Thursday, August 03, 2006


Another prominent tower is now being marketed

ANOTHER real estate family is trying to take a tasty office tower chip off the table.

The Koeppels have hired Darcy Stacom and Bill Shanahan of CB Richard Ellis to market the nearly 600,000-foot 575 Lexington Ave.

With no other major office products available in the city, sources say investors of all sizes, shapes and origins have been scrambling to win the deal for the sleek black tower.

According to CoStar Group data, the 1958 building developed between 51st and 52nd streets by Sam Minskoff received a full-scale modernization and renovation at the end of 1990 courtesy of Der Scutt Architect.

The law firm Boies, Schiller & Flexner and Weill Cornell are among the tenants.

It has a few availabilities with current asking rents of $70 a foot.

With the then-empty 522 Fifth Ave. trading for over $700 a foot and others twice this size popping for $1,000 a foot, the final number is anyone's guess. Calls to the family and the brokers were not returned.

NY Post: The Koeppel family is marketing 575 Lexington Avenue


This page is powered by Blogger. Isn't yours?