TI for I-Firm: Paramount’s Package Draws 17K-Foot Lease
900 Third Avenue
Investment firm Columbus Nova, the U.S. division of the Renova Group, signed a 17,284-square-foot deal at 900 Third Avenue. A demand for space, plus what Studley broker Brad Wolk termed “competitive economics,” brought the firm to the Paramount Group-owned building.
“Our client wanted to remain in midtown but occupied its 14,000-square-foot space at 601 Lexington Avenue under a sub-sublease without the option to extend or expand,” Mr. Wolk said.
Landlord Paramount is throwing in a tenant improvement package, which will allow the firm to build out the space in time for its move-in next year. “Columbus Nova was so impressed with Paramount’s tenant-focused approach that the company will also lease significant additional space at another Paramount building later this year,” Albert Behler, president and CEO of Paramount Group, said in a statement.
Studley’s David Dusek represented Columbus Nova with Mr. Wolk. Paramount was represented in-house by Jim Vandervliet and David Kleiner, as well as by Doug Neye of Jones Lang LaSalle.