The Real Deal New York

Norges Bank triples space in Stawski’s 505 Fifth Avenue

Norwegian bank’s NYC headquarters grows to 32K sf

June 01, 2015 03:55PM

505 Fifth Avenue in Midtown (inset: Paul Glickman)

505 Fifth Avenue in Midtown (inset: Paul Glickman)

Norges Bank, a Norwegian bank that manages the country’s sovereign wealth fund, is expanding its New York City headquarters at Stawski Partners’ 505 Fifth Avenue to 32,000 square feet.

The bank formerly had about 10,000 square feet in the building, Crain’s reported. Asking rent for the space was over $100 a foot. The 10-year lease is for floors 19 through 21.

The 28-story office tower was built 10 years ago by developer Axel Stawski. JLL’s Paul Glickman represented Stawski in the deal.

Norges Bank has been expanding its New York City real estate portfolio. In February, it purchased a stake in 11 Times Square. In September, it bought a 45 percent interest in the Citigroup Center at 601 Lexington Avenue for $725 million. Norges also partnered with TIAA-CREF to acquire the leased fee position for 2 Herald Square from SL Green for $365 million in November. [Crain’s] — Tess Hofmann