Moinian Group-Thor Look to Reposition 245 Fifth Ave.

NEW YORK CITY-The ownership of 245 Fifth Ave. office tower—Moinian Group and Thor Equities—say they plan a major redevelopment program at the property to reposition it for tech, media and creative firms.

The partners report the renovations at the 26-story 303,000-square-foot Class A tower will include a state-of-the-art lobby that will complement the building’s classical architecture, new modern lighting and new elevator cabs. Final plans for the upgrades at the building located near Madison Square Park are being approved, with construction expected to begin shortly thereafter, company officials say.