Colliers Fielding Suitors for Grand Central Plaza
Tobias Salinger June 24, 2014, 7:45 a.m.
The Cohen Brothers Realty Corporation tapped Colliers International to fill 200,000 square feet of space at Grand Central Plaza at 622 Third Avenue, Commercial Observer has learned.
The vacant space on floors seven through 11 and in the former Blue Cross building’s tower already attracted interest from a fashion company, a publishing company, an accounting firm, a consulting firm and two software companies, said Robert Tunis, the Colliers broker who is marketing the space along with colleagues Alex Jinishian, Seth Hecht and Eric Ferriello.
“We’ve been delighted by the response from the brokerage community, which increasingly sees this owner and the leasing team as deal-friendly,” said Mr. Tunis. “I think they feel very comfortable with bringing their valued clients to the building.”
Negotiable asking rents at the 38-floor tower run in the “upper $50s” per square foot, Mr. Tunis added. Architecture firm Moed, de Armas & Shannon recently redesigned the building’s two and a half story lobby, and the 31,997-square-foot plates on floors seven through 11 offer the opportunity to install stairs between the floors for larger tenants in a building that also houses job search engine Monster.com and ad firm IPG.
“The tenants we take in our building are top tenants,” said Marc Horowitz, a senior vice president at Cohen Brothers. “The building is a million square feet and it’s class A.”
Cushman & Wakefield previously marketed the space at similar rates in 2012, as Commercial Observer reported at the time. The building is a three-block commute from Grand Central Station.