by Howard Morrel & Leslie Hirsch
57th Street Report
Vornado Realty Trust has announced its agreement to acquire the office condominium at 623 Fifth Avenue for $218 million, setting the stage for a significant repositioning in the heart of Midtown Manhattan. The 36-story, 382,500-square-foot tower, originally completed in 1990 as the U.S. headquarters for Swiss Bank, occupies a prized location above Saks Fifth Avenue between East 49th and 50th Streets.
A Landmark Opportunity in Midtown
Designed by Abramovitz Kingsland Schiff, the property is distinguished by column-free floor plates, dual street entrances, a sky lobby, and round-the-clock security. With occupancy currently at just 25 percent, the acquisition represents a rare opportunity for reinvention in one of Manhattan’s most recognizable corridors.
From Vacancy to Boutique Offices
Vornado plans to transform the tower into a Class A boutique office destination, aligning it with the firm’s broader Midtown portfolio. The closing is expected in September 2025, with redevelopment and tenant occupancy anticipated by 2027. While specific design details remain under wraps, the project is expected to emphasize modern workspace tailored to the needs of today’s leading firms.
Strengthening a Midtown Legacy
623 Fifth Avenue will join Vornado’s expanding collection of notable Midtown addresses, including 280 Park Avenue, 350 Park Avenue, 1290 Avenue of the Americas, 640 Fifth Avenue, 689 Fifth Avenue, and 595 Madison Avenue. Its location offers immediate access to multiple subway lines, including the B, D, F, and M at Rockefeller Center, the E and M at 5th Avenue–53rd Street, and the N, R, and W at 49th Street.
Positioned at the intersection of Fifth Avenue retail and Midtown corporate power, this redevelopment represents more than a real estate investment—it is a commitment to the future of Manhattan’s commercial core.
Looking to learn more about Manhattan’s evolving office landscape? Let’s talk!
All the best,
Howard Morrel & Leslie Hirsch
Christie’s International Real Estate Group
(212) 956-4823
mha@christiesrealestategroup.com
