Health Care and Labor Law Firm Takes 80K SF at 875 Third Avenue
By Rebecca Baird-Remba May 25, 2018 1:43 pm
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Law firm Epstein Becker & Green has leased 80,000 square feet at Global Holdings Management’s 875 Third Avenue in Midtown East, according to a release from the landlord’s broker, JLL (JLL).
The labor and health care law firm inked a deal for new offices on four floors in the 29-story office building between East 52nd and East 53rd Streets. Its new space will encompass parts of the 18th and 21st floors and the entire 19th and 20th floors, and it will include a three-story atrium, reception area and conference center. The terms of the lease weren’t disclosed, however, The Real Deal, which first wrote about the transaction, reported that a recent lease at 875 Third had asking rents in the low $80s per square foot.
The firm will decamp in mid-2019 from 115,000 square feet at 250 Park Avenue, where it only occupies 90,000 square feet and sublets out the rest, according to TRD.
Savills Studley’s Jeffrey Peck, Daniel Horowitz, Brad Wolk, Tim Prunka and Adam King handled the deal for Epstein Becker & Green.
“Today’s standards for space configuration would allow Epstein Becker Green to reduce its footprint by 20 percent despite continuous growth of its headcount, and a new, more modern workplace would go a long way in terms of talent attraction and retention,” Peck said in a statement. “The firm’s existing space would need to be completely demolished and retrofitted in order to accomplish this, so a relocation proved to be the best course of action.”
Another recent deal signed at the building was an expansion and renewal of Cerberus Capital Management’s offices. The private equity firm will grow 12,000 square feet, to 131,000 from 119,000 square feet.
Newmark (NMRK) Knight Frank’s David Falk, Eric Cagner and Jason Greenstein represented Cerberus in the transaction. (An NKF spokeswoman declined to comment on the deal.) JLL’s Paul Glickman, Diana L. Biasotti and Harley Dalton, represented the landlord in both deals, along with in-house leasing director, Craig Panzirer.
“The property’s dramatic atriums, combined with recent upgrades to the lobby and infrastructure, have helped the building continue to attract a roster of employee-focused tenants,” Glickman said in prepared remarks.
Deutsche Bank (DB)’s asset management arm, DWS Group, also recently leased 82,000 square feet in the building.
