Reinsurance Broker BMS Nearly Doubling Its 757 Third Avenue Offices
By Rebecca Baird-Remba February 5, 2024 10:00 am
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Reinsurance broker BMS Group and software company Endava will expand their offices at 757 Third Avenue in Midtown East, where they’ll soon be joined by the Consulate General of Portugal, Commercial Observer has learned.
In the largest of the deals, BMS renewed and expanded to 13,194 square feet on the entire 16th floor of the building, according to landlord broker JLL (JLL). BMS will relocate from 6,960 square feet on the 22nd floor.
Meanwhile, publicly traded software company Endava also expanded and relocated to the entire 26th floor, taking 6,960 square feet in a prebuilt suite in a move from 5,000 square feet on the 19th floor, JLL said. Endava signed a lease for five years and eight months, which includes eight months of free rent.
Finally, the Consulate General of Portugal will move from nearby 866 Second Avenue to 6,673 square feet on the 17th floor, inking a 12-year lease for a prebuilt suite.
A JLL spokesperson didn’t provide the lease term for BMS. Sources familiar with the property said that asking rents in the building range from the $60s to $80s per square foot.
JLL’s Mitchell Konsker, Clark Finney, Simon Landmann and Lance Yasinsky represented the landlord, BGO (formerly BentallGreenOak), in all three deals.
Cushman & Wakefield’s Stephen Bellwood represented BMS. Cresa’s Thomas Sullivan and Nicholas Markel handled negotiations for Endava, and Cresa’s Bert Rosenblatt brokered the deal for the Consulate General of Portugal.
“The thing about the building that made it really appealing was that they held the consulate’s hand,” said Rosenblatt. “They’re building and furnishing the space and they are dealing with the specific technical issues related to the consulate. The consulate has certain specifications. There were reinforced walls and several entrances. They had a really good architect and construction and project management team. I don’t think we could have gotten the deal without them.”
Spokespeople for C&W didn’t return requests for comment.
“BGO has led the market by offering bespoke, custom office space and truly exceptional amenities,” Konsker said in a statement. “757 Third Avenue has earned its place among Manhattan’s leading office properties, and we look forward to working with other tenants seeking space in a building designed to inspire creativity and collaboration.”
The 27-story, early 1960s building at 757 Third Avenue is between East 47th and East 48th streets, just west of the United Nations and Dag Hammarskjold Plaza. Other tenants in the property include tax and auditing firm Grant Thornton, Wolfe Research and Berkley Insurance, the last of which renewed its 60,000-square-foot lease in the building in 2022.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com
