The Real Deal New York

Non-profit Gem institute buys entire floor at Extell’s new 47th Street tower

January 12, 2010 09:30AM

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Extell’s 34-story International Gem Tower at 44 West 47th Street has just won a shiny new occupant. The Gemological Institute of America has signed a contract to buy one floor, or 30,000 square feet, in the building for its New York laboratory. The deal allows GIA to streamline its current multi-floor space at 580 Fifth Avenue and take advantage of the modern security systems offered in the Diamond District’s new Gem Tower, where the foundation is complete and where construction is slated to finish in 2012. Terms were not disclosed, but GIA is a major deal for Extell President Gary Barnett, who has reportedly been vying for the non-profit since the Gem Tower project began. “This purchase will increase our efficiency and help GIA manage its long-term costs,” said Donna Baker, president and CEO of GIA. [Post, 1st item]

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