REBNY Extends Long-Term Lease at 570 Lexington Avenue Offices
By Mark Hallum January 10, 2023 12:35 pm
reprints
The Real Estate Board of New York (REBNY) will surely be aware of this deal, considering it is the tenant.
REBNY signed a 10-year extension on its 23,031-square-foot digs at the Feil Organization’s 570 Lexington Avenue, where it has leased event space and offices since 1998, according to the landlord.
While the Feil Organization did not disclose the asking rent for REBNY’s lease, a spokesperson for the firm said asking rents in the building hover around $65 per square foot at the base, $70 in the mid-rise and $80 in the tower section.
REBNY has 18,499 square feet on the second floor and 4532 square feet on the concourse level, all of which will be gut-renovated as part of the renewal to upgrade the organization’s offices, classrooms, restrooms and common areas, according to Feil.
“REBNY’s renovations at 570 Lexington Avenue are driven by our commitment to provide top-tier service and support to 15,000 members throughout New York City’s real estate industry,” REBNY COO Sandhya Espitia said in a statement.
While the renovations are underway, REBNY will take up temporary offices at Durst Organization’s 733 Third Avenue until the third quarter of 2023.
“570 Lexington Avenue has long been a landmark office tower, with its outstanding and unique Art Deco architecture and central location in Midtown Manhattan’s Plaza District,” David Turino, director of commercial leasing at the Feil Organization, said in a statement.
Turino brokered the deal in-house for the landlord while Espitia handled it for REBNY, with Durst’s Rocco Romeo acting as an adviser.
Mark Hallum can be reached at mhallum@commercialobserver.com.
