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GM Stays at GM Building

NEW YORK CITY-The automaker is staying put in a 114,300-square-foot renewal at 767 Fifth Ave., where it's been a tenant since 1968.

By Paul Bubny | Updated on October 02, 2009

NEW YORK CITY-General Motors is remaining in its namesake office tower for at least 10 more years. The automaker has renewed its 114,300-square-foot space at Boston Properties’ 767 Fifth Ave.

“General Motors has been a tenant at 767 Fifth for a number of decades,” says Peter Riguardi, president of Jones Lang LaSalle’s New York office, in a release. He adds that GM has developed “a comfortable relationship” with the property’s current ownership, which purchased the two-million-square-foot office tower for $3.95 billion last year. GM has been a tenant at 767 Fifth since the property opened in 1968, and occupies three full floors there.

Citing unnamed sources, the New York Post reported earlier this week that the deal includes an extension option as well as a work letter. The Post also reported that taking rent for the 767 Fifth renewal was considerably less than the $110 per square foot that GM would have paid for space at another Boston Properties building, 601 Lexington Ave., where it had planned to move before filing for bankruptcy.

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