NEW YORK CITY-The US Dept. of Commerce has recently approved Extell's International Gem Tower project, situated on West 47th Street, as a Foreign Trade Zone. The 580 Fifth Ave. tower, a 400,000-square-foot building, is currently 95% leased, while the Gem Tower measuring 750,000 square feet remains stagnant.
Asking rents in the 580 Fifth Ave. building, also known as World Diamond Tower, are in the $50s range. Major tenants have inked contracts with Extell to occupy space in the Gem Tower. For the full story, go to New York Post.
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