Manhattan lease signed as part of renovation of UN Headquarters
The lease agreement regarding the building at 380 Madison Avenue is one of several leases which the UN has concluded in recent months as it seeks temporary office space for some of its staff during the renovation process, known as the Capital Master Plan (CMP), according to a note issued today by a spokesperson for Secretary-General Ban Ki-moon.
The agreement is between the world body and TAG 380, which is a subsidiary of Solow Management Corporation.
The CMP – a five-year, $1.9 billion overhaul – aims to bring the five-decade old Secretariat and adjacent buildings, which are plagued by leaks, safety violations and outdated systems, up to code and to high standards of efficiency and environmental sustainability.
The first construction phase of the project, a temporary conference building on the North Lawn of the UN compound, is set to begin in early May.