Insurance Rating Board Relocating to 875 Third Avenue
By Mark Hallum July 11, 2023 2:58 pm
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An insurance nonprofit is heading north on Third Avenue in Midtown.
New York Compensation Insurance Rating Board (NYCIRB) is migrating from 733 Third Avenue seven blocks north to the entire 30,166-square-foot eighth floor of Global Holdings Management Group’s 875 Third Avenue, Commercial Observer has learned.
The tenant signed a 20-year lease, with asking rents in the building ranging between $65 and $75 per square foot, according to landlord broker JLL (JLL).
NYCIRB — a nonprofit which collects and develops workers’ compensation rates for the state — has been on Third Avenue for decades. The board previously was at 655 Third Avenue before moving to 45,000 square feet at 733 Third in 2010, Real Estate Business reported.
“Global Holdings Management Group stood out to us as a discerning owner from the very first tour; they have worked hard to ensure 875 Third remains a premier address in New York’s corporate heart,” Jeremy Attie, president and CEO of NYCIRB, said in a statement.
JLL’s Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter represented Global Holdings in the deal while Jeffrey Peck, Daniel Horowitz, Roi Shleifer and Jacob Stern of Savills negotiated on behalf of the tenant.
Savills did not immediately respond to a request for comment.
Aside from NCIRB’s deal, investment firm Aetos Capital signed an eight-year deal to keep its space in the property and expand to 12,212 square feet, according to JLL.
Glickman also brokered a deal for Aetos Capital. Aetos first occupied 4,377 square feet in the building in 2018 and will now expand by 7,835 square feet on the 22nd floor.
JLL’s Glickman represented the landlord in Aetos’ deal while Peck and Horowitz of Savills handled it for the tenant.
“NYCIRB’s arrival and Aetos Capital’s expansion at 875 Third bring the building to 98 percent occupancy and highlights ownership’s commitment to maintaining the property as a best-in-class office tower that supports leading corporate occupants seeking to attract and retain skilled employees,” Glickman said in a statement.
875 Third Avenue sits between East 52nd and 53rd streets in the East Side’s Sutton Place neighborhood.
Mark Hallum can be reached at mhallum@commercialobserver.com.
