Legal know-how online publisher The Practical Law Company re-upped its lease – and doubled its square footage – at 747 Third Avenue for an additional 10 years, the company announced yesterday. It will occupy three-and-a-half floors at a combined 32,791 square feet of space.
Marcus Rayner and Ed Wartels of Cresa Partners represented The Practical Law Company in the transaction. Michael Lenchner of Sage Realty Corporation represented the ownership, a joint venture between The William Kaufman Organization and Travelers Insurance.
The building, which already houses asset management firm Ritchie Capital and investment management firm Matrix Asset Advisors, recently underwent a multi-million dollar renovation to its lobby and security system, said Mr. Lenchner.
The Practical Law Company offers practical legal advice to law firms, law departments and law schools, according to its Facebook page. The company could not be reached for comment.
Since finishing its renovations six months ago, 747 Third Avenue is now marketing 90,000 square feet of available space.
“We have just started to remarket,” said Mr. Lenchner. “We pulled all the space off of the market and we waited for the completion of the lobby, and we are now starting to get a lot of activity.”
A vacancy on the second floor features 23,000 square feet with 19-foot ceilings, he added.