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Toys Out, Ad Men in at 200 Fifth Avenue

The glassy renovation of 1775 Broadway is dramatic, sure, but it turns out that several other office buildings are going under the knife for some equally serious makeovers?all in an effort to attract those pricey Midtown rents to non-Midtown buildings. The Times reports on the trend, and there's an update on our old friend the International Toy Center. The clumsy relaunch of 200 Fifth Avenue from toy company showroom to Class A office palace has snared at least one future tenant: ad agency The Grey Group has rented 370,000 square feet on the second through seventh floors, and will have exclusive access to the inner courtyard. The other tenants will still get key cards to the communal roof garden, so hopefully they won't be jealously shooting rubber bands at the Grey Group peons whooping it up below in their private courtyard. Also of note is that building owner L & L Holding is asking $85 to $88 a square foot on the upper floors, in a neighborhood that averages a gentlemanly $50/sf. Sounds like a stretch, but there are those legal bills to pay, so we understand the motivation.
· Big Makeovers for Office Buildings Outside of Midtown [NYT]
· Toy Center Relaunch Gets Off to Clumsy Start [Curbed]