Norges Bank triples space in Stawski’s 505 Fifth Avenue

Norwegian bank’s NYC headquarters grows to 32K sf

TRD New York /
Jun.June 01, 2015 03:55 PM

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


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Daily Digest Thursday

City Council sets sights on housing and land use, details emerge of WeWork’s ties to the Kabbalah Centre: Daily digest

From left: 254 Water Street, 45-01 Northern Boulevard and 34-08 46th Street (Credit: Google Maps)

Here’s what the $10M-$30M investment sales market looked like last week

(Illustration by Andrew Colin Beck)

How much are NYC hotels hurting?

Home foreclosures dropped nearly 20% in Q3, report shows

Normandy Founder Finn Wentworth, Columbia CEO E. Nelson Mills, 799 Broadway and 250 Church Street (Credit: Google Maps)

Columbia acquiring Normandy for $100M in New York real estate’s latest megamerger

arrow_forward_ios