Wow What a view This is the Calyon Building formerly known as 125 West 55th Street.
This magnificent 23-story structure stands tall in Midtown Manhattan. It’s a true testament to modern architecture. Completed in 1990 it boasts a glass-and-steel design. The building was originally developed by Macklowe Properties.
The Calyon Building has a rich history. It was built on the site of the Saint Thomas Choir School. The school moved to a new location to make way for this impressive development. Construction started in 1988. The building’s foundation had to be completed by May 13 1988. This was to take advantage of a city zoning bonus. The bonus allowed for a 20% increase in building size. This spurred development in the western Midtown area.
The building quickly attracted major tenants. Air France leased a significant portion of the space. They even moved their US executive offices here. This was the largest lease in Manhattan in 1991. Macquarie Bank also established its New York office within the Calyon Building. Katz Media Group a division of iHeartMedia occupied a large amount of space as well. They renewed their lease in 2010 extending their stay until 2027. The building is currently owned by JP Morgan Asset Management. It was sold for $470 million in 2013. JPMorgan is now looking to sell it for an estimated $550 million.
The Calyon Building’s design is striking. It features large floorplates. They’re about 23 000 square feet each. The building’s exterior is impressive. The blue glass sheathing gives it a unique look. The design is often compared to the Metropolitan Tower.
It’s a core-plus investment. This means it requires only slight improvements to reach peak performance. More investors are shifting towards such properties lately. They’re seeking lower risk core and core-plus investments. This is a shift from high-risk high-reward redevelopment projects.
So as you stand here admiring the Calyon Building remember its fascinating history. It’s more than just an office building. It’s a significant part of New York City’s skyline. It represents a pivotal era of development. It continues to play a key role in the city’s vibrant business scene.