Multi-million dollar renovation begins at 717 Fifth.

In a demonstration of its long-term commitment in the Plaza District, the ownership of 717 Fifth Avenue has begun a comprehensive renovation program at the glass-clad, 434,000 square-foot office building located on the corner of Fifth Avenue and 56th Street in Midtown Manhattan.

The extensive program is part of a more general renovation trend in the Plaza District - including recent work at the SONY Building, St. Regis Hotel and Coca-Cola Building on 55th Street, as well as the completion of the Crown Building's rehabilitation program.

"With 93 percent of the building occupied, we are not approaching this project as a quick-fix leasing solution, but rather as a long-term investment to continue to attract and preserve quality tenant relationships," said Maureen Hanley Lynch of Equitable Real Estate Investment Management, Inc., which asset manages the property for several institutional owners. "In a real estate market as competitive as New York City's, even premier locations need constant attention and upgrades to remain competitive," she said.

Although the building is home to prominent office tenants -including Merrill Lynch, U.S. Shoe, Gerling Global Insurance and Prudential Insurance - its identity is most closely tied to its retail tenants - specifically Steuben Glass, the exclusive crystal retailer. The multi-million dollar renovation project, which comprises both aesthetic and mechanical improvements to the circa-building, 1958 will showcase the building's office identity.

"We're fortunate to serve as asset manager for a building whose exterior design is timeless," said Hanley Lynch. "Lobby and common corridor design styles are often more easily dated, despite quality installations, like 717's. The goal of our renovation program is to produce a handsome, modern interior that will be sympathetic to the exterior and create a fresh, new interior environment for the building. With this extensive lobby and common area renovation, we will be reestablishing 717 Fifth Avenue as a premier office address - especially for smaller tenants who can benefit from the exclusivity of an 8,000 square foot full tower-floor presence in the Plaza District."

Equitable Real Estate retained Gwathmey Siegel & Associates as architectural consultants to ensure that the renovations are in keeping with the building's clean, modern character. The architects have chosen a finish scheme which includes back-painted gray/green glass and stainless steel. A new lighting scheme, which uses extensive indirect lighting, brightens the lobby and common corridors without being harsh. The lobby, whose entrances are on 55th and 56th streets, will be completely renovated to highlight the building's office component. At the lobby's mid-section the ceiling is being raised and the concierge desk is being repositioned and redesigned to create a more formal greeting area and enhance security. Other changes include the installation of new lighting, the addition of vaulted ceilings and the recladding of area columns. A messenger center is also being incorporated into the new design. To enhance the lobby's Fifth Avenue identity, a prominent canopy will be added to the main lobby entrance fronting on 56th Street, which will be seen from the avenue. The entrance will gain additional visibility with a new landscaping and lighting scheme.

Of special note is the office lobby's renowned Albers mural, one of only five in Manhattan, which will be reintroduced when the renovation is completed. According to Gwathmey Siegel's Dirk Kramer, associate in charge of the 717 renovation, the spectacular civic-scaled piece, which had been poorly lit and incidentally treated, will now benefit from museum quality lighting.

"We haven't simply done some spot renovations, " explains Kramer. "We've created an all-inclusive environment that includes everything from finishes and lighting to a new signage program. The changes will be evident from outside each entrance with the new glass and steel canopies, retail facades and glass entry doors. The rich back-painted glass finishes will follow through the building from the lobby, elevator cabs, individual elevator lobbies and common corridors." All mechanical systems are being modernized, as well. Lehrer Construction is serving as the construction manager for the entire renovation project.

Current office availabilities at the building include two 7,600-square-foot tower floors, in addition to an 18,900-square-foot floor in the mid-rise section of the building. The Gordon Property Group, the owner representation and asset management division of Edward S. Gordon, serves as the exclusive leasing and management agent for 717 Fifth Avenue. Mitchell Rudin, senior managing director, said, "Four boutique tenants - Nordeman & Grim; ISI; Parfums Givenchy; and Cliquot, Inc. - have just renewed their commitments to the building. With a prominent mix of tenants already in place, we anticipate rapid success in completing our leasing campaign after the renovation is finished."