Lease Beat

Sompo Japan Insurance Co. Inks at 777 Third Avenue

Sompo Japan Insurance Co. leased 13,055 square feet at 777 Third Avenue during a busy week for William Kaufman Organization and The Travelers Cos.’ Midtown tower.

The insurer will take the entire 24th floor after the move from space in a portion of the 28th floor. Kunihiko Otomo, a corporate managing director at Studley, represented the tenant. Frank Doyle, Cynthia Wasserberger, Alexis Tener Petrus, Jonathan Schifirin and David Wassel of Jones Lang LaSalle worked on behalf of the landlords with Sage Realty‘s Michael Lenchner.

777 Third Avenue

777 Third Avenue

“The Third Avenue corridor has experienced a tremendous increase in leasing activity over the past quarter, despite area rents pushing $70 per square foot,” Mr. Doyle said in a prepared statement. “Tenants continue to appreciate the value of office space on Third Avenue, especially when compared to similar space in other Plaza District buildings. The seven deals we completed at 747 Third and 777 Third avenues demonstrate that the market has responded very well to the high quality of the product offered at both buildings.”

JLL announced yesterday that a total of 52,324 square feet had been leased between 747 and 777 Third Avenue. Joining Sompo with deals at the 576,000-square-foot 777 Third were Morelli Alters Ratner, Retrophin and Lascaux Resource Capital.

Follow Billy Gray on Twitter or via RSS. bgray@observer.com