"The NBA had numerous options to relocate throughout Manhattan and New Jersey, and was heavily courted by the city's landlords," says Harry Seherr-Thoss, the lead broker with FirstService Williams, which represented the building's owner, in a release. "But because 645 Fifth Ave. is a best-in-class trophy building with a pre-eminent landlord and located in the heart of the Plaza District, the NBA was extremely happy to renew in the only home it has had in New York City." The landlord, Olympic Tower Associates, is affiliated with the Alexander S. Onassis Public Benefit Foundation.
Rich Ehrlich, CEO of Olympic Tower, says in a release that "the NBA has been a long-term tenant of the building and its continued presence here only enhances our reputation as a class A building." NBA Properties has occupied the building since the 1970s.
Seherr-Thoss negotiated on behalf of Olympic Tower Associates with colleagues including CEO Mark Jaccom, Robert Freedman, Richard Plehn Sr. and Christina Plakopita. A Newmark Night Frank team of Barry Gosin, Moshe Sukenik and Corey Borg represented NBA Properties. NBA Properties occupies the 14th through 20th floors, and has a five-year option and can expand onto two additional floors.
"The NBA has a long-term relationship with the Onassis Foundation and a comfort level with the building, significant factors in its decision to renew in the space," Seherr-Thoss says in a release. "Meanwhile, the NBA is very important to the landlord, so there was motivation to work out a renewal. Both sides feel they negotiated a solid deal."
Also known as the Olympic Tower, 645 Fifth was built in 1976 by Aristotle Onassis, the first 21 floors of this mixed-use condominium tower consist of retail and office space; the upper floors are high-end residential units. The building was recently modernized. Other tenants in the building include the headquarters for Alexander S. Onassis Public Benefit Foundation, Richemont North America, Cartier, MSD Capital and ADCO Group.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
