UN’s Policy Research Center Renews 4K SF at 767 Third Avenue
By Mark Hallum March 23, 2023 2:28 pm
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A research arm of the United Nations has no plans to leave Midtown East anytime soon.
United Nations University Centre for Policy Research renewed its 4,420-square-foot lease with Sage Realty at 767 Third Avenue for another five years, Commercial Observer has learned. Asking rent was about $70 per square foot, according to a source with knowledge of the deal.
The tenant originally signed for the space in June 2018.
Established in 2014, the Centre for Policy Research describes itself as “an independent think tank within the U.N. system” whose researchers contribute to policy debates through briefings to U.N. forums, according to its website. The center is part of United Nations University, a global policy think tank headquartered in Japan.
Sage, the leasing and management division of the Kaufman Organization, refinanced the 40-story office property near Grand Central in December 2021 with a $123 million debt package from Bank of America that was used to help it shore up previously existing loans and fund capital improvements, CO reported at the time.
The firm then set out on a mission to modernize the features of the 310,000-square-foot building, which was constructed in the 1980s by Mel Kaufman and still serves as the headquarters for the Kaufman Organization.
Michael Lenchner with Sage Realty represented the landlord in-house while Matt Leon of Newmark (NMRK) handled negotiations on behalf of the tenant.
Newmark declined to comment. Sage did not immediately respond to a request for comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
