Three Financial Services Firms Ink New Office Leases at 600 Lex

SL Green Realty Corp. has signed three new financial services tenants at its 600 Lexington Avenue office tower in Midtown East, the real estate investment trust announced today.

In the largest deal, investment banking advisory firm GLC Advisors & Co. took 12,487 square feet comprising the entire ninth floor of the 36-story, 305,000-square-foot property on the northwest corner of East 52nd Street. GLC signed the seven-year lease, which will commence in December, late last month and will move to 600 Lexington Avenue from its current location at Cohen Brothers Realty Corp.’s 805 Third Avenue.

Private equity firm NexPhase Capital, meanwhile, inked a five-year lease for the entire, 8,607-square-foot 12th floor at the building. The deal, which was signed this week, is anticipated to commence at the beginning of November and will see NexPhase relocate from Boston Properties’ 399 Park Avenue.

Finally, alternative investment manager KCL Capital signed a five-year deal to take the entire 6,780-square-foot 28th floor at 600 Lexington Avenue. The transaction was sealed late last month, with KCL’s lease expected to commence in the middle of October. The company’s current location was not disclosed.

Asking rent in the transactions ranged from the low $70s to mid-$80s per square foot, according to sources with knowledge of the deals. A JLL team of Paul GlickmanDiana BiasottiJonathan Fanuzzi and Ben Bass represented SL Green in the transactions. Daniel Posy and Jason Roberts of Savills Studley handled the GLC and KCL leases for the tenants, while Newmark Knight Frank’s Brian Goldman and Eric Cagner worked on behalf of NexPhase.

The deals take 600 Lexington Avenue to “nearly 99 percent occupancy,” Steven Durels, SL Green executive vice president and director of leasing and real property, said in a statement. Durels added that the building’s “efficient, small floors with floor-to-ceiling windows and white glove service” have proven “highly appealing to upscale tenants.”

Tenants at the property include hedge funds MKP Capital ManagementElement Capital and LibreMax Capital.

BY REY MASHAYEKHI SEPTEMBER 15, 2017 8:00 PM

https://commercialobserver.com/2017/09/three-financial-services-firms-ink-new-office-leases-at-600-lex/

Stateside Arm of Japanese Firm Affiliated With Toyota Renews at 805 Third Avenue

805 THIRD AVENUE. PHOTO: COSTAR GROUP

805 THIRD AVENUE. PHOTO: COSTAR GROUP

Toyota Tsusho America, the United States wing of a Japanese trading firm, has signed a renewal at Charles S. Cohen’s 805 Third Avenue, Commercial Observer has learned.

The lease extension is for six years and keeps the company, an affiliate of Toyota Motors, in some 43,000 square feet on two floors, according to information provided by the landlord. Asking rent in the transaction was in the high-$60s per square foot.

“We’re delighted that one of the world’s most respected business brands, Toyota, will continue to be calling 805 Third Avenue its home,” Cohen said in prepared remarks.

The subsidiary of the Japan-based Toyota Tsusho Group moved into the 600,000-square-foot building between East 49th and East 50th Streets in September 2009, according to CoStar Group. The 55-year-old Toyota Tsusho America occupies the 17th and 18th floors of the 31-story structure.

Marc Horowitz of property manager Cohen Brothers Realty Corporationrepresented the landlord in-house, while Paul Myers and Sarah Pontius of CBRErepresented the tenant and declined to comment via a spokeswoman.

Other prominent tenants include the Yankees Entertainment and Sports Network, also known as the YES Network, and media and marketing firm Meredith Corporation, which occupies the top two floors. Extell Development Companyoccupies an entire floor at the property and renewed its lease earlier this year, as CO reported in August.  

 

https://commercialobserver.com/2016/12/stateside-arm-of-japanese-trading-firm-affiliated-with-toyota-renews-at-805-third-avenue/

Investment Manager Staying Put at SL Green’s 600 Lexington Avenue

600 LEXINGTON AVENUE.

600 LEXINGTON AVENUE.

An international investment firm has re-upped its three-floor lease at SL Green Realty Corp.’s 600 Lexington Avenue.

Commercial Observer has learned that MKP Capital Management has renewed for more than five years at the building between East 52nd and East 53rd Streets. The firm currently occupies the 16th through 18th floors, according to a press release provided by the landlord.

An SL Green spokeswoman said the investment manager has been based at the 300,000-square-foot property since 2010. Asking rent in the renewal was $85 per square foot, she added.

SL Green leasing chief Steven Durels noted in prepared remarks that the 36-story tower is “a magnet for financial firms because of its boutique-size floors flooded with natural light, floor-to-ceiling windows and upscale lobby.”

John Mambrino and Evan Margolin of Savills Studley represented the tenant and declined to comment via a spokeswoman. Larry Swiger represented SL Green in-house.

Popular sandwich shop Pret A Manger signed a deal in June 2014 to occupy a portion of the building’s retail section, as CO reported at the time. The eatery took a  corner section at the Midtown property.

Some of the other office tenants at the building include Nissan and aviation firm NetJets, a Berkshire Hathaway subsidiary. 

https://commercialobserver.com/2016/10/investment-manager-staying-put-at-sl-greens-600-lexington-avenue/