NEW YORK CITY—York Capital Management, a global investment management firm, has signed a long-term lease renewal and expansion at 767 Fifth Ave.—also known as the General Motors Building. The deal was arranged by Studley.
A tenant of GM's tower for the past 10 years, York currently occupies the building's 17th floor and a portion of its 21st floor, for a total of 46,266 square feet. The firm will expand its footprint at the building to 53,445 square feet by subleasing an additional 7,179 square feet on a portion of the 23rd floor from Weil, Gotshal & Manges, the largest tenant in the building.
L. Craig Lemle, senior managing director at Studley, has represented York since 1995 and this is the seventh lease they have completed together. Studley Chairman & CEO Mitchell S. Steir, along with Senior Managing Director of Consulting Services, Jason R. Perla and Executive Vice President, Matthew Barlow also represented the tenant in this transaction, while Andy Levin and Adam Frazier represented the landlord, Boston Properties, in-house.
Timing and price were central to the deal, Lemle tells GlobeSt.com. “A good opportunity came up in the building, and since this is one of the top three buildings in the city, there's usually very little space available. Plus, it was a good economic deal.”
Lemle declines to cite specific prices, but notes the nature of the space also was a selling point. “This was nicely built out and the building sits in the Plaza district which is very active and one of the nicest submarkets in the city; a lot financial services firms are in the area. The tenant loves the building, the location and the deal that we made.”
Considered one of Manhattan's “crown jewels,” the 59-story, 1.8-million-square-foot GM Building occupies an entire city block between Fifth and Madison Avenues and 58th and 59th streets. In addition to York Capital Management, other notable tenants include Estee Lauder Cos., Icahn Enterprises and Baron Capital. The property is also known for Apple Inc.'s “cube” flagship store on the ground floor.
Founded in September 1991, York Capital Management currently has over $21 billion under management. The New York-based firm also has offices in London and Hong Kong.
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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.
