Leasing Event: BMW of Manhattan Renews 227,000 SF Office, Showroom Space in New York City
NEW YORK CITY — BMW of Manhattan has renewed its 227,000-square-foot lease at 555 W. 57th St. in New York City, a 20-story office building formerly known as the Ford Motors Building.
BMW occupies office space on the ground and concourse levels, as well as the entire second, third and fourth floors. The company also leases the ground-level showroom, which formerly showcased Ford vehicles.
BMW will stay in the building for at least another 10 years following its lease renewal with New York-based landlord SL Green Realty Corp.
“We’re delighted to extend our longstanding relationship with BMW,” says Steven Durels, SL Green’s executive vice president and director of leasing.
Known locally as the BMW Building, the project was built in 1973 and renovated in recent years to include new entrances and an outdoor plaza area, as well as modernized bathrooms and hallways.
Situated between 10th and 11th avenues on Manhattan’s west wide, the office building is close to Columbus Circle, Lincoln Center and transportation hubs. Other notable tenants in the building include CBS Broadcasting Inc., City University of New York, Greater New York Hospital Association and Mt. Sinai/Beth Israel.
Scott Panzer and Matt Rosen of JLL represented BMW in the transaction, while SL Green was represented in-house.
SL Green Realty Corp. is New York City’s largest office landlord with 93 Manhattan assets in its portfolio totaling 45 million square feet as of Sept. 30. The privately based REIT also has ownership interests in seven suburban office properties in Brooklyn, Westchester County and Connecticut.
BMW of Manhattan is a full-service BMW dealer for the Greater New York metro area. The showroom is open seven days a week and offers new and pre-owned BMW vehicles, as well as maintenance and finance services.
— John Nelson