125 West 55th Street
Encyclopedia
125 West 55th Street, also known as Avenue of the Americas Plaza, is a 23-story, 575000 square foot office building located on 55th Street
between the Avenue of the Americas
(Sixth Avenue) and Seventh Avenue
in Midtown Manhattan
, New York City
. The building also has an entrance at 120 West 56th Street, across the street from the Le Parker Meridien Hotel
.
The facility, with 570000 square foot of rentable office space, was developed by The Macklowe Organization. The building, designed by Edward Larrabee Barnes
, has 23000 square foot floorplates. The second floor of the building houses Air France
's United States executive offices. Macquarie Bank houses its New York representative office in the building. Boston Properties
currently owns and manages the building. The building also houses offices of Katz Media, a division of Clear Channel Communications
.
previously occupied the site, before the construction of the skyscraper. The choir school moved into a new building as the previous one was replaced. Fisher Brothers constructed the building.
Construction on 125 West 55th Street began in 1988. In order to capitalize on a City of New York zoning bonus, the developers planned to have the building's foundation installed by May 13, 1988; buildings in the area installed before a deadline in the northern hemisphere spring of 1988 received a 20% increase in size in order to spur development of western Midtown Manhattan. The developers planned to have tenants begin occupying the building in May 1989. The building was completed in 1990.
In 1991 Air France
leased 29500 square foot of space in the building, including 27000 square foot of office space on the building's second floor and 2500 square foot of retail space on the first floor. Air France, which had its previous ticket office at 666 Fifth Avenue and its previous reservation department at 888 Seventh Avenue, wanted a larger ticket office facility and overhauled reservation department offices, so it moved both departments into 125 West 55th Street. Air France opted to move into 125 West 55th Street instead of spending $2.5 million to upgrade the telecommunications systems and remove asbestos
at 888 7th Avenue; 125 West 55th Street came with the latest fiber optics systems and did not have any asbestos. Harry Macklowe, the owner of the building, paid for Air France's new fiber optics system. Frederick A. Smith, a Cushman & Wakefield broker who represented Air France, said that the new fiber optics and reservations systems "made the deal." Air France has since closed the street-level retail ticket office.
Beginning in 1992, the airline planned to move its Northeast United States headquarters, its U.S. reservation center, and its New York City ticket office to the building. Around that time Katz Communications signed a lease for 170000 square foot of space in 125 West 55th Street, as of July 10, 1991 it was the largest lease in Manhattan in the year 1991. As of November 24 of that year, the Katz lease was the fourth largest lease in New York City in 1991. During that year the National Bank of Canada
and Credietbank were tenants in the building.
In the summer of 1992, LeBoeuf, Lamb, Leiby & MacRae moved 1,200 employees into the building. The firm had consolidated from several previous locations, and occupied eight floors and the concourse level. The 20-year lease was for 224000 square foot of space. The LeBouef deal, signed in 1991, was that year's second largest lease in New York City as of November 24, 1991.
Boston Properties
acquired the building in 2008. The company spent $444 million to buy the building. In 2010 Katz Media Group renewed its lease until 2027; its renewal gave the company over one third of the building to Katz. Katz, which already occupied floors three through seven, began to occupy floors 11 and 12 and some basement space. Since the lease renewal, Katz has about 200000 square foot of space in the building. In 2010 MetLife refinanced a portion of the debt of the building. As of 2011 the building was worth $345 million. In 2011 a former deputy of Harry Macklowe, former head of the Macklowe Group, filed a lawsuit against Macklowe, saying that Macklowe did not share the proceeds of the sale of 125 West 55th Street.
said in 1988, before the completion of the building, that the blue glass sheathing around it "may give it a pastoral sheen." Waite said that the design of 125 West 55th Street is similar to that of the Metropolitan Tower.
55th Street (Manhattan)
55th Street is a two-mile-long, one-way street traveling east to west across Midtown Manhattan.-Sutton Place South:*The route officially begins at Sutton Place South which is on a hill overlooking FDR Drive....
between the Avenue of the Americas
Sixth Avenue (Manhattan)
Sixth Avenue – officially Avenue of the Americas, although this name is seldom used by New Yorkers – is a major thoroughfare in New York City's borough of Manhattan, on which traffic runs northbound, or "uptown"...
(Sixth Avenue) and Seventh Avenue
Seventh Avenue (Manhattan)
Seventh Avenue, known as Adam Clayton Powell Jr. Boulevard north of Central Park, is a thoroughfare on the West Side of the borough of Manhattan in New York City. It is southbound below Central Park and a two-way street north of the park....
in Midtown Manhattan
Midtown Manhattan
Midtown Manhattan, or simply Midtown, is an area of Manhattan, New York City home to world-famous commercial zones such as Rockefeller Center, Broadway, and Times Square...
, New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. The building also has an entrance at 120 West 56th Street, across the street from the Le Parker Meridien Hotel
Le Méridien
Le Méridien is an international hotel brand with a European perspective, formerly headquartered in the United Kingdom, with 130 properties. It is owned by Starwood Hotels & Resorts Worldwide....
.
The facility, with 570000 square foot of rentable office space, was developed by The Macklowe Organization. The building, designed by Edward Larrabee Barnes
Edward Larrabee Barnes
Edward Larrabee Barnes was a American architect.Barnes was born in Chicago, Illinois into a family he described as "incense-swinging High Episcopalians", consisting of Cecil Barnes, a lawyer, and Margaret Helen Ayer, recipient of a Pulitzer Prize for the novel Year of Grace...
, has 23000 square foot floorplates. The second floor of the building houses Air France
Air France
Air France , stylised as AIRFRANCE, is the French flag carrier headquartered in Tremblay-en-France, , and is one of the world's largest airlines. It is a subsidiary of the Air France-KLM Group and a founding member of the SkyTeam global airline alliance...
