Helmsley Spear Moving HQ to 747 Third Avenue, Expanding to 15K SF
By Isabelle Durso September 18, 2024 5:47 pm
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Kent Swig is relocating the office of his real estate company Helmsley Spear to 747 Third Avenue, and expanding in the process, Commercial Observer has learned.
Helmsley Spear signed a 15,100-square-foot sublease from media-tech company ITN Holdings for the entire 11th floor of the 39-story, 450,000-square-foot office tower owned by Sage, according to Helmsley Spear, which has already moved in.
“I am thrilled to announce the expansion of Helmsley Spear and the company’s relocation to 747 Third Avenue,” Swig said in a statement. “As we continue to grow, this Class A space will provide our brokers with a strategic New York City location and the professional and technology amenities to better serve the Helmsley Spear client base.”
Helmsley Spear signed a “long-term lease” at the space, according to Randy Sherman, who represented the firm in-house along with Eric Lassoff. Sherman declined to provide the asking rent, but a report from Newmark found office rents in Midtown averaged $79.55 per square foot during the second quarter of 2024.
Savills’ Daniel Horowitz, Jeffrey Peck, Roi Shleifer, Jacob Stern, Simon Chu and Yoni Bettinger, who brokered the deal for ITN Holdings, did not immediately respond to requests for comment. ITN Holdings is expected to stay within the building, Sherman said, after it signed a 34,782-square-foot lease there for 15 years in 2017.
Helmsley Spear’s offices were previously at 444 Madison Avenue in Midtown East, where the firm signed a four-year sublease for 15,775 square feet from Lincoln Financial in 2020, as CO previously reported.
It shared that space with its affiliated construction firm Falcon Pacific Construction, after the two companies moved from a shared space of 8,000 square feet at 599 Lexington Avenue, CO reported. That makes this new office space at 747 Third Helmsley Spear’s largest one yet.
“For over 100 years, Sage has redefined commercial real estate and the office amenity experience in New York City, and our relationship with Swig has been an integral part of that story for decades,” Sage CEO Jonathan Kaufman Iger said in a statement. “We are pleased to continue this multi-generational relationship with Helmsley Spear now calling 747 Third Avenue home.”
Helmsley Spear will join other tenants at the building including construction firm Alexander Wolf & Son and law firm Lazare Potter Giacovas & Moyle.
Isabelle Durso can be reached at idurso@commercialobserver.com.
