NEW YORK CITY—Norges Bank has significantly expanded its headquarters space at 505 Fifth Ave.
The Norwegian bank, which manages its country's sovereign wealth fund, in a renewal and expansion transaction with building owner Stawski Partners will grow from about 10,000 square feet of space to approximately 32,000 square feet of space, according to Crain's New York Business.
Norges renewed its lease for the entire 20th floor, and added space on floors 19 and 21 at the 28-story, 300,000-square-foot property. Paul Glickman, vice chairman and international director at brokerage firm JLL's New York City office, handles leasing at the 300,000-square-foot property for the building owner. Silvio Petriello, executive vice president with CBRE, represented Norges Bank in the transaction.
Glickman says that a few floors near the top of the building are expected to become available in the next six to 24 months. The building's largest tenant— CIT—leases approximately 130,000 square feet. However, since it declared bankruptcy in 2009, it subleased most of its space.
Earlier this year, Norges acquired a 45% stake in the 40-story 11 Times Square building. Other Manhattan holdings include 601 Lexington Ave. and 2 Herald Square. See story in Crain's New York Business.
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