NEW YORK CITY-Continental Grain has signed a new, 38,100-square-foot lease at the General Motors Building, on Fifth avenue and 59th street. The food company will sublease the space from General Motors for approximately seven years and has extended the agreement long-term with owners Boston Properties and its joint venture partners, Goldman Sachs Real Estate Opportunities Fund and Meraas Capital.
It will occupy the entire 15th floor of the iconic white marble building on Fifth Avenue, at the southeast corner of Central Park. Occupancy is expected in the last quarter of 2014.
Continental Grain is relocating from 277 Park Ave. Newmark Grubb Knight Frank's Moshe Sukenik, EVP, and Eric Zemachson, managing director, represented the company in the transaction, along with Andrew Levin, SVP, Boston Properties. Peter Riguardi, president, Lloyd Desatnick, SVP and Michael Shenot, managing director of Jones Lang LaSalle, represented the sublessor.
“These new offices will give Continental Grain the ability to create a new workplace environment, while maintaining the rich corporate history and tradition established over two centuries of operations,” says Sukenik. “The sublease, followed by a direct lease, provided Continental Grain the perfect opportunity to accomplish this objective,”
Completed in 1968, today the building is best known as the home of the flagship Apple store, where the entrance is a 32 foot glass cube. Other tenants in the building include asset management firm Perella Weinberg Partners, Estée Lauder Companies, international sports, entertainment & media giant IMG, hedge fund York Capital Management, holding company Icahn Enterprises and the law firm of Weil, Gotshal & Manges.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
