PAX brings flavor to Fifth Ave. site.High-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. catering and gourmet food retailer, PAX, is continuing its expansion in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. with a new 4,629-square-foot lease at 717 Fifth Avenue. In addition to this new location, PAX currently operates 25 additional stores throughout Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town and Downtown Manhattan. Gary Trock of CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Tri-State Retail Services arranged the 15-year lease on behalf of PAX. "The space at 717 Fifth Avenue provided PAX with the ideal location to expand its presence in the market," said Mr. Trock. "The gourmet shop can take advantage of the high tourist traffic and dense commercial base in the area." The PAX store, which will be situated directly across the street from the St. Regis Hotel, joins other major retailers in the property including Hugo Boss and Escada. Located on the southeast corner of Fifth Avenue and East 5th Street, 717 Fifth Avenue, which also fronts East 55th Street where additional retail space and a separate entrance are located, is a 451,000 s/f, 26-story office tower steps from Central Park in the heart of the Plaza District. While the office portion of the building is owned by Equity Office Properties Trust Equity Office Properties Trust, headquartered in Chicago, Illinois, is the largest owner of office buildings in the United States. It was formed in 1976 by Samuel Zell [1] and in February 2007, was acquired by the Blackstone Group for $23 billion plus the assumption of , the retail is owned by a private investment group. |
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