Seherr-Thoss of FirstService Williams negotiates 153,405 s/f lease; Assisted by Jaccom, Freedman, Plehn and Plakopita

FirstService Williams represented the landlord in the renewal of a 153,405 s/f headquarters lease by NBA Properties, a private subsidiary of the National Basketball Association. The ten-year lease at 645 Fifth Ave. does more than keep the NBA's corporate offices in area. It also extends and reinforces the league's presence within the iconic trophy building known to many as the Olympic Tower. NBA Properties signed its first lease there more than three decades ago. The landlord, Olympic Tower Associates, is affiliated with the Alexander S. Onassis Public Benefit Foundation. "The NBA had numerous options to relocate throughout Manhattan and N.J., and was heavily courted by the city's landlords. But because 645 Fifth Ave. is a best-in-class trophy building with a pre-eminent landlord and located in the heart of the Plaza District, the NBA was extremely happy to renew in the only home it has had in N.Y.C.," said Harry Seherr-Thoss, the lead broker with FirstService Williams. Seherr-Thoss negotiated on behalf of Olympic Tower Associates with colleagues Mark Jaccom, Robert Freedman, Richard Plehn Sr., and Christina Plakopita. Occupying the 14th through 20th floors, NBA has a five-year option and can expand onto two additional floors. Barry Gosin, Moshe Sukenik and Corey Borg of Newmark Knight Frank, represented NBA. Other tenants in the building include the headquarters for Alexander S. Onassis Public Benefit Foundation (USA), Richemont North America, Cartier, MSD Capital and ADCO Group. Originally built in 1976 by Aristotle Onassis, 645 Fifth Ave. is located on Fifth Ave. between 51st and 52nd Sts. next to St. Patrick's Cathedral. The first 21 floors of the mixed-use condominium tower consist of retail and office space; the upper floors are high-end residential units. The building was recently modernized, with new mechanical and HVAC systems, a new lobby and public corridor upgrades. "Of course, Olympic Tower Associates is very pleased that the NBA has decided to renew its lease with us, said Rich Ehrlich, CEO of Olympic Tower Associates. "The NBA has been a long-term tenant of the building and its continued presence here only enhances our reputation as a class A building." "The NBA has a long-term relationship with the Onassis Foundation and a comfort level with the building, significant factors in its decision to renew in the space," Seherr-Thoss said. "Meanwhile, the NBA is very important to the landlord, so there was motivation to work out a renewal. Both sides feel they negotiated a solid deal."