ClearRock (Prima’s predecessor) partnered with the then-current majority owner (Carlyle Group) of the 600,000-SF mixed-use property to reposition one of New York City’s iconic buildings. ClearRock spearheaded an extensive capital improvement plan that included a new lobby, elevators, façade, exterior lighting, HVAC, bathrooms, and security systems with the vision of returning the property to its former Class A condition. Through the implementation of ClearRock’s marketing strategy, the partnership secured a world class tenant roster comprised of Ralph Lauren, Memorial Sloan Kettering, Tod’s, and Crate & Barrel. Following the successful completion of the repositioning plan, the partnership ultimately sold the property in 2013 for $1.35 billion – the highest nominal value during the year and a new highwater mark on a price per square foot basis in the U.S.