NEW YORK | 574 5th Ave (Extell) | 567 FT | 32 FLOORS

[ChiND]

Originally Posted by ssh

Such a pedestrian looking structure.

Indeed. It’s hard to believe that KPF designed 1 Vanderbilt and this.

[NYguy]

JULY 3,2025

[NYguy]

August 29, 2025

[NYguy]

Another one being taken off the board....


https://commercialobserver.com/2025/...-fifth-avenue/

Law Firm Simpson Thacher Set to Lease 700K SF at 570 Fifth Avenue





By Isabelle Durso
September 12, 2025

Global law firm Simpson Thacher & Bartlett is getting ready to sign a massive deal at a new office skyscraper in Midtown, Commercial Observer has learned.

Simpson Thacher, which provides counsel in corporate transactions, private equity, capital markets, banking and litigation, is set to lease roughly 700,000 square feet at Extell Development’s office development at 570 Fifth Avenue, according to sources with knowledge of the deal.

It’s unclear whether the deal represents a relocation or an additional location for the law firm, which currently has its New York City offices at 425 Lexington Avenue, according to its website.

However, it seems Simpson Thacher has been trying to shed its space at its 425 Lexington spot, as the firm subleased nearly 60,000 square feet of its office space at the building to fellow law firm Holwell Shuster & Goldberg in June 2017, as CO previously reported.

Once approved, Simpson Thacher’s deal at the new building between West 46th and West 47th streets would mark one of the largest office leases completed so far this year, second only to New York University’s 1.08 million-square-foot lease at 770 Broadway in May.

That was followed by Amazon’s deal for 330,000 square feet at 10 Bryant Park in April, and law firm Goodwin Procter’s lease for 250,000 square feet at 200 Fifth Avenue, also in April.

[Busy Bee]

Great, now make it taller.

[NYguy]

https://therealdeal.com/new-york/202...-office-tower/

Extell finds anchor tenant for 570 Fifth Ave
Law firm nearing deal to take 700K sf at Gary Barnett’s Midtown office tower





Holden Walter-Warner
Sep 12, 2025

Global law firm Simpson Thacher & Bartlett is set to take roughly 700,000 square feet at Extell Development’s 570 Fifth Avenue, the Commercial Observer reported. The deal would be the second-largest office lease signed in New York this year, trailing only New York University’s 1.1-million-square-foot lease at 770 Broadway.

The move raises questions about the fate of Simpson Thacher’s longtime home at 425 Lexington Avenue. The firm already subleased portions of that space in recent years, suggesting 570 Fifth may replace rather than supplement its Midtown digs.

Delivery of the KPF-designed tower is expected by the end of 2028.

[ssh]

This and 343 Madison don't seem like "competitors" with 175 Park Ave to me, don't know why people keep repeating that. These towers are expected 2027-2028 and 175 Park is more like 2032.

[NYguy]

Originally Posted by ssh

This and 343 Madison don't seem like "competitors" with 175 Park Ave to me, don't know why people keep repeating that. These towers are expected 2027-2028 and 175 Park is more like 2032.

This wouldn't compete directly with 175 Park in either case. What it does do, however, along with 70 Hudson Yards, is remove 2 chunks of available space in upcoming new towers, which is what the top companies are looking for. We can throw 343 in there as well, though it's really a different type of tenant they're looking at. But 343 is moving along with leasing. The space crunch for the newly built office towers tightens. You have 175 Park, 15 Penn, 2 WTC, and 3 Hudson all looking for tenants. Those towers are more similar in terms of the types of tenants they are looking to get those projects started. Related has a massive office tower planned for Hudson Yards West, and there are the massive office towers planned for the Port Authority Bus Terminal rebuild, which is further down the line. But projects like this one are key to the city's office supply as well.

[Crawford]

Simpson Thatcher is vacating 425 Lex. I've long speculated that 425 Lex will eventually be torn down and redeveloped. It's an aging building with weird architecture and floorplans.

[NYguy]

Originally Posted by Crawford

Simpson Thatcher is vacating 425 Lex. I've long speculated that 425 Lex will eventually be torn down and redeveloped. It's an aging building with weird architecture and floorplans.

Probably so. There’s always this option for companies…


https://www.bloomberg.com/news/artic...of-new-york-hq

Barclays to Revamp Trading Floors in Overhaul of New York HQ


By William Shaw
September 15, 2025

Barclays is preparing to spend at least $1 billion to renovate its iconic skyscraper in New York’s Times Square, becoming the latest financial giant to invest in updating its office space in the city.

The company will begin construction on its tower at 745 Seventh Avenue in the middle of next year, according to a person familiar with the matter. The project, which is currently in the design phase, is expected to wrap up in 2030, the person said, asking not to be identified discussing non-public information.

