Palatine Capital Inks Deal, Three Other Firms to Renew at 950 Third Avenue
By Jotham Sederstrom October 20, 2011 10:37 am
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Four deals at 950 Third Avenue leave the elegant office tower 95 percent leased, sources told the Commercial Observer.
Three tenants renewed leases, and a fourth tenant, Palatine Capital, inked a deal for 2,100 square feet at the slender 32-story tower, sources said. The leases accounted for more than 30,000 square feet.
TPR Holdings, which had the entire third floor, will expand onto the fourth, where the landlord is covering the cost of work on the new space. The owner and operator of wellness and beauty brands will have 16,000 square feet total, in a five-year lease.
Two other financial services firms renewed deals. Pforzheimer & Co., an investment banking and securities brokerage, has extended the lease term by three years and will occupy 6,600 feet on the 30th floor. Financial advisory firm Clairvest Corp. has also renewed for three years, taking 3,300 square feet on the 23rd floor.
Real estate investment company Palatine Capital Partners took 2,100 feet on the 31st floor, moving from the 11th floor at 667 Madison Avenue.
950 Third Avenue was the first building in New York City to have a mirrored-glass fascade—now seen all over that part of Midtown—and specializes in high-end pre-built spaces.
The ownership plans to build-out two additional spaces, ranging from 2,000 to 6,000 square feet, for lease in the next four months, said landlord representative Mikael Nahmias.
“What separates these build-outs from the rest of the Third Avenue submarket is the level of the materials used,” said Mr. Nahmias.
The tower is owned by Naomi and Andre Altholtz, through the entity Ana Real Estate. The high-rise is their core Manhattan property.
Ana was represented by Cushman & Wakefield duo Mikael Nahmias and Jared Horowitz in all four transactions. Asking rents ranged from the mid-$50s to low-$60s per-square-foot. Jared Silverman of CB Richard Ellis represented Palatine Capital.
