Excavation is officially underway at 570 Fifth Avenue, marking the commencement of construction on a new 29-story office skyscraper in the heart of Midtown Manhattan's Diamond District between 46 and 47th Streets. Designed by the renowned architectural firm Kohn Pedersen Fox and developed by Extell Development, the project will stand at 567’ tall and provide approximately 637,312 square feet of premium Class A office space. Construction anticipated for completion in 2028.

The development will not only cater to office tenants but will also feature retail outlets across the first two floors, including an impressive 80,000-square-foot flagship store for IKEA, situated on the first two cellar levels. The facility will be equipped with a variety of amenities, including a gym, swimming pool, basketball court, and juice bar, all located on the third and fourth below-grade stories. Last year, Ingka Investments, a division of Ingka Group and the largest franchiser of IKEA stores, acquired a one-third stake in the development, along with preferred equity.