Durst renovating Sports Illustrated building

Real Estate Weekly, Oct 24, 2001

With subleases on 275,000 SF set to expire at year end, The Durst Organization is undertaking a major renovation and leasing program at one of midtown Manhattan's better known West Side office towers, the Sports Illustrated Building at 135 West 50th St. -- formerly known as the AMA Building.

The 900,000-SF property, which served as headquarters of the American Management Associations until 1998, is now the home of Time Inc.'s popular sports journal. Other major tenants include UBS Paine Webber and Alliance Capital Corp.

The space re-entering the market was sublet by the AMA when it relocated, explains Douglas Durst, president of The Durst Organization, which is operating the building under a management agreement.

"We're taking the opportunity to complete the transformation of this superbly located building near Rockefeller Center to class-A status," says Durst, noting that the improvements will include a new lobby and front entrance, installation of new elevator cabs, terrazzo floors, mechanical system upgrades, and new uniform retail facades.

"All work should be completed by late winter, in time for new tenant arrivals," he adds.

Durst also noted that M.R. Weiser & Company, a major regional accounting and consulting firm, already has signed a 15-year lease renewal for the 33,000-SF 12th floor of the building. The firm makes its headquarters there.

Mark Jaccom, Ken Whitlin and Eric Schmall of Julien J. Studley represented M.R. Weiser in the lease transaction.

Most of the available space at 135 West 50th St. consists of entire floors, ranging in size from the 54,000-SF eighth floor to the 22,500-SF 20th floor. About 7,800 SF are available on the building's top floor, the 23rd Floors 13 through 20 offer a 220,000-SF block of contiguous space.