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125 West 55th Street

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125 West 55th Street
125 West 55th Street along 55th Street.
Map
Alternative namesAvenue of the Americas Plaza
General information
TypeOffice
Architectural styleModernist
Location125 West 55th Street, Manhattan, New York City, U.S.
10019
Coordinates40°45′49″N 73°58′44″W / 40.763607°N 73.979002°W / 40.763607; -73.979002
Construction started1988
Completed1990
OwnerJ.P. Morgan Asset Management[1]
Height100.6 m (330 ft)
Technical details
Floor count22
Design and construction
Architect(s)Edward Larrabee Barnes and John MY Lee Architects
DeveloperMacklowe Properties
Structural engineerRosenwasser / Grossman Consulting Engineers, P.C.
References
[2]

125 West 55th Street, also known as Avenue of the Americas Plaza, is a 23-story, 575,000-square-foot (53,400 m2) 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,[3] across the street from the Le Parker Meridien Hotel.[4]

The facility, with 570,000 square feet (53,000 m2) of rentable office space,[5] was developed by The Macklowe Organization.[6] The building, designed by Edward Larrabee Barnes[5] and John MY Lee Architects,[7] has 23,000-square-foot (2,100 m2) floorplates.[8] The second floor of the building houses Air France's United States executive offices.[9][10] Macquarie Bank houses its New York representative office in the building. Boston Properties currently owns and manages the building.[11] The building also houses offices of Katz Media Group, a division of iHeartMedia.[5][12]

History

The entrance at 120 West 56th Street

Development

The building, constructed by Fisher Brothers,[13] cost $60 million in 1988 dollars. The Saint Thomas Choir School previously occupied the site,[14] and moved into a new building at 202 West 58th Street.

Construction on 125 West 55th Street began in 1988.[5] 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.[13] The developers planned to have tenants begin occupying the building in May 1989.[14] The building was completed in 1990.[6]

Use

In 1991, Air France leased 29,500 square feet (2,740 m2) of space in the building. As of July 10, 1991, it was the largest lease in Manhattan in the year 1991.[6] The airline had planned to move its Northeast United States headquarters, its U.S. reservation center, and its New York City ticket office to the building beginning in 1992.[15] The lease included 27,000 square feet (2,500 m2) of office space on the building's second floor and 2,500 square feet (230 m2) of retail space on the first floor.[6] Air France had its previous ticket office at 666 Fifth Avenue and its previous reservation department at 888 Seventh Avenue, and wanted a larger ticket office facility and overhauled reservation department offices. It moved both departments into 125 West 55th Street.[4] 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 Seventh Avenue; 125 West 55th Street came with the latest fiber optics systems and did not have asbestos.[16] Air France has since closed the street-level retail ticket office.

The 120 West 56th Street entrance in 2009, indicating an Air France ticket office that was there, but is no longer

Around the same time, Katz Media Group signed a lease for 170,000 square feet (16,000 m2) of space in the building. As of November 24, 1991, the Katz lease was the fourth largest lease in New York City.[15] During that year the National Bank of Canada and Credietbank were tenants in the building.[6]

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.[8] The 20-year lease was for 224,000 square feet (20,800 m2) of space. The LeBouef deal, signed in 1991, was that year's second largest lease in New York City as of November 24, 1991.[15]

Boston Properties acquired the building in 2008, for $444 million.[5] In 2010, Katz Media Group renewed its lease until 2027, giving Katz more than one-third of the building space, with about 200,000 square feet (19,000 m2).[12] In 2010 MetLife refinanced a portion of the debt of the building. As of 2011 the building was worth $345 million.[17] 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.[18]

Design

Thomas L. Waite of The New York Times 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.[14]

Tenants

  • Au Bon Pain has a location at 125 West 55th Street.[19]
  • Starbucks has a location on the 56th street side of this building, as does Chop't
  • Estatorio Milos is a seafood restaurant on the ground floor
  • Macquarie Group is housed on the upper floors
  • iHeartMedia and its subsidiary, Katz Media Group, are housed on floors 3-14 and 21

References

Notes

  1. ^ "125 West 55th Sells for $470 M. Amid Push to Unload Class A Towers". Commercial Observer. April 25, 2013. Retrieved March 5, 2017.
  2. ^ "Avenue of the Americas Plaza". Emporis. Archived from the original on March 5, 2017. Retrieved March 5, 2017.
  3. ^ "125 West 55 Street Fact Sheet." Macklowe Properties. February 26, 2007. Retrieved on February 24, 2011.
  4. ^ a b Dunlap, David W. "Commercial Property: 125 West 55th Street; The Anatomy of a Macklowe Tower Leasing Coup." The New York Times. November 24, 1991. 2. Retrieved on February 25, 2011.
  5. ^ a b c d e "125 West 55th Street Archived 2010-10-19 at the Wayback Machine." Boston Properties. Retrieved on February 25, 2011.
  6. ^ a b c d e "Air France leases 29,500 sf at Avenue of the Americas Plaza." Real Estate Weekly. July 10, 1991. Retrieved on February 24, 2011.
  7. ^ Barnes, Edward Larrabee Barnes (1994). Edward Larrabee Barnes: Architect. New York, NY: Rizzoli International Publications. p. 251. ISBN 978-0-8478-1821-1.
  8. ^ a b Deutsch, Claudia H. "Commercial Property: Avenue of the Americas; From Corporate Corridor to Boulevard of Barristers." The New York Times. April 4, 1993. 1. Retrieved on February 24, 2011.
  9. ^ "Air France in the United States Archived 2011-01-06 at the Wayback Machine." Air France. June 11, 2007. 15 (15/16). Retrieved on February 13, 2010. "The Air France “United States” regional management is located in New York: 125 West 55th Street, New York, NY 10019"
  10. ^ "Week of Romance Facebook Contest Archived 2011-03-08 at the Wayback Machine." Air France. Retrieved on March 2, 2011. "Sponsor: Air France USA Executive Office, 125 West 55th Street, 2nd Floor, New York, NY 10019."
  11. ^ "Contact directory United States Archived 2011-02-20 at the Wayback Machine." Macquarie Bank. Retrieved on February 24, 2011. "125 West 55th Street New York, NY 10019."
  12. ^ a b "Boston Properties scores 200,000 sf lease renewal at 125 West 55th Street." The Real Deal. Retrieved on February 25, 2011.
  13. ^ a b Foderaro, Lisa. "A Trade-Up for St. Thomas Choir School." The New York Times. August 23, 1987. 1. Retrieved on February 24, 2011.
  14. ^ a b c Waite, Thomas L. "POSTING: Choir School Site; Offices by Macklowe." The New York Times. March 13, 1988. Retrieved on February 23, 2011.
  15. ^ a b c Dunlap, David W. "Commercial Property: 125 West 55th Street; The Anatomy of a Macklowe Tower Leasing Coup." The New York Times. November 24, 1991. 1. Retrieved on February 25, 2011.
  16. ^ Deutsch, Claudia H. "Commercial Property: Upgraded Services; Using Fiber Optics to Attract -- or Keep -- Tenants." The New York Times. October 31, 1993. Retrieved on March 2, 2011.
  17. ^ Weil, Dan. "Awash with insurance cash." The Real Deal. February 1, 2011. Retrieved on February 24, 2011.
  18. ^ Jones, David. "Ex-Macklowe exec alleges proceeds withheld from West 55th Street building sale." The Real Deal. February 24, 2011. Retrieved on February 24, 2011.
  19. ^ "125 West 55th St." Au Bon Pain. Retrieved on March 2, 2011. "125 West 55th St. 125 West 55th St. New York, NY 10022"
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