Boston Properties files plans for $12.2M fit-out at General Motors Building

Boston Properties, on July 30, filed a permit application for a $12.2 million fit-out of one floor of the General Motors Building, at 767 Fifth Avenue in the Plaza District.

The plans call for a fit-out of the 45th floor of the 681-foot tall, 50-story, building.

The project is described in the filings as: General construction for interior fit-out for commercial office space as shown on drawings filed herewith. No change in use, egress or occupancy. The initial cost as reported in the DOB filing for the work described in this permit application is $12,150,000.

Boston Properties purchased the 1.8 million-square-foot office tower for $2.9 billion in 2008 from Harry Macklowe, who lost it during the 2008 financial crisis. At the time of the purchase, the deal broke the record for the highest price ever paid for a single office building, which had been previously held by Kushner Companies’ $1.8 billion purchase of 666 Fifth Avenue.

In 2017, the developer reached a deal to refinance the building with a $2.3 billion mortgage from a group of lenders. At the time, it was one of the largest commercial real estate loans ever recorded for a single building. The lead lender was Morgan Stanley. Other details also emerged such as the deal having an interest payment of approximately $79 million per year.

Direct link to Acris document.LINK

Direct link to DOB document.LINK