Finance giant inks 130,000 s/f deal for city HQ.
The company's Livingston, NJ, campus, which will be renamed 'CIT Corporate Center,' will continue as its principal base for corporate services and the Specialty Finance management team. CIT expects to move into 505 Fifth Avenue, to be named the 'CIT Building,' in the first quarter of 2006.
CIT's presence in New York reflects the company's commitment to providing exceptional service and support to its growing mid-market client base, as well as global companies, Wall Street firms and the private equity sector.
The building at 505 Fifth Avenue will serve as the main, client-facing offices for senior management, led by chairman and CEO, Jeffrey Peek.
"We are pleased to mark yet another important day in CIT's history. Our more prominent presence in and commitment to New York City complements our position as a true global leader in commercial and consumer finance," said Jeffrey Peek, Chairman and CEO.
"In addition to the business activities at our headquarters site, we look forward to contributing to New York's vibrant community by supporting numerous arts and educational programs, as we continue to do in New Jersey."
The announcement is the culmination of a series of recent internal initiatives undertaken by CIT to enhance operating efficiency and strengthen its customer focus.
Over the past several months, the company has realigned many of its businesses to more seamlessly deliver the full range of its product and service offerings to clients. As part of CIT's ongoing focus on organic growth and sales, the leaner corporate structure resulting from the establishment of the Global Headquarters and Corporate Center will facilitate new business generation and strategic marketing activities.
More than 300 employees, over half of the 550 employees currently located at CIT's offices at 1211 Sixth Avenue, are expected to move into 505 Fifth Avenue. The company will continue to evaluate the optimal mix and location for business operations in both New York and New Jersey.
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.
Cushman & Wakefield's Paul Glickman, Executive Vice President, Matthew Astrachan, Executive Director, and Shawna Menifee, Director, represented the building's developer/owner, Axel Stawski, of Fifth @ 42nd LLC, in the transaction.
Designed by renowned 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 in Midtown Manhattan. The building's amenities include concierge service and advanced security and telecommunications systems.
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|Publication:||Real Estate Weekly|
|Date:||Jun 15, 2005|
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