New builds in big demand, say brokers.

The decision earlier this month by financial giant, CIT Group Inc., to lease 130,000 s/f at the under- construction 505 Fifth Avenue, is testament to a strong demand for new construction in the city, according to brokers.

"Because of its prime location, at the southeast corner of 42nd Street and Fifth Avenue, its world-class architecture and its superior infrastructure, this building is poised to lease," said Paul Glickman, a Cushman & Wakefield executive vice president, who along with Matthew Astrachan and Shawna Menifee, serve as the exclusive leasing agents of 505 Fifth Ave. and represented the building's developer/owner, Axel Stawski of Fifth @ 42nd LLC in the new lease.

CB Richard Ellis' Mary Ann Tighe, CEO of the New York Tri-State Region, and Gregory A. Tosko, Executive Vice President, represented CIT in the transaction.

Glickman added, "This first transaction alone brings the building's office space to nearly 50 percent occupancy o prior to completion, and demonstrates the strong demand for high-quality, new construction in Manhattan. And it's also a testament to the vision, planning and experience of the ownership and its hands-on management."

CIT Group Inc., signed a long-term lease for 11 floors in the 28-story building, which will serve as the firm's Global Headquarters.

According to Astrachan, a Cushman & Wakefield executive director, "In addition to its first-rate amenities, tenants are drawn to the building's highly efficient floor plates and floor-to-ceiling glass, which create a light-filled, open environment and promote collaboration among employees."

In addition to 275,000 s/f of total office space, of which about 145,000 s/f remains available for lease, 505 Fifth Ave. has 25,000 s/f of prime retail space in walking-distance to Grand Central, the New York Public Library and Bryant Park. Fifth Avenue's famous retail corridor is blocks away.

Designed by architects Kohn Pedersen Fox Associates, 505 Fifth Avenue is a 300,000 s/f modern glass-and-concrete office tower situated at one of New York City's most vital crossroads.