GM hangs out the 'No Vacancy' sign
August 27, 2013


Sorry folks, but tenants eager to take space at the General Motors Building, the 50-story white-marble office spire overlooking Central Park at 767 Fifth Ave., will now have to take a number. The 2 million-square-foot building, which is owned by a partnership led by Boston Properties and is regarded as one of the city's highest-end properties, just filled its last bit of empty space.

BlueCrest Capital Management, a financial firm, has signed a deal to fill the building's entire ninth floor, a roughly 38,000-square-foot space where asking rents were $105 per square foot. BlueCrest committed to the space for 10 years in the lease.

Daniel Posy, a broker with Studley, represented BlueCrest Capital Management in the deal. BlueCrest will be moving to the GM Building from 9 W. 57th St., a building that is also regarded as one of the city's best addresses and has attracted several blockbuster deals in the recent past. But whereas the GM Building is now full, 9 W. 57th St. still has large pockets of empty space, mostly in the building's base floors, that its enigmatic but visionary landlord Sheldon Solow has appeared reluctant or unwilling to lease.

GM hangs out the 'No Vacancy' sign




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