NEW YORK CITY – RFR Realty LLC today announced three new office leases totaling 23,504 square feet at 757 Third Avenue, a 500,000-square-foot architecturally distinct office and retail tower located in the heart of Manhattan’s Grand Central District. In the largest transaction, MPA – The Association of Magazine Media, the industry association for multi-platform magazine companies, took 12,199 square feet on the eleventh floor of the signature property; investment advisory firm Train, Babcock Advisors LLC agreed to a full-floor 6,961-square-foot lease on the twenty-second floor; and Laura Pomerantz Real Estate, a global real estate firm focused on customized retail, office and investment strategies, picked up4,344 square feet on floor 24. With these new, 757 Third Avenue has seen over 183,300 square feet of recent leasing activity. RFR also has an additional lease out for 40,000 square feet at the property.
“We have experienced tremendous leasing activity at the property over the past few months and expect the exceptional momentum to continue through the fall,” said Steve Morrows, executive vice president and director of leasing at RFR Realty LLC. “757 Third Avenue is perfectly suited to RFR’s portfolio of world-class commercial and residential properties, which include many of New York’s signature office towers, luxury condominiums and hotels and high-end retail developments.”
These deals come on the heels of a pair of leases with real estate developer Omni, which signed a 5,700-square-foot lease on floor seven, and Astoria Federal Savings and Loan Association, which took 5,284 square feet on the nineteenth floor.
Designed by noted architect Emery Roth & Sons, 757 Third Avenue was acquired by RFR in 1999 and has since undergone a comprehensive capital improvements campaign, which includes the addition of a contemporary lobby with art program, upgraded building systems, and new common corridors and bathrooms, as well as a commitment to customer service. Asking rents range from the mid-$50s per square foot for the base floors to the mid-$60s per square foot in the tower portion.
Train, Babcock Advisors LLC was represented in the lease negotiations by Jeffrey Heller and Greg Skaler from Cushman & Wakefield, Inc. MPA – The Association of Magazine Media was represented by Joseph Grotto and Nicola Heryet from Cassidy Turley, and Laura Pomerantz oversaw the lease transaction in-house on behalf of Laura Pomerantz Real Estate. Representatives of RFR Realty were Steve Morrows, Executive Vice President and Director of Leasing for RFR Realty, and a team from Jones Lang LaSalle led by Mitchell Konsker and Alexander Chudnoff.