GM Vacates Namesake Building in New York

The last of General Motors Co.'s executives are moving out of the iconic GM Building on Fifth Avenue in New York City, Crain's New York Business reports.

The company sold the office tower for $500 million during the auto downturn of 1982 but has continued to lease office space there. (The building was resold in 2008 for $2.8 billion.) The structure is one of the few in Manhattan that occupies a full city block.

GM's naming rights expired in 2010, but the current owner still calls it the GM Building. The automaker has gradually moved most of its New York employees to other facilities. The remaining staffers, who occupy three floors of the 50-story building, will relocate to smaller, less expensive quarters on Sixth Ave., Crain's says.

The carmaker bought the property, which overlooks Central Park, in 1968. GM for many years maintained an auto showroom on the ground floor a space now occupied by toy store FAO Schwartz. The building also houses the flagship Apple Store.