Marathon Ventures Renews at 655 Third Avenue
By Michael Ewing April 29, 2013 1:00 pmreprints
Marathon Ventures has renewed its lease at 655 Third Avenue, the Commercial Observer has learned.
The investment firm will increase its foothold to 7,340 square feet in the the Durst Organization’s building, leaving its space on half of the fifth floor in favor of the entire nineteenth floor. The firm specializes in technology, media sales solutions, and financial accountability with notable content partners like the National Football League, Major League Baseball, NBC Universal, and Warner Brothers, where it worked on the New York-based Will & Grace sitcom.
In-house broker Karen Kuznick represented The Durst Organization. Marathon Ventures did not have any representation and worked directly with the landlord.
The asking rent for the space was set at $56 per square foot. Asking rents for the building generally range from the mid to upper $50s per square foot with higher floors yielding closer to $60 a square foot.
The building at 655 Third Avenue was the first building that the family-owned firm built from the ground up. Completed in 1958, and designed by Emery Roths & Sons, the building spans 30 floors and 425,000 square feet. Major tenants include Mitsubishi International Corp, who operates out of a 122,500-square-foot space in the building, and the Nippon Life Insurance Company, which signed a lease last spring.
After the removal of the Third Avenue elevated train tracks in the 1960s, The Durst Organization helped revitalize the corridor by building several buildings such as 675, 733, 825, and of course, 655 Third Avenue. Their combined square footage reach in excess of two million square feet.