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News release

NEW YORK, NY

JLL Inks 32,000-SF Renewal, Expansion for Ownership at 505 Fifth Avenue

Norges Bank triples occupancy at Class A, 300,000-SF office building in Midtown Manhattan


NEW YORK, June 1, 2015 — JLL completed a renewal and expansion for building owner Fifth @ 42nd LLC with Norges Bank at 505 Fifth Avenue. The bank signed a 10-year lease for 32,000 square feet at the Class A, 300,000-square-foot office building.

The building owner was represented by Paul N. Glickman, vice chairman, and Diana Biasotti, senior vice president, both with JLL. The tenant was represented by Silvio Petriello, executive vice president, and Nicholas Weld, senior associate, with CBRE Inc.

“Located directly across from the New York Public Library and Bryant Park, 505 Fifth Avenue offers spectacular views,” said Glickman. “The property is an exclusive office building with boutique floor plates and superior infrastructure that has remained at full occupancy since construction was completed in 2006.”

Norges Bank signed a 10-year renewal transaction that expanded its space at 505 Fifth Avenue to 32,000 square feet. The bank will now occupy the 19th to 21st floors at the office building, which is located at the intersection of Fifth Avenue and 42nd Street. The bank previously occupied the entire 20th floor.

The 28-story 505 Fifth Avenue was designed by Kohn Pedersen Fox Associates and constructed in 2006. The façade is composed of angular plates of luminous glass and, in the lobby, a museum-quality light installation by artist James Turrell. The office building received the coveted America’s Property Award in association with Bloomberg Television in the Best Mixed Use Development USA category.

JLL is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2014, the New York tri-state team completed approximately 22.8 million square feet of lease transactions, arranged capital markets transactions valued at more than $3.0 billion, managed projects valued at $7.6 billion, and oversaw a property management, facilities management and agency leasing portfolio exceeding 163 million square feet.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.