Press Release: With the completion of its exterior, the International Gem Tower (IGT) on West 47th Street in Manhattan has now taken its place as the No.1 landmark in the diamond and jewelry district. Meanwhile, the building continues to sign on new owners for its office units and IGT's retail high-end jewelry mall has surpassed the 80 percent occupancy rate.
IGT's sales director, Shari Neissani, said that London-based Gemfields will be moving its U.S. center of operations to IGT, following a year-long search for the perfect U.S. address. Krainz Creations, the prestigious U.S. jewelry design and manufacturing company also has acquired space and Gulaylar Group, the Turkish jewelry group that owns the mall space at IGT, reported that it has secured tenants for more than 80 percent of space in the high-end jewelry mall section. Set to open in the first quarter of 2014, the shopping premises at IGT will comprise 50 shops as well as a café and Foreign Trade Zone offices.
Randi Molofsky, the U.S. director of marketing for Gemfields, said that the tower was the right fit for Gemfields, noting that the office space, with floor-to-ceiling windows and north-facing natural light, is the ideal setting to showcase their Gemfield's responsibly-produced colored gemstones. "And the building's security and amenities are second to none. We're excited to call the IGT our home in America," Molofsky said.
Roland Krainz, a principal of Krainz Creations, said that the tower's modern infrastructure and security were two of the many reasons that made purchasing a unit at the IGT so attractive. "Additionally, having recently expanded into the Asian market, the Foreign Trade Zone status at the building made this a more lucrative investment for me," he explained.
Meanwhile, early adopters, such as the Gemological Institute of America (GIA), have closed on their space in July and started build-out of their premises. GIA plans to move its New York gemological laboratory to the tower in early 2014.
'We're pleased to welcome the new owners," Extell's vice president, Raizy Haas, said. "At the same time, the IGT marketing team continues its efforts to make this building 47th Street's No.1 real estate option. Toward the end of this month, we'll be at the Israel Diamond Exchange for a series of meetings with future owners."
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