Oct
25
NBA Extends Lease at NYC’s Olympic Tower
ByThe association will continue to operate its headquarters at the 51-story tower for another 15 years.
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…
