Oppenheimer Moving Midtown East Branch Two Blocks Away to 777 Third Avenue
By Nicholas Rizzi December 10, 2018 3:23 pm
reprints
Wealth management firm Oppenheimer & Co. will move one of its New York City offices two blocks away to 777 Third Avenue, Commercial Observer has learned.
Oppenheimer inked a 10-year deal for the entire 13,055-square-foot 34th floor of the William Kaufman Organization’s building between East 48th and 49th Streets, a spokeswoman for the landlord said. Asking rent in the building is between $68 to $70 per square foot, according to the spokeswoman.
The firm—which has its New York City headquarters at 85 Broad Street—will relocate a branch from the Durst Organization’s 825 Third Avenue to 777 Third Avenue in April 2019, the spokeswoman said.
Michael Lenchner of Sage Realty Corporation, the leasing and management division of William Kaufman, handled the deal for the landlord while Matthew Astrachan and Steven Bauer of JLL (JLL) represented Oppenheimer. A spokesman for JLL did not immediately respond to a request for comment.
Lenchner said the building “continues to be well-received by the market” and Oppenheimer’s lease was “a testament to the strength of our property and our outstanding Midtown East location,” in a statement.
Aside from the Oppenheimer lease, William Kaufman also announced that financial advisory firm Piton Investment Management signed a two-year deal for 3,445 square feet for part of the 22nd floor. The firm was previously subleasing space in the building.
Lenchner handled the deal for the landlord in the Piton deal as well, while Cushman & Wakefield (CWK)’s Eric Thomas brokered it for the tenant. A spokesman for C&W declined to comment.
Other tenants in the 38-story, 575,985-square-foot building include the Hospital for Special Surgery, Japanese-insurance company Sompo America and real estate firm Rose Associates.
Cosmetics giant Avon Products previously had roughly 270,000 square feet in the building, but left last year after moving into smaller digs at One Liberty Plaza and has been steadily subleasing out its space since, as CO previously reported.