While Barclays anticipates spending at least $1 billion on the project, the person familiar with the matter said, the total amount may change once the designs are finalized.

[mrnyc]

Originally Posted by Crawford

Simpson Thatcher is vacating 425 Lex. I've long speculated that 425 Lex will eventually be torn down and redeveloped. It's an aging building with weird architecture and floorplans.

one can only hope. it's a hideous 1980s yuppie era po-mo eyesore.

[Busy Bee]

Originally Posted by Crawford

Simpson Thatcher is vacating 425 Lex. I've long speculated that 425 Lex will eventually be torn down and redeveloped. It's an aging building with weird architecture and floorplans.

Ahh man, where will I buy my Michael Graves teapot now?

[NYguy]

425 Lexington is catty-corner to 175 Park. So it's a good site for a future development. Of course, 570 5th would have to get built first.


Here's a look at an older idea for the site...


https://www.balev-architect.com/425lexingtonave.html

[HyperPower]

Originally Posted by Busy Bee

Great, now make it taller.

'The juice isn't worth the squeeze'

This is a prominent Fifth avenue location and all the hustle and bustle to get all those old buildings torn down & assembled and you lay a bland stinker

[NYguy]

Even 666 5th has now filled…


https://www.crainsnewyork.com/real-e...elds-660-fifth

Scotiabank inks 205K-square-foot lease at Brookfield’s 660 Fifth


EDDIE SMALL
September 16, 2025

Brookfield Properties has landed a major new tenant at 660 Fifth Ave. that will bring the once-struggling office tower to full occupancy.

Financial and banking giant Scotiabank has signed a deal to lease 205,000 square feet at the Midtown office property…

Scotiabank will relocate from its Lower Manhattan location to 660 Fifth Ave., and its new office is scheduled to open in 2027, according to the announcement. Company CEO Travis Machen said in a statement that the move "places us squarely in the heart of the financial world" and "signals our deep, long-term commitment to the U.S. market."

Other tenants at 660 Fifth Ave. include Macquarie, Viking Global and Citadel, which took 504,000 square feet at the property in late 2024, the second-largest office deal of the fourth quarter.

https://therealdeal.com/new-york/202...-fifth-avenue/

With the leasing market improving, Beacon Capital Partners and MetLife are taking another stab at trying to sell their Fifth Avenue high-rise office tower.

The partners put the 40-story building at 575 Fifth Avenue up for sale, eyeing a price north of $400 million, The Real Deal has learned.

…..Now, 2025 is on track to record more than 40 million square feet worth of Manhattan office leases, which would be the first time the borough has cracked that figure since before the pandemic.

The Midtown building at the corner of East 47th Street sits across the street from Extell Development’s 570 Fifth Avenue, where Gary Barnett has reportedly signed the law firm Simpson Thacher to a 700,000-square-foot office lease to kick off the development of his planned 29-story office and retail project.

[NYguy]

A few quotes from an interview with Gary Barnett, the skyscraper king of New York...



https://www.wsj.com/real-estate/the-...68?mod=Threads

The Office Is Back: A Top NYC Developer on the Future of Cities
Gary Barnett looks ahead at new skyscrapers, the rise of automation—and why an IKEA makes sense in Midtown Manhattan





By Peter Grant
Photography by Zack DeZon
Oct. 27, 2025

Barnett has developed close to 20 skyscrapers since he founded Extell Development in 1989. A diamond trader turned developer, he is best known for leading the era of supertall towers in Manhattan along 57th Street, dubbed Billionaires’ Row. In 2014, he completed One57, the shimmering condominium designed by Christian de Portzamparc, and followed it about six years later with Central Park Tower, a 1,550-foot structure that is the world’s tallest purely residential building.

Now, the New York real-estate industry is abuzz with Barnett’s decision to construct an office building, a property type that has fallen from favor since the pandemic. Extell has begun excavation on a 600-foot-tall tower on Fifth Avenue in Midtown Manhattan that will have an 80,000-square-foot IKEA at its base.

At 570 Fifth, you plan to have a big box retailer, IKEA, at its base. You never would have seen that in Midtown. [Stores are smaller in New York because of higher rents, and a lack of parking makes bulky purchases tricky.] What has changed to make that make sense?

That is one aspect of the change of the internet: Everything is being sold remote and shipped remotely. There have been some big boxes in New York City. But this is a different model, a new style. What they’re really having is a congregation space. The big boxes of the world in a big city realized this is not about somebody walking in, looking [to see] what they want and taking it home with them. The idea is to get a congregation of people coming in, being able to expose their products and their style in a good environment. And then those people are going to either make the orders right there at the store or do it later. It’s so much more than advertising—it’s experiencing.

