PBC USA Real Estate has formed a strategic relationship with JLL to provide marketing and leasing services for the company’s trophy office tower at 452 Fifth Avenue, and investment advisory services across the United States.
The announcement was made by Eli Elefant, chief executive officer of PBC USA.
Paul Glickman, vice chairman and international director of JLL, is overseeing the assignment, and Jonathan Fanuzzi, executive vice president, will drive the campaign to market and lease the 7,054 s/f penthouse south space at 452 Fifth Avenue – the final availability in the 865,000 s/f tower located at 41st Street.
“We are pleased to have JLL join our strategic effort in both completing the leasing campaign at 452 Fifth Avenue and growing our platform nationally,” said Elefant.
As well as leasing 452 Fifth, Elefant said he and PBC USA Real Estate would work with JLL to help them achieve their larger mission of targeting unique acquisition opportunities and expanding the company’s presence in the market.
PBC USA Real Estate purchased 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 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.
With the completion of the second phase of its capital improvement plan and the installation of two mission critical projects — new cooling towers and an additional generator serving the tower floors — the building’s ownership created the most technologically-advanced space to ever hit the market.
“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,” Glickman said.
The full JLL team for 452 Fifth Avenue includes Glickman, Fanuzzi and Michael Higgins, vice president.
452 Fifth Avenue is a 10-story, landmark Beaux-Arts building constructed in 1902 with an adjoining 30 story tower. It has 31,189 s/f of retail space on Fifth Avenue.