's United States executive offices. Macquarie Bank houses its New York representative office in the building. Boston Properties
Boston Properties
Boston Properties, Inc. is a self-managed real estate investment trust based in Boston, Massachusetts. Its primary focus is "Class A" office space which it acquires, develops, and manages in the major markets of Boston, New York City, Washington, D.C., and San Francisco...
currently owns and manages the building. The building also houses offices of Katz Media, a division of Clear Channel Communications
Clear Channel Communications
Clear Channel Communications, Inc. is an American media conglomerate company headquartered in San Antonio, Texas. It was founded in 1972 by Lowry Mays and Red McCombs, and was taken private by Bain Capital LLC and Thomas H. Lee Partners LP in a leveraged buyout in 2008...
.
History
The building had a cost of $60 million in 1988 dollars. The Saint Thomas Choir SchoolSaint Thomas Choir School
Saint Thomas Choir School is a church-affiliated boarding choir school in Manhattan, New York. It was founded in 1919 and is supported by the nearby Saint Thomas Church, an Episcopal church continuing the Anglican tradition of all-male choral ensembles...
previously occupied the site, before the construction of the skyscraper. The choir school moved into a new building as the previous one was replaced. Fisher Brothers constructed the building.
Construction on 125 West 55th Street began in 1988. In order to capitalize on a City of New York zoning bonus, the developers planned to have the building's foundation installed by May 13, 1988; buildings in the area installed before a deadline in the northern hemisphere spring of 1988 received a 20% increase in size in order to spur development of western Midtown Manhattan. The developers planned to have tenants begin occupying the building in May 1989. The building was completed in 1990.
In 1991 Air France
Air France
Air France , stylised as AIRFRANCE, is the French flag carrier headquartered in Tremblay-en-France, , and is one of the world's largest airlines. It is a subsidiary of the Air France-KLM Group and a founding member of the SkyTeam global airline alliance...
leased 29500 square foot of space in the building, including 27000 square foot of office space on the building's second floor and 2500 square foot of retail space on the first floor. Air France, which had its previous ticket office at 666 Fifth Avenue and its previous reservation department at 888 Seventh Avenue, wanted a larger ticket office facility and overhauled reservation department offices, so it moved both departments into 125 West 55th Street. Air France opted to move into 125 West 55th Street instead of spending $2.5 million to upgrade the telecommunications systems and remove asbestos
Asbestos
Asbestos is a set of six naturally occurring silicate minerals used commercially for their desirable physical properties. They all have in common their eponymous, asbestiform habit: long, thin fibrous crystals...
at 888 7th Avenue; 125 West 55th Street came with the latest fiber optics systems and did not have any asbestos. Harry Macklowe, the owner of the building, paid for Air France's new fiber optics system. Frederick A. Smith, a Cushman & Wakefield broker who represented Air France, said that the new fiber optics and reservations systems "made the deal." Air France has since closed the street-level retail ticket office.
Beginning in 1992, the airline planned to move its Northeast United States headquarters, its U.S. reservation center, and its New York City ticket office to the building. Around that time Katz Communications signed a lease for 170000 square foot of space in 125 West 55th Street, as of July 10, 1991 it was the largest lease in Manhattan in the year 1991. As of November 24 of that year, the Katz lease was the fourth largest lease in New York City in 1991. During that year the National Bank of Canada
National Bank of Canada
National Bank of Canada is the 6th largest bank and 8th largest financial institution in Canada. The bank's headquarters are in Montreal, Quebec....
and Credietbank were tenants in the building.
In the summer of 1992, LeBoeuf, Lamb, Leiby & MacRae moved 1,200 employees into the building. The firm had consolidated from several previous locations, and occupied eight floors and the concourse level. The 20-year lease was for 224000 square foot of space. The LeBouef deal, signed in 1991, was that year's second largest lease in New York City as of November 24, 1991.
Boston Properties
Boston Properties
Boston Properties, Inc. is a self-managed real estate investment trust based in Boston, Massachusetts. Its primary focus is "Class A" office space which it acquires, develops, and manages in the major markets of Boston, New York City, Washington, D.C., and San Francisco...
acquired the building in 2008. The company spent $444 million to buy the building. In 2010 Katz Media Group renewed its lease until 2027; its renewal gave the company over one third of the building to Katz. Katz, which already occupied floors three through seven, began to occupy floors 11 and 12 and some basement space. Since the lease renewal, Katz has about 200000 square foot of space in the building. In 2010 MetLife refinanced a portion of the debt of the building. As of 2011 the building was worth $345 million. In 2011 a former deputy of Harry Macklowe, former head of the Macklowe Group, filed a lawsuit against Macklowe, saying that Macklowe did not share the proceeds of the sale of 125 West 55th Street.
Design
Thomas L. Waite of The New York TimesThe New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
said in 1988, before the completion of the building, that the blue glass sheathing around it "may give it a pastoral sheen." Waite said that the design of 125 West 55th Street is similar to that of the Metropolitan Tower.
Tenants
- Au Bon Pain has a location at 125 West 55th Street.
External links
- "125 West 55th Street." Boston PropertiesBoston PropertiesBoston Properties, Inc. is a self-managed real estate investment trust based in Boston, Massachusetts. Its primary focus is "Class A" office space which it acquires, develops, and manages in the major markets of Boston, New York City, Washington, D.C., and San Francisco...
. - "125 West 55th Street." Macklowe Properties (Archive)
- "Avenue of the Americas Plaza." EmporisEmporisEmporis GmbH is a real estate data mining company with headquarters in Frankfurt, Germany. The company collects and publishes data and photographs of buildings worldwide....