Lease Beat

Navigant Moving to TIAA-CREF’s 685 Third Avenue

685 Third Avenue. (CoStar)

Global professional services firm Navigant has signed a 10-year, 72,060-square-foot lease at TIAA-CREF’s 685 Third Avenue.

The tenant currently occupies 52,000 square feet at 90 Park Avenue on a sublease deal, according to The New York Post, which first reported the lease. Navigant also occupies a single floor at 119 West 40th Street, which the company picked up with its acquisition of Easton Associates in 2012. Read More

Assignments

TIAA-CREF Taps JLL to Lease, Manage 685 Third Ave.

685 Third Avenue. (CoStar)

Asset manager TIAA-CREF has hired JLL as the exclusive office leasing agent and property manager at 685 Third Avenue. The real estate services firm replaces CBRE as the building’s leasing agent.

“The market is moving in the landlord’s favor and they want to accelerate leasing velocity,” Matt Astrachan, a vice chairman at JLL and a member of the leasing team, told Commercial Observer. “It’s a great asset that just needed to be better understood by the market and so far we’ve been successful.” Read More

Lease Beat

ICR Signs On at 685 Third Avenue

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Integrated Corporate Relations, a financial communications consultancy, will relocate to 685 Third Avenue, The Commercial Observer has learned. The company has signed a 10-year lease for the entire 22,372-square-foot second floor at the East Midtown property.

Asking rent for the second floor space was $55 per square foot but ICR will pay starting rent of approximately $50 per square foot, according to data from CompStak. A listing on Agorafy indicates asking rent for the 22nd floor at the TIAA-CREF-owned building is $68 per square foot. Read More

Lease Beat

Jacobs Engineering Sublets, Expands at Two Penn Plaza

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Jacobs Engineering Group has signed a 12,200-square-foot sublease on the fourth floor at Vornado’s Two Penn Plaza, The Commercial Observer has learned. Asking rent was $35 per square foot.

Rosenberg, Neuwirth & Kuchner, an accounting firm, had previously occupied the space on a sublease from Forest Electric. The firm was recently acquired by Marks Paneth & Shron and relocated to 685 Third Avenue. In turn, MP&S sublet the space to Jacobs when the engineering firm was looking to expand its presence in the building. Read More

Lease Beat

Crain Communications Moving Next Door on Third Avenue

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Business media company Crain Communications, owner a wealth of trade publications and consumer brand names, announced on Monday that it is moving its headquarters to 685 Third Avenue after signing a 58,527-square-foot lease.

One of the firm’s publications, Crain’s New York Business, reported that the company plans to relocate from its current offices – next Read More

Postings

The B Team: The Biggest Occupancy Shifts in Class B and Class A Buildings

CO 2-19 Postings

For the first time in recent history, the availability rate across Manhattan’s stock of Class B buildings is lower than that of their Class A counterparts, suggesting a flight to value, propelled in part by the latest wave of technology startups and media companies looking for affordable space. Indeed, at 10.6 percent, the current availability rate for Class B space is 170 basis points less than the Class A rate of 12.3 percent, according to Richard Persichetti of Cassidy Turley.

With Cassidy Turley’s help, The Commercial Observer decided to put a spotlight on some of the most dramatic occupancy shifts across Manhattan over the last three years. Read More

Lease Beat

Epiq Systems to Ink 100,000 SF Deal

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Technology firm Epiq Systems is on the brink of signing a lease for roughly 100,000 square feet of office space at 685 Third AvenueThe Commercial Observer has learned.

A source familiar with the deal said it was slated to close towards the end of last week, but the deal had not closed by press time.

“A couple more days,” the source said. Read More

Lease Beat

A&E Commits to 222K Swing Space

The Network Mary Ann Tighe Built.

A&E Television Network has renewed its 222,000-square-foot temporary office lease at 685 Third Avenue, but only until the end of the year, when the large network is planning to relocate back to space it has on East 45th Street. Read More