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.
- Venture Date:
Asset Management, Agreement / Incentive Fee
- Asset Type:
New York, NY
- 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.