Rose Associates Subleasing 25K SF From Avon in Midtown East Relocation
Real estate development and management firm Rose Associates has inked a 24,650-square-foot sublease with Avon Products at 777 Third Avenue for a headquarters relocation, Commercial Observer has learned.
The company will occupy the entire sixth floor of the 38-story, 576,000-square-foot building between East 48th and East 49th Streets, according to Cushman & Wakefield (CWK), which brokered the deal for the sublandlord. The asking rent of the eight-year deal was $65 per square foot, according to a C&W spokeswoman. (William Kaufman Organization and The Travelers Companies co-own the building.)
Rose Associates is relocating its offices from 200 Madison Avenue between East 35th and East 36th Streets.
“This was a modern, turnkey office opportunity that perfectly fit the needs of the subtenant,” Dale Schlather of C&W, who negotiated the transaction for Avon, said in prepared remarks. “Along with the space’s appealing open floor plans and flexibility, the building is ideally located in the heart of Midtown, one of the most transit-accessible neighborhoods in Manhattan with Grand Central Terminal just a few blocks away.”
C&W’s Schlather handled the deal with colleagues Jonathan Fales, Michael Burlant, Heather Thomas and Greg Herman and an ACTIO Corporate Asset Advisors team led by Michael Katz.
Advisors Commercial Real Estate’s Jeffrey Rosenblatt represented Rose Associates. Rosenblatt did not immediately respond with a comment.
Avon’s North American operations, called New Avon, relocated to 91,000 square feet at Brookfield (BN) Property Partners’ One Liberty Plaza in Lower Manhattan from 777 Third Avenue last summer, as CO previously reported.
But Avon is on the hook for 271,150 square feet on the second through 12th floors of 777 Third Avenue. The beauty company has already subleased 50,000 square feet to Epiq Systems and subleased nearly 99,000 square feet to Hospital for Special Surgery, as CO reported last year.