Coldwell Banker Commercial Advisors has been appointed the exclusive leasing agent for The Xerxes Group and Infinity Real Estate, owners of 587 Fifth Avenue in Manhattan.
The classic, 10-story, 45,000 s/f building, located between 47th & 48th Streets, is being revitalized with an extensive renovation that will transform its two-story lobby, modernize its elevators, and upgrade several floors.
Design firm Julian Von Der Schulenburg is redesigning the lobby to maximize the experience of spatial height by doming the space and featuring contrasting grey marble tones.
Updated elevator cabs will feature individual floor lockout systems. The 4,425 s/f third and the 4,110 s/f ninth floors – which are both column free and feature 11 ft. high ceilings and polished concrete floors – will each receive newly installed tenant-controlled HVAC systems, new bathrooms and state-of-the-art pantries with high-end finishes and stainless-steel appliances.
The property also has a 4,110- s/f penthouse suite with skylights and a prebuilt office installation with blonde wood accents.
Executive managing director Jeffrey Zund, will lead CBC Advisors’ leasing team, which consists of associates Brett Hanfling and Elie Steinberg.
“We are thrilled and honored to be representing Xerxes and Infinity on their leasing of 587 Fifth Avenue. We look forward to leasing to entities that will appreciate their vision for the building’s long-term value and who will benefit from the comfort that the renovations and upgrades to this historic building have made possible,” said Zund.
XERXES principal Daniel Gohari noted, “Xerxes and Infinity are proud to be working together again to deliver this premier office space and to be revitalizing 587 Fifth Avenue to a standard that will attract and serve Class A tenants.”
The joint-venture partners have collaborated successfully on two other New York City properties.