"Triennale Design Museum's commitment to 40 W. 53rd is one of this year's most significant retail deals, as it brings a major cultural icon to Manhattan," says Michael Stone, a senior director with C&W's retail services group, in a release. Stone and his colleague David Tricarico represented the museum in its site search and lease negotiations with Paramount, while the landlord was repped by both by Paramount VP Arthur Bocchi and the C&W agency team of Gene Spiegelman, Michael O'Neill and Mark Lauzon.

Located between Fifth Avenue and Avenue of the Americas directly across the street from MoMA, 40 W. 53rd was formerly occupied by the Museum of Arts & Design. It has been vacant for two years, and Triennale will take over the entire four-story space.

The museum will encompass a 10,000-square-foot exhibition area, a 3,000-square-foot café and a 3,000-square-foot museum shop. The exhibition area will be curated by La Triennale di Milano, the museum's original site that was founded in 1923. An outpost in Japan opened in 2006. The New York location is scheduled to open in May, to coincide with the International Contemporary Furniture Fair.