CBRE to Manage New York Public Library Renovations
The Project Management Group of the real estate advisory firm is overseeing the $317 million upgrade of the historic building at 476 Fifth Ave.
NEW YORK CITY—The New York Public Library has selected CBRE to serve as project manager and cost consultant for the renovations of the iconic Beaux Arts building that stands on 42nd Street and Fifth Ave. The $317 million project will upgrade the Stephen A. Schwarzman Building, what’s often referred to as the Main Branch.
The structural improvements will add more public space for research, exhibitions and programs, while improving flow and infrastructure. The library has hired a design team led by the Dutch architecture firm Mecanoo and Beyer Blinder Belle as the architect of record. AECOM Tishman is the construction manager. The project began in January 2019. But the library will continue to remain open throughout the renovations.
The CBRE team consists of Frank Alvarado, Bret Keeney, Chris Lawson, Nicole Tirakian and Dan Magee.
“Being selected to manage the renovation and upgrade of the New York Public Library’s world-famous Stephen A. Schwarzman Building is an honor and a privilege,” says Matthew Van Buren, president, Northeast Division, CBRE. “We once again appreciate the trust that the library has placed on the CBRE project management and cost consulting teams to oversee the upgrade and expansion of their most visible structure.”
The CBRE team had previously been selected as project manager for the $186 million full interior and exterior renovation of the 165,000-square-foot Mid-Manhattan Library. That building, which is the central circulating library, is located at 455 Fifth Ave., across the street from the Main Branch.
Renovations at that building began in July 2017. The project includes building an additional 12,000 square feet. This will include creating a seventh floor for an event space, an outdoor garden and terraces. The expansion will also add eighth and ninth level floors to upgrade mechanical and electrical systems, increasing energy efficiency. The building will reopen in 2020 as the Stavros Niarchos Foundation Library.