Consulting Firm Council Advisors Renews 18K SF at BGO’s 685 Third Avenue

Consulting firm Council Advisors has renewed its lease in Midtown East for another decade.

The executive advisory company signed a 10-year extension on its 17,685-square-foot offices at BGO’s 31-story office tower at 685 Third Avenue, where it has been located since 2015, according to tenant broker Savills.

Representatives of BGO did not immediately disclose the asking rent for the building, but the average office asking rent for Midtown in April was $84.77 per square foot, according to CBRE.

“As companies continue to evaluate their workplace strategies, well-located assets that offer a strong amenity package and institutional ownership remain highly attractive,” Savills’ Daniel Horowitz, who represented the tenant alongside Jeffrey Peck, Roi Shleifer, Jacob Stern and Max Mond, said in a statement. “685 Third Avenue delivers a compelling combination of convenience, quality and value, which ultimately aligns with Council Advisors’ long-term needs.”

CBRE’s Paul Amrich, Neil King, Meghan Allen, Anthony Manginelli and Brooke Dewing negotiated on behalf of BGO.

CBRE did not immediately respond to a request for comment.

“We carefully evaluated our options in the market and decided that renewing at 685 Third Avenue was the most compelling decision for our firm’s goals,” David Niles, CEO of Council Advisors, said in a statement. “The building’s recent improvements and first-class management provide an environment that continues to support both our team and our clients.”

Some of those improvements in the 650,000-square-foot building include a renovation by BGO in 2021 that drew inspiration from a Sol LeWitt mural painted in the lobby in 1996. The mural was removed during a repositioning in 2012 prior to the tower’s acquisition in 2020 for $450 million.

Mark Hallum can be reached at mhallum@commercialobserver.com.