Investment Advisor Hodes Weill Moving to 11K SF at 825 Third Avenue
By Celia Young April 10, 2023 5:25 pm
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Real estate investment advisor Hodes Weill & Associates is headed to the Durst Organization’s 825 Third Avenue, Commercial Observer has learned.
Hodes Weill will invest in its own real estate, relocating from 8,645 square feet at 850 Third Avenue to 11,054 square feet on the 15th floor of 825 Third Avenue, according to Durst.
Asking rent was $86 per square foot, said Durst’s Ashlea Aaron, who represented the landlord with Tom Bow, Lauren Ferrentino and Bailey Caliban. Aaron declined to disclose the length of the lease.
Hodes Weill decided to move to the 40-story tower before the end of the year thanks to Durst’s recent upgrades that added a new lobby and outdoor terrace space, Aaron said.
“They were really attracted to the entire package of the building,” Aaron said. “[It’s] as if you’re in an almost new building, with the amenity center, the outdoor terrace and everything being new.”
Colliers’ Marcus Rayner represented Hodes Weill in the deal. Rayner declined to comment. A spokesperson for Hodes Weill did not immediately respond to a request for comment.
Hodes Weill wasn’t the only deal Durst signed in the building recently. German law firm Noerr signed a 14-year lease for a 5,737-square-foot office on part of the 28th floor of 825 Third Avenue, according to a source with knowledge of the deal. Asking rent was $92 per square foot, Aaron said.
Noerr will move to the tower from its slightly smaller offices nearby at the Lipstick Building before the end of the year, and was “specifically attracted” to 825 Third Avenue because of its views of the East River, Aaron said.
Savills’ Stephan Steiner represented Noerr in the deal. Aaron, Bow, Ferrentino and Caliban handled it in-house for Durst.
Steiner declined to comment and a spokesperson for Noerr did not immediately respond to a request for comment.
Other tenants at the property between East 50th and East 51st streets include environmental law firm Beveridge & Diamond, financial technology advisors Liminal and the National Bank of Egypt.
Celia Young can be reached at cyoung@commercialobserver.com.
