CRE Investment Firm Andover Properties Heads to 780 Third Avenue
By Rebecca Baird-Remba July 6, 2023 3:41 pm
reprints
Andover Properties, a commercial real estate firm, is doubling its footprint and relocating within Midtown East to Nuveen Real Estate’s newly renovated 780 Third Avenue, Andover announced Wednesday.
The company, which mostly builds and operates self-storage facilities in the South, took 10,924 square feet for nine years in the Plaza District tower between East 48th and East 49th streets. An Andover spokesperson declined to comment on the asking rent for the space — which includes two conference rooms, eight offices, a phone room and an open area large enough for 50 workstations — but average asking rents in the neighborhood were $112 per square foot in the second quarter of the year, according to Savills’s most recent market report.
The real estate firm left its former 4,300-square-foot offices at 150 East 52nd Street for the larger space at 780 Third mid-June.
David Kleinhandler of CBRE (CBRE) brokered the deal for the tenant. It wasn’t clear who represented the landlord in the deal, but CBRE’s Neil King, Paul Amrich, Meghan Allen and Alexander Golod have been marketing the building for lease. A CBRE spokesperson didn’t immediately return a request for comment.
Andover President and CEO Brian Cohen said in a statement that he was “thrilled about expanding to this new, modern and spacious office” in the building, which was recently rebranded as The Gardens.
Nuveen recently completed a $40 million renovation of the 49-story office tower, which involved cutting open the lobby to build a central staircase and skylight leading to the formerly closed lower level.
The work also involved adding new seating and landscaping to the public plazas, installing a cafè and wine bar in the lobby, and converting the basement levels to a lounge, gym, conference rooms and restaurant.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com
