 million. Taconic acquired 111 Eighth in January 1998 as part of a portfolio of assets. Taconic subsequently completed a major renovation of the site which is located between 15th and 16th streets and 8th and 9th avenues. Features include 15-foot ceilings, 10-foot windows, multiple fiber optics and telecom providers, renovated lobbies, a newly installed state-of-the-art access control and security system, and refurbished elevators.