William Kaufman Renews Financial Tenants at 777 Third Avenue
By Rey Mashayekhi April 21, 2017 4:06 pm
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The William Kaufman Organization has secured two office renewals with financial services tenants at its 777 Third Avenue office tower in Midtown East, Commercial Observer has learned—a 7,383-square-foot renewal and expansion with Innovatus Capital Partners and a 3,056-square-foot renewal with Grisanti Capital Management.
Investment advisor Innovatus signed a four-year deal to renew its roughly 3,200-square-foot space on the 25th floor of the 38-story, 576,000-square foot building while also expanding its presence by 4,200 square feet. Investment manager Grisanti agreed to a one-year renewal of its existing space on the 21st floor of the property located between East 48th and East 49th Streets.
Asking rent for both deals was $71 per square foot, according to sources with knowledge of the transactions. Michael Lenchner of Sage Realty Corporation, William Kaufman’s leasing and management division, represented the landlord in-house on both deals. Innovatus was represented by Brian Goldman and Brandon David of Newmark Grubb Knight Frank, while Mark Lauzon of Cushman & Wakefield represented Grisanti.
Though William Kaufman said in a press release announcing the deals that 777 Third Avenue is currently 97 percent leased, cosmetics company Avon, the property’s anchor tenant, put its 222,000 square feet of space at the building on the sublease market last year, according to CoStar Group. Avon, which leases the second through 10th floors at 777 Third Avenue, subsequently signed a deal for 91,000 square feet at Brookfield Property Partners’ One Liberty Plaza in the Financial District earlier this year.
William Kaufman Organization did not immediately respond to questions on the status of Avon’s space at 777 Third Avenue.
The Grisanti lease is the firm’s second renewal at the property, the tenant’s owner and founder Christopher Grisanti said in a statement. “Because the Sage personnel were both fair and competent, negotiations went quickly. We were able to agree on terms in an afternoon, and then get back to managing money for our clients.”
Representatives for NGKF confirmed the Innovatus deal but did not provide comment. A spokesman for C&W did not immediately return a request for comment.
