Itochu Techno Solutions America, Verescence Sign Deals at 630 Third Avenue
By Celia Young September 17, 2021 11:56 am
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Luxury glass manufacturing company Verescence and IT firm Itochu Techno Solutions America took two leases totaling 7,372 square feet at 630 Third Avenue.
Verescence snagged 4,244 square feet on the building’s 16th floor. Asking rent was $58 per square foot for the 10-year lease, according to Newmark’s Brittany Silver, part of the team who handled the deal for landlord ATCO Properties & Management.
ATCO is designing and building Verescence’s new office space, said Silver.
“At 630 Third, we really streamlined the process. We do everything in house,” Silver told Commercial Observer. “We have an in-house architect and an in-house design team, and we do everything under one roof. It’s a very easy process for these tenants who are coming in and don’t know how to get started, especially when building a space from scratch.”
Verescence’s new space was formerly American Mortgage Consultants, and the glass-maker plans to relocate from its current offices at 900 Third Avenue in mid-December 2021, according to the landlord. Its new Murray Hill space will house its sales, executive and administrative teams.
“Veresence was focused on remaining on the east side of New York City and, after a thorough market search, it was obvious that newly renovated 630 Third Avenue was the firm’s top choice,” said tenant representative Kirill Azovtsev in a statement.
Itochu Techno Solutions America and its subsidiary Itochu Logistics (USA) are both moving into the Third Avenue building 10 floors below Verescence. The companies took one 3,128 square-foot space on part of the 6th floor in a deal that closed in early September. Asking rent was $58 per square foot for the five-year lease.
“[Itochu] is going to be taking a space that’s already built,” Silver told CO. “We are making some modification sto the space … We’re redoing some lighting and cosmetically upgrading it.”
The two Itochu companies are currently located at 708 Third Avenue and are expected to move to the 23-story Third Avenue tower in early February 2022. Itochu is taking over a space previously occupied by a perfume company, Silver said.
Savills’ Allison Buck, Jim Wenk and Azovtsev represented Verescence and Cushman & Wakefield’s Junji Miyake brokered it for Itochu. Newmark’s Silver and Jonathan Franzel handled it for building ownership in both transactions. Buck, Azovtsev and Miyake did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
Update: This story has been updated to include information from Kirill Azovtsev, who represented Verescence in the deal.
