PBC USA Real Estate purchased the institutional-quality asset at 452 Fifth Avenue in April 2010 from HSBC for $330 million. In 2011 the ownership completed phase one of a $45 million capital improvement campaign, which included the redevelopment of a dramatic multi-floor lobby and entrance, the upgrade of all the high-rise elevators serving the tower floors, and the upgrade of new emergency power generators. The second phase, which included the installation of new cooling towers and an additional generator, was completed recently.

"We are proud to partner with PBC USA Real Estate at 452 Fifth Avenue, and we look forward to building off their recent success to assist them in expanding their portfolio in New York City and across the country," adds Glickman. He did not respond by press time to a request from GlobeSt.com for further comment. The full JLL team for 452 Fifth Ave. includes Glickman, Fanuzzi and Michael Higgins, VP.

Located near Bryant Park, with panoramic views and overlooking the recently renovated New York Public Library, 452 Fifth Ave. is a 10-story, landmark Beaux-Arts building constructed in 1902 with an adjoining 30 story tower. It includes 31,189 square feet of retail space on Fifth avenue.

The building's location offers access to a number of transportation options including Grand Central Station, with access to the Metro North Railroad, as well as the 4, 5, 6 and 7 subway lines. The building is just two blocks from Times Square, the city's largest subway station with easy access to the A, C, E, N, Q, R, 1, 2, 3 and 9 trains. In addition, Penn Station and the Port Authority Bus Terminal are within short walking distance.

The property also serves as the North American headquarters for HSBC, one of the largest banking and financial services organizations in the world. The institution occupies approximately 548,000 square feet of space on the lower floors of the property.