NEW YORK CITY-The ownership of 245 Fifth Ave.office tower—Moinian Group and ThorEquities—say they plan a major redevelopment program atthe property to reposition it for tech, media and creativefirms.

The partners report the renovations at the 26-story303,000-square-foot Class A tower will include a state-of-the-artlobby that will complement the building's classical architecture,new modern lighting and new elevator cabs. Final plans for theupgrades at the building located near Madison Square Park are beingapproved, with construction expected to begin shortly thereafter,company officials say.

Ownership has also launched a full-floor prebuilt program thatwill deliver high-density floors with state-of-the-art amenities ina loft setting. The space is designed in order to feature light andviews on three sides. The 17th floor—the first of several13,627-square-foot pre-built floors—will be completed bySeptember.