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PLAYBOY ENTERPRISES, INC. TO MOVE NY OFFICES TO CROWN BUILDING; THE PLAYBOY RABBIT GETS A FIFTH AVENUE ADDRESS

 NEW YORK, Nov. 23 ~PRNewswire~ -- Playboy Enterprises, Inc. (NYSE: PLA) will move its New York offices to the Crown Building at Fifth Avenue and 57th Street in early 1993. The announcement was made today by Michael Perlis, president of Playboy Publishing Group and Playboy magazine.
 The new offices, to occupy 50,000 square feet on three floors of the renowned skyscraper, will include an extraordinary 23rd story full-floor space with an outdoor terrace and a commanding Manhattan view. This space will be designed to host celebrity events, advertising presentations, film screenings, press conferences and other corporate events.
 "This Crown Building space will enable us to make a dramatic statement about the energy and style of Playboy in the 90's. Our new offices will complement, underscore and enhance the company's editorial and corporate missions," Perlis said.
 Award-winning architects Himmel~Bonner Architects of Chicago won a design competition for the renovation of the space on the third, fourth and 23rd floors. The firm also designed Playboy's award-winning corporate headquarters at 680 North Lake Shore Drive, Chicago.
 Highlights of the new space will be the elegant, classic Manhattan ambience of the grand 23rd floor function space, and a dramatic two story atrium reception~entrance for the main floors. The entrance atrium will be dominated by a suspended steel and glass staircase and a gallery displaying many original pieces of fine art from Playboy's extensive collection. Floors will be of limestone and walls will be covered in mahogany and vellum.
 Himmel~Bonner, winner of five American Institute of Architects Awards, is noted for outstanding innovation in architectural design.
 The firm has been praised for work as diverse as commercial renovations, luxury residential apartments, retail stores and restaurants. In designing Playboy's Chicago headquarters, Himmel~Bonner transformed nearly 100,000 square feet on the two top floors of the former American Furniture Mart into an open, flexible and efficient work environment that makes a fresh statement about the company as it enters the 90's.
 The Crown Building was built in 1924 by the same architects that designed the Grand Central terminal. Today it has been totally restored to its original style and speaks to the grace and prestige of its corporate clients.
 Under the direction of Playboy chairman and CEO, Christie Hefner, Playboy has now brought three of its four offices in Chicago, Los Angeles and New York, to new homes that reflect the company's dynamic growth and new directions. Its award-winning Chicago headquarters opened in 1989; a new Beverly Hills headquarters for the Playboy Entertainment Group opened in August 1992; and at the end of the year the company's fast growing catalog operations will get a new home in office and warehouse space in Hasea, Illinois just outside of Chicago.
 "Playboy is especially pleased to be leasing space in New York City in a market that is now extremely favorable to tenants," said Dale Gordan, vice president and associate general council for Playboy Enterprises. "This has enabled Playboy to obtain highly attractive terms, including prominent exterior signage, a generous construction allowance and extensive free rent, at one of the nation's most desirable and best known business locations."
 The new New York office, which will house 100 employees, is scheduled to open in April 1993.
 Playboy Enterprises, Inc. is an international publishing and entertainment company that publishes Playboy magazine and related media, including newsstand specials and calendars; licenses 15 foreign editions of Playboy magazine; operates a direct marketing business, including the Playboy and Critic's Choice Video catalogs; creates and distributes programming for Playboy's domestic pay television network, worldwide home video and international television; and markets the Playboy trademark on apparel, accessories and products for consumers around the world.
 A. Mitti Liebersohn, executive vice president and Paul N. Glickman, senior vice president of Riverbank Realty Company represented Playboy in the transaction. Riverbank is a full service commercial real estate firm offering leasing, tenant representation, investment sales and consulting.
 "730 Fifth Avenue allows Playboy to enjoy a premier plaza location and prominent building identity," said Glickman. Added Liebersohn, "The building provides space for modern and sophisticated offices in a property owned by one of the most stable and secure partnerships in New York at this time."
 -0- 11~23~92
 ~CONTACT: Cindy Rakowitz of Playboy Enterprises, 212-688-3030~
 (PLA)


CO: Playboy Enterprises, Inc. ST: New York, Illinois IN: PUB SU:

AH-TM -- NY080 -- 0779 11~23~92 18:01 EST
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Date:Nov 23, 1992
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