NEW YORK CITY-A prime Fifth Avenue building has gotten a new coat of paint. The building’s owner, the 650 Fifth Avenue Co., and its advisor SCOPA CRE, and its new leasing and property management team CBRE recently celebrated the official opening of the building’s lobby after cutting the ribbon on Oct. 11.
“This has always been a property worth investing in, and we believe our investment dollars were well-spent, especially when you take into account the world-class team on the improvement,” says Houshang Ahmadi, president of the non-for-profit Alavi Foundation, majority owner and manager partner of 650 Fifth Co., noting that architectual firm Swanke Hayden Connell handled the work.
Robert Stillman, the CBRE vice chairman spearheading the renewed leasing effort along with senior vice presidents Paul Haskin and Zachary Freeman and senior financial analyst Molly Concannon, said the improvements would make 650 Fifth even more attractive to prospective tenants.
“The contemporary new lobby and common areas – as well as the new elevators, which are of paramount importance to tenants and prospects – really put this building over the top,” Stillman says. “In conjunction with the building’s inherent qualities – column-free floors of 11,000 to 16,000 square feet – the improvements mean that 650 will appeal to any mid-size business that wants a prominent, prestigious location on the world’s most famous avenue. Just as the ownership of 650 Fifth Ave. has demonstrated a true commitment to improving the aesthetics of the property, it is similarly committed to the highest level of service from building personnel.”
The 36-story, 382,500-square-foot building is home to a variety of corporate office tenants, including Citigroup, clothier Joseph Abboud, Starwood Hotels and Resorts, Kurt Salmon Associates, Liz Claiborne, the Doris Duke Foundation, Delta National Bank, Hana Bank and Sterling National Bank. Retail tenants include Juicy Couture and Godiva.
Built in 1979 and originally designed by John Carl Warnecke & Associates, 650 Fifth Ave. – earlier known as the Piaget Building – is a 36-story, 382,500-square-foot class A office tower located near Rockefeller Center on 52nd Street.
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