NEW YORK CITY-The ownership of 245 Fifth Ave. office tower—Moinian Group and Thor Equities—say they plan a major redevelopment program at the property to reposition it for tech, media and creative firms.

The partners report the renovations at the 26-story 303,000-square-foot Class A tower will include a state-of-the-art lobby that will complement the building's classical architecture, new modern lighting and new elevator cabs. Final plans for the upgrades at the building located near Madison Square Park are being approved, with construction expected to begin shortly thereafter, company officials say.

Ownership has also launched a full-floor prebuilt program that will deliver high-density floors with state-of-the-art amenities in a loft setting. The space is designed in order to feature light and views on three sides. The 17th floor—the first of several 13,627-square-foot pre-built floors—will be completed by September.

“Today's media/technology tenant is seeking workspace with universal adaptability for a fast expanding industry sector,” says Christel Engel, executive managing director with Colliers International, who along with Director Whitney Anderson and Associate Director Michael Baraldi, lead the building's leasing efforts on behalf of ownership. “The building at 245 Fifth Avenue is catering to this type of tenant.”

“We have a tremendous asset in one of the most desirable markets in the country,” adds Gregg Weisser, Moinian's director of leasing. “The property at 245 Fifth Avenue is ideally located, and with the new capital improvement program and pre-built leasing options we are providing, we anticipate leasing up the property in short order.”

Instant Insights /

Moinian Group-Thor Look to Reposition 245 Fifth Ave.

Related Stories

Recommended For You