125 West 55th Street

125 West 55th Street / New York City
Constructed in 1990, 125 West 55th Street is one of the premier Class A office and retail properties on the Avenue of the Americas Corridor. Enjoying nearly 100% occupancy consistently since its development, the 590,000 square-foot building’s glass and steel construction and nearly column-free floor plates are highly desired by financial services, media, technology, and legal tenants. The building has recently undergone a major elevator modernization, security and HVAC upgrades, and a renovation of the lobby.

Transaction Summary

Situation Overview

Transaction Summary

    • Venture Date:
      March 2014
    • Structure:
      Asset Management, Agreement / Incentive Fee
    • Asset Type:
      Office Building
    • Size:
      600,000 SF
    • Location:
      New York, NY

Situation Overview

  • The Company was asked to interface and form a relationship with the two major tenants, and their CEO’s, occupying over 95% of the building.
  • Since venture formation with a large institutional asset manager:
    • Negotiated and executed a 25-year renewal of the Milos restaurant lease, which included an expansion of the restaurant to previously unoccupied below-grade space, taking the building to 100% occupancy.
    • Negotiated and executed a renewal of the 250,000 square-foot Macquarie lease, retaining one of the building’s major tenants.
    • Discovered and collected approximately $1M of cash flow that was previous unbilled and unknown.