BMW Extends Ford Motors Building Stay
- Nov 01, 2019
BMW has renewed its 227,000-square-foot lease in the 20-story tower at 555 W. 57th St. The German car manufacturer will continue to occupy the entire second, third and fourth floors together with parts of the ground and concourse levels the following 10 years.
Designed in 1973 by Eggers & Higgins, the cubistic structure was previously known as the Ford Motors Building, as the American car manufacturer occupied a large showroom on the ground floor, space that is now occupied by the Munich-based firm. SL Green Realty Corp., New York City’s largest landlord, is the owner of this iconic building since 1999, when, according to Yardi Matrix data, it paid $67 million to Cerberus Capital Management for 65 percent interest in the property.
SL Green Realty modernized the asset with new entrances, an outdoor plaza, hallways and bathrooms. In addition, the property has an 84-space on-site parking and holds a Wired Gold certification. Other tenants in the property include CBS Broadcasting, City University of New York, Greater New York Hospital Association and Mt. Sinai/Beth Israel.
JLL’s Scott Panzer and Matt Rosen represented BMW in the transaction. The landlord was represented in-house.