York Capital Management, a global investment management firm, has signed a long-term lease renewal and expansion at 767 Fifth Avenue (the General Motors Building), in a transaction arranged by global commercial real estate services firm Studley.
The company, a tenant for the past 10 years, currently occupies the building’s 17th floor and a portion of its 21st floor, for a total of 46,266 s/f.
The firm will expand its footprint at the building to 53,445 s/f by subleasing an additional 7,179 s/f on a portion of the 23rd floor from Weil, Gotshal & Manges, the largest tenant in the building.
Previously, the financial services company signed a 10-year leasing transaction through Studley in 2005, and again turned to the firm to negotiate an additional extension.
L. Craig Lemle, senior managing director at Studley has represented York since 1995 and this is the seventh lease they have completed together.
Studley chairman & CEO Mitchell S. Steir, along with senior managing director of Consulting Services, Jason R. Perla and executive vice president, Matthew Barlow also represented the tenant in this transaction, while Andy Levin and Adam Frazier represented the landlord, Boston Properties, in-house.
“This transaction enables York Capital Management to maintain its presence at the GM Building and accommodate the firm’s growth in New York City,” Lemle said.
Known as one of the “crown jewels” of Manhattan’s skyline, the 59-story, 1.8-million-square-foot GM Building occupies an entire city block between Fifth and Madison Avenues and 58th and 59th Streets.
In addition to York Capital Management, other notable tenants include Estee Lauder Cos., Icahn Enterprises and Baron Capital. The property is also known for Apple Inc.’s “cube” flagship store on the ground floor.
Founded in September 1991, York Capital Management currently has over $21 billion under management. The New York-based firm also has offices in London and Hong Kong.