The Real Deal New York

NBA extends lease at Midtown HQ through 2035

Organization has been at Olympic Tower since mid-1970s

October 24, 2016 01:45PM

645 Park Avenue and Adam SIlver

645 Fifth Avenue and Adam Silver

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 TRData LogoTINY 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

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