Lease Beat

Financial Firm to Relocate in Midtown East

757 Third Avenue

Investment management firm Alternative Investment Management will move three blocks south next year through a 10-year, 8,123-square-foot lease for a portion of the 12th floor in RFR Realty’s 757 Third Avenue, Commercial Observer has learned.

The privately-held financial firm currently operates out of space at 830 Third Avenue, but it will relocate to the Emery Roth & Sons-designed tower between East 47th and East 48th Streets, where asking rents run in the mid-$60s per square foot, RFR officials said. Read More

Lease Beat

Patterson Belknap Signs 200,000 SF Lease at Revamped Durst Building

(Credit:  Durst Organization)

Law firm Patterson Belknap Webb & Tyler has signed a 20-year lease for 200,000 square feet of at the recently renovated 1133 Sixth Avenue in Times Square, The Commercial Observer has learned.

The firm resigned a lease for floors 18 through 26 that it first inked 20 years ago.  The Durst Organization’s in-house broker Tom Bow represented the landlord, while Ira Schuman of Studley represented the tenant – the same brokers who completed the firm’s lease in the building 20 years ago.

The 1.1 million square foot, 45-story Emery Roth & Sons-designed building was completed by The Durst Organization in 1970 and recently underwent a seven-month lobby renovation, overseen by the architecture firm Gensler. Read More

Lease Beat

Sterne Agee Expands at 277 Park Avenue

277 park

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.” Read More

Lease Beat

55 Water Street Lands Liberty Mutual Renewal and Expansion

55 Water Street

Liberty Mutual has signed a 10-year, 120,000-square-foot lease at 55 Water Street, a success story to emerge amid a massive renovation project launched in response to a string of misfortunes brought by Hurricane Sandy.

The insurance company doubles its space in the building with the deal, moving from the 18th floor to the 22nd and 23rd floors.

“It’s great news for the landlord and it’s great news for Downtown,” said CBRE’s Brad Gerla, who represented the landlord with Mary Ann TigheHoward Fiddle and Evan Haskel.

New Water Street Corp. is putting $200 million into the building after it took on some 32 million gallons of water during the storm.  The project includes the transport of key electrical, mechanical and communications equipment to the 3rd floor and storm-proofing to protect against future disasters.

“This landlord went over and above to secure the building and to make sure that something like this doesn’t happen again,” Mr. Gerla said. Read More

Lease Beat

Focus Financial Partners Takes Nearly 12,000 SF at 825 Third Avenue

825 Third Avenue

Focus Financial Partners has signed an 11,923-square-foot office lease at The Durst Organization’s 825 Third Avenue in Midtown East.

The partnership of wealth management firms relocates to the 40-story, 544,000-square-foot office tower from the 7,400-square-foot space it previously occupied at 909 Third Avenue.

“The building offered a well-priced alternative along Third Avenue with great light, city views and an efficient floor plate configuration,” said Greg Kraut, principal and managing director of Avison Young’s New York City office in a statement, who represented the tenant with Dana Trulis and Paul Massey.  “We are very pleased to have been able to identify a new office location for Focus that effectively addresses the firm’s business needs… this area of Third Avenue has become a destination for companies in search of value in a strategic Midtown locale with great access to transportation.” Read More

Lease Beat

Law Firm Takes 30,000 SF at 99 Park Avenue

99 Park Avenue

Heidell, Pittoni, Murphy & Bach, LLP has renewed its 30,000-square-foot lease at 99 Park Avenue in Midtown’s Grand Central submarket for an additional ten years, sources tell The Commercial Observer.

The firm sealed the deal for the seventh floor — which was set to expire in 2015 — through May 2026, hoping to lock rents Read More