Financial services firm Sterne Agee has inked a 9-year expansion for 23,000 square feet at 277 Park Avenue, Andrew Sachs, executive director at Cushman & Wakefield, who represented the tenant, confirmed with The Commercial Observer. Asking rents in the building range from $65 to $85 per square foot depending on location, he noted.
Currently, Sterne Agee occupies 46,000 square feet in the building on the 24th and 25th floors. The new lease does not include a renewal for the previous space, according to Mr. Sachs. The firm moved to its current location in 2011.
“[Sterne Agee] is a fairly opportunistic organization that is seeing growth across a number of different business lines,” Mr. Sachs said. “It was a shrewd move on their part.”
With rents on a high and vacancy rates inching upward, the Midtown South commercial market may have reached its healthiest point.
Both Midtown and Midtown South – perhaps the tightest market in the country –experienced an increase in vacancy rates this past year, according to numbers released Monday by Cushman and Wakefield, rising to 10.3 Read More
Fixed income brokers KGS Alpha Capital Markets has inked a deal to sublease 30,206 square feet of space at 601 Lexington Avenue, relocating its NYC headquarters from 850 Third Avenue, The Commercial Observer has learned.
The company will be taking the entire 44th floor in the deal, which was previously occupied by Citadel Investment Group. Asking rents in the 5-year deal were $85-a-square-foot.
John Nugent and Sam Seiler of CBRE represented Citadel Investment Group. Andrew Sachs and Bill Levitsky of Cushman & Wakefield represented KGS Alpha Investment Group in the transaction.
On the heels of last week’s 7,300-square-foot Media3 lease at the building, The Commercial Observer has learned that Sandeep Diamond Corp. has signed on for the same amount of space at The Moinian Group’s 535 Fifth Avenue.
Cushman & Wakefield’s Andrew Sachs and Read More
Media3, a tech company that offers facilities for global broadcasters and their on-air guests, has signed a 7-year lease for a 7,300 square foot space at 535 Fifth Avenue, The Commercial Observer has learned.
The company will be taking the entire 13th floor at the 36-story class A office building.
Law firm Davidoff, Malito & Hutcher LLP renewed its lease for its office at 605 Third Avenue for an additional 17 years, it was announced today.
The full service law and government relations firm will remain on its 34th floor office in the building, sized at 19,882 square feet, in the deal. Davidoff’s previous lease was set to expire in 2014.