Jones Lang LaSalle was selected by TIAA-CREF as the exclusive office leasing agent and property manager for 475 Fifth Avenue.
The pension fund tapped the company to provide a full range of commercial office leasing and property management services for the 280,000 s/f, Class A office building.
The Jones Lang LaSalle team overseeing the agency leasing assignment is led by Frank Doyle, vice chairman, Cynthia Wasserberger, managing director and Douglas Neye, senior vice president, as well as Shawna Menifee, principal of Integrative Partners.
Property management services at 475 Fifth Avenue will be led by Matt Duthie, managing director, with the firm’s Property Management group.
In addition, TIAA-CREF selected RKF to handle retail leasing at the building, with the team including Robert K. Futterman, chairman & CEO; Ariel Schuster, executive vice president; and Zach Winkler, director.
“TIAA-CREF has launched a major renovation program at 475 Fifth Avenue designed to enhance the building and take advantage of its stellar location,” said Doyle.
“The Bryant Park neighborhood has become a thriving hub for a variety of industries, with major legal, financial, technology and creative firms boasting a significant presence in the area.
“With renovations slated to be completed early next year, 475 Fifth Avenue offers a terrific opportunity for a large tenant looking for a unique building with signature branding potential, or for smaller and mid-sized tenants seeking the presence and attention that a boutique building affords.”
TIAA-CREF acquired 475 Fifth Avenue in late 2011 and is planning to completely reposition the 24-story office property.
The pension fund has launched a multimillion dollar capital improvement program that includes a new lobby, which will be relocated to 41st Street to accommodate a ground-floor retail space with greater exposure and visibility on Fifth Avenue. Other improvements include new energy-efficient mechanical and electrical infrastructure, and new elevators.
Once the building’s capital improvement program is completed by mid-2013, 475 Fifth Avenue will offer up to 44,000 s/f of retail space over multiple floors.
The building offers a variety of floor plate sizes, from base floors of 17,000 s/f to midrise floors of 7,000 to 10,000 s/f, to the top five floors, which are approximately 4,000 s/f each.