SEI Investments Renews, Expands at 777 Third Avenue
Jennifer Henderson June 11, 2014, 3:30 p.m.
William Kaufman Organization has signed investment management firm SEI Investments Company to a lease renewal and expansion at 777 Third Avenue. The tenant’s footprint now totals 18,412 square feet of the 575,985-square-foot building.
SEI renewed its lease for seven years and expanded its existing 7,869 square-foot space on the 26th floor by 10,543 square feet, according to a recent statement. The asking rents for the transaction were $75 per square foot.
The SEI deal brings 777 Third Avenue to 100 percent occupancy. The building, co-owned by the William Kaufman Organization and The Travelers Companies has seen increased leasing activity over the last year with a number of tenants signing for over 100,000 square feet of space between them, according to a statement. Sage Realty Corporation, the leasing and management division of William Kaufman, and a Jones Lang LaSalle leasing team completed the leases.
Full occupancy at 777 Third Avenue follows a repositioning of the building after cosmetics company Avon replaced a major advertising firm as the anchor tenant in 2010. Recent capital improvements have included a restoration of the lobby and elevators, along with technology and security systems, according to a statement.
“We believed from the beginning that the new 777 Third Avenue would be able to attract a diverse roster of new triple A tenants, and we were proven right,” Michael Lenchner, a vice president and director of leasing at Sage Realty Corporation, said in a prepared statement. “It speaks volumes about the quality of the property, as well as the viability of the Third Avenue corridor. Equally important, taking rents in the tower lead the Third Avenue market.”
SEI was represented by Savills Studley’s, L. Craig Lemle, and the building’s ownership was represented in-house by Mr. Lenchner. The lease was first reported by Crain’s New York Business.