NBA Extends Lease at NYC’s Olympic Tower

By Ioana Neamt

Olympic Tower, New York City

New York—Oxford Properties Group and the Chera family’s Crown Acquisitions have completed a 175,000-square-foot lease extension with the NBA at New York City’s Olympic Tower in Midtown Manhattan.

As per the lease renewal agreement, the NBA will continue operating at the 419,000-square-foot tower at 645 Fifth Ave., until 2035. The Olympic Tower has been home to the association’s headquarters since the mid-1970s, according to The Real Deal. Crown Acquisitions and partner Oxford Properties purchased a 49.9 percent stake in the tower in 2012, valued at roughly $1 billion, and then acquired the other 50.1 percent in 2015, the New York Post reported at the time.

“The NBA is an exceptional organization, and their decision to renew their lease at Olympic Tower for the long term underlines the quality and appeal of the building, and reinforces the reasons we have committed to a significant investment in the lobby and in our customer service platform,” Andrew Trickett, senior vice president at Oxford Properties, said in a statement.

Oxford Vice President Adam Frazier, together with CBRE’s Paul Amrich, Howard Fiddle, Neil King and Patrice Meagher, represented the owner in the lease deal. The NBA was represented by Mary Ann Tighe, Gregory Tosko, Andrew Sussman and Munish Viralam of CBRE.

Image courtesy of Phil Nieto via Google Maps