GM sublets another swath of namesake tower
General Motors has found a tenant for one of its last two remaining floors at the GM Building. The seven-year sublease deal for GM’s space will see Belgium-based Continental Grain Company, one of the world’s oldest food companies, take 38,100 square feet on the entire 15th floor of the 50-story, 2 million-square-foot building at 767 Fifth Avenue.
The tower is owned by a partnership of Boston Properties and the families of Chinese magnate Zhang Xin and Brazilian banking titan Moise Safra.
Continental Grain will relocate from its current offices at 277 Park Avenue at the end of 2014, the New York Post reported. The company was represented by Newmark Grubb Knight Frank’s Moshe Sukenik and Eric Zemachson, while Boston Properties was represented in-house by Andrew Levin. Jones Lang LaSalle’s Peter Riguardi, Lloyd Desatnick and Michael Shenot represented General Motors in the sublease deal, which had an asking rent of $89 per square foot.
In September, GM sublet the entire 16th floor to investment firm Reservoir Capital, as The Real Deal reported. The 14th floor remains on the sublease market. [NYP] – Hiten Samtani