After roughly four decades at its Midtown headquarters, the National Basketball Association has signed on for at least another 19 years.
The organization inked a lease extension at 645 Fifth Avenue for 175,000 square feet of office space in the Midtown tower, the building’s owners Oxford Properties Group and Crown Acquisitions announced Monday.
The lease extends through 2035 at the Olympic Tower, a 51-story mixed-use building that the NBA has called home since the mid-1970s. In 2009, the organization renewed a 10-year lease for 153,000 square feet across the 14th through 20th floors of the tower, Crain’s reported at the time. It was not immediately clear what — if any — additional floors the organization has snapped up as part of this latest deal.
A representative for the building owners could not immediately provide additional information on the deal.
The building’s owners were represented in-house by Oxford’s Adam Frazier, as well as a team from CBRE that included Paul Amrich, Howard Fiddle, Neil King and Patrice Meagher. CBRE’s Mary Ann Tighe, Gregory Tosko, Andrew Sussman and Munish Viralam represented the NBA.
Last year, the National Basketball Players Association, the official players’ union of the NBA, made plans to relocate from its Harlem headquarters to the Durst Organization’s 1133 Sixth Avenue in Midtown. — Kathryn Brenzel
NYC Office Leases – January 1st 2011 to October 1st 2016 – 4,000 transactions – $500
NYC Office Leases – January 1st 2004 to December 31st 2010 – 6,000 transactions – $500