What will Billionaires’ Row look like 10 years from now? Will there be more residential towers for the superaffluent?

I would say yes, more of them. Possibly some more office [buildings] will get done. All of these things are good. Without a tax base, you can’t pay for anything. And these buildings are contributing enormously, hundreds of millions of dollars in real estate taxes, employment taxes. The city could take just the new tax revenue that’s being created by these new buildings and build tens of thousands of new affordable housing units. So it’s a mix. You can’t have a city that’s all affordable—no one will pay the bills.

How many projects would you guess are going to break ground over the next decade in the Billionaires’ Row area?

Between five and 10.

One of the criticisms of some of the projects on Billionaires’ Row is that no one really lives there—that it’s a place where the wealthy park their money.

That is one of the stupidest things I’ve heard. I’ll tell you why. What does it mean that they need a place to “park their money”? What’s wrong with putting it into a major bank that’s going to pay you interest? Or put it in the stock market that’s been booming. Why would you put it in real estate to park it? And then when you want to sell it, you’ve got to pay commissions and the humongous transfer taxes. Why would you do that? They’re doing it because they want to own something. They have a feeling of ownership in the greatest city of the world.

[chris08876]

Credit: Michael Young via NYY

[Busy Bee]

^ That schist bedrock profile is really cool!

(right-click, save)

[NYguy]

Lot of machinery in that pit. Extell has enough in the pipeline to keep them moving along.

[NYguy]

https://commercialobserver.com/2025/...kea-2025-2026/

Gary Barnett Is Suddenly Very Busy in Manhattan
The generally low-key Extell chairman has different projects going at once and has been behind some major deals recently





By Nicholas Rizzi
November 11, 2025

If anybody thought developer Gary Barnett was done planting megaprojects in New York City, this year has proved them very wrong.

After a few, in his words, “eh” years, Barnett’s Extell Development came roaring back the past year with nary a week passing without at least some news of a project hitting the press.

There’s the 600-foot-tall office building expected to cost more than $1 billion underway at 570 Fifth Avenue, on which Extell partnered with Ikea parent Ingka Investments. It will have an 80,000-square-foot Ikea store at the base.

Then there’s the proposed 1,200-foot residential tower at the former ABC campus at 77 West 66th Street on the Upper West Side, which would dwarf the two tallest buildings in the neighborhood. That project is near Extell’s 70-story condominium at 50 West 66th Street. It’s nearing completion, and a unit on the 47th floor sold for $47 million in October, the priciest sale in the neighborhood so far this year.

Can’t forget the 71-story mixed-use tower planned at the former Wellington Hotel at 871 Seventh Avenue, or the 1,162-foot-tall residential tower at 655 Madison Avenue (where Chanel is in talks to buy the retail space for around $450 million).

“We are kind of a very deliberate company, in a way, so it takes time for us to accumulate sites, plan them,” Barnett told Commercial Observer. “Things have come together in a good way.”

To help fund all of this, Extell found an unnamed hedge fund partner in September that will pump $1.2 billion to back nine Extell properties, including the ABC campus redevelopment, Bisnow reported.

Barnett has no problem playing that long creative game. Barnett spent about 15 years assembling all the pieces for the 570 Fifth development, finally closing on the final holdout, a parcel at 576 Fifth Avenue, in March for $175 million, even as he had a Plan B to carve out the development without it.

“I don’t know of anybody else who is so stupid to take such long views with so much risk and hope that at the end things work out,” Barnett said.

But Barnett’s “stupid” decision to hold out on Fifth seems to be anything but. Ingka reportedly invested between $300 million and $500 million into the project, and Barnett said it plans to open a “store of the future” in the base, unlike anything Ikea has tried in the city before.

Jenna Grader, Ingka’s real estate investment manager, said the retailer had for a while wanted a presence on Fifth Avenue and met with the city’s major players before being introduced to Extell. It was the shared vision and values that made Ingka decide to work with Barnett.

“When it comes to Gary, he has a vision, he dares to do something that other investors don’t, and he does a lot in order to execute his passion,” Grader said. “Unlike some other investors, who sometimes care about only their returns, Gary was truly interested in what we need to be successful.”

Grader said Ikea’s new Fifth Avenue store will be similar to the one it opened in London earlier this year. It’s working with Barnett to “improve that concept” since Ingka is not renovating a historic building in this case, but on constructing a brand-new one.

Aside from locking in Ikea, Extell is reportedly close to finalizing law firm Simpson Thacher as a 700,000-square-foot anchor tenant for the building’s office portion.

“We’ve given them a crazy good deal, to be honest, because it’s very helpful to have them in on board, day one,” Barnett said. “You can design the building to suit them, and it helps with financing.”