Deals inked for Torchlight Investors, Square 1 Bank and Daikin US, post major renovation program
JLL has completed three new, direct leases totaling 28,190 square feet for owner TIAA-CREF at 475 Fifth Avenue. Torchlight Investors LLC signed for 16,029 square feet, Square 1 Bank took 7,842 square feet and Daikin US Corp. leased 4,319 square feet at the 280,000-square-foot, Class A commercial office building.
“After acquiring 475 Fifth Avenue in late 2011, TIAA-CREF launched a major renovation program designed to enhance the building and take advantage of its stellar location,” said Doyle. “With renovations nearing completion, activity at the building has picked up dramatically, as illustrated by the signing of three new leases.”
TIAA-CREF launched a multimillion dollar capital improvement program to reposition the office building in early 2012. The work included significant renovation to the lobby, which was relocated to 41st Street to provide greater exposure and visibility on Fifth Avenue to a ground floor retail space, as well as new energy-efficient mechanical and electrical infrastructure, new restrooms and new elevators. The building offers spectacular views of the New York Public Library and Bryant Park.
“Over the past two years, ownership has transformed 475 Fifth Avenue,” said Neye. “TIAA-CREF recently unveiled the new lobby and will complete all of the base building upgrades in the coming weeks. It just completed a number of pre-built units that are already generating increasing interest from prospective tenants in a variety of industries.”
Torchlight Investors signed a 10-year lease for 16,029 square feet and will occupy the entire 10th floor of 475 Fifth Avenue, which is located between East 40th and East 41st streets. The investment management firm will relocate to the building from its previous offices at 230 Park Avenue. Torchlight Investors was represented by David McBride, senior director, with Cushman & Wakefield Inc.
Square 1 Bank inked a 10-year lease for 7,842 square feet of office space and will occupy the entire 18th floor at the building. The bank will relocate to 475 Fifth Avenue from its previous offices at 500 Fifth Avenue. Square 1 Bank was represented by Melissa Bazar, executive director with Cushman & Wakefield.
Daikin US completed a 10-year lease for 4,319 square feet and will occupy the entire 21st floor at 475 Fifth Avenue. The global provider of air conditioning and refrigeration will relocate to its new space from another location in the building. Daikin US was represented by Junji Miyake, vice president, with Cassidy Turley.
Formerly known as Farmers’ Loan & Trust Building, 475 Fifth Avenue was constructed in 1926. The 86-year-old office property was designed by Starrett & Van Vleck.
Check out 475 Fifth Avenue’s website for further information about the property and availability.