Rolex thinks the time is right to tear down its old Midtown Manhattan headquarters and develop a new one.

Engineering company Howard I Shapiro & Associates filed an application last week for a full demolition at 665 Fifth Ave., owned by Rolex Realty Co., according to a filing with the New York City Department of Buildings. The building sits between 52nd and 53rd streets and is home to both Rolex’s offices and a storefront along the luxury retail strip.

The existing 12-story building, with a sleek black exterior and gold Rolex slogan, would be replaced with a new, David Chipperfield-designed 25-story office and retail tower that has been being planned since 2019, The Real Deal reports.

Rolex's project is part of a growing push by New York City property owners to replace old with new after a pandemic-induced hiatus.

Demolition permits ticked up 25% last quarter, from 322 demolition permits approved between January and March to 403 demolitions approved between April and June, according to the DOB. The majority of the demolitions were in Brooklyn and Queens — the 28 demolition permits approved in Manhattan last quarter accounted for only 7% of the total. Filings are still down below pre-pandemic levels.