William Kaufman Renews Financial Tenants at 777 Third Avenue



The William Kaufman Organization has secured two office renewals with financial services tenants at its 777 Third Avenue office tower in Midtown East, Commercial Observer has learned—a 7,383-square-foot renewal and expansion with Innovatus Capital Partners and a 3,056-square-foot renewal with Grisanti Capital Management.

Investment advisor Innovatus signed a four-year deal to renew its roughly 3,200-square-foot space on the 25th floor of the 38-story, 576,000-square foot building while also expanding its presence by 4,200 square feet. Investment manager Grisanti agreed to a one-year renewal of its existing space on the 21st floor of the property located between East 48th and East 49th Streets.

Asking rent for both deals was $71 per square foot, according to sources with knowledge of the transactions. Michael Lenchner of Sage Realty Corporation, William Kaufman’s leasing and management division, represented the landlord in-house on both deals. Innovatus was represented by Brian Goldman and Brandon David of Newmark Grubb Knight Frank, while Mark Lauzon of Cushman & Wakefield represented Grisanti.


Though William Kaufman said in a press release announcing the deals that 777 Third Avenue is currently 97 percent leased, cosmetics company Avon, the property’s anchor tenant, put its 222,000 square feet of space at the building on the sublease market last year, according to CoStar Group. Avon, which leases the second through 10th floors at 777 Third Avenue, subsequently signed a deal for 91,000 square feet at Brookfield Property Partners’ One Liberty Plaza in the Financial District earlier this year.

William Kaufman Organization did not immediately respond to questions on the status of Avon’s space at 777 Third Avenue.

The Grisanti lease is the firm’s second renewal at the property, the tenant’s owner and founder Christopher Grisanti said in a statement. “Because the Sage personnel were both fair and competent, negotiations went quickly. We were able to agree on terms in an afternoon, and then get back to managing money for our clients.”

Representatives for NGKF confirmed the Innovatus deal but did not provide comment. A spokesman for C&W did not immediately return a request for comment.


Private Investment Firm Monomoy Capital Partners Relocating Within L&L Portfolio



Monomoy Capital Partners, a private investment firm, is relocating and expanding within L&L Holding Company’s portfolio to 600 Third Avenue, the landlord said in a press release.

The company will occupy 12,505 square feet, amassing the entire 27th floor, via a 10-year lease at the building on Third Avenue between East 39th and East 40th Streets. The asking rent was $75 per square foot.

The company has been in 9,000 square feet on the 17th floor at L&L’s Metropolitan Tower at 142 West 57th Street between Avenue of the Americas and Seventh Avenue since 2006, according to The New York Post, which first reported news of the deal. Monomoy Capital will move into its new digs in the third quarter, L&L indicated.

“For the Monomoy Capital team, the expansion of our offices to 600 Third Avenue represents our commitment to best-in-class infrastructure in a convenient Midtown location with a great long-term partner like L&L,” Daniel Collin, a partner and co-chief executive officer at Monomoy Capital, said in a prepared statement. “This newly revitalized space is a perfect fit to accommodate our firm’s New York City growth plans.”

CBRE’s Silvio Petriello and Ben Friedland represented Monomoy Capital in the deal, while L&L’s Andrew Wiener and David Young negotiated the deal in-house. CBRE’s spokeswoman said the company declined to comment.

The building was erected in 1970 and acquired by L&L and GE Asset Management in 2004 for $212 million. BlackRock Realty Advisors picked up GE’s equity stake in the building in October 2006 for $315 million. The 42-story, 550,000-square-foot office tower is home to security solutions company L-3 Communications in 100,000 square feet, law firm Polsinelli, PC in 40,592 square feet, the Mission of Austria in 13,129 square feet, public relations firm 42West in 12,505 square feet and life insurance firm Genworth Financial in 5,218 square feet.

L&L recently completed a $3 million upgrade of the building’s privately owned public space.


Investment Adviser Renews Nearly 14K SF at Rudin’s 845 Third Avenue

845 Third Avenue. Photo: CoStar Group

845 Third Avenue. Photo: CoStar Group

An investment counseling firm has opted to renew its headquarters at the Rudin family’s 845 Third Avenue for another 10 years, Commercial Observer has learned.

Inverness Counsel will stay put in its 13,787 square feet at the building between East 51st and East 52nd Streets into 2026, according to a press release provided by the landlord.

The firm, which manages about $2.6 billion in assets, has been based at the property since August 2006, CoStar Group indicates.  

“Inverness Counsel has enjoyed its long-standing relationship with the property’s ownership as it established its headquarters in the space over 10 years ago,” Cushman & Wakefield’s Eric Reimer, who represented the tenant in the deal, said in prepared remarks.

Rudin was represented in-house by Thomas Keating, the head of commercial leasing for Rudin Management Company, which oversees the building. Asking rent was $59 per square foot, according to a spokeswoman for the landlord.

“We are delighted that our long-term tenant Inverness Counsel has recommitted to 845 Third Avenue for another decade,” William Rudin, the chief executive office of Rudin Management, said in a statement.

The 53-year-old building is no stranger to financial and corporate firms. Other occupants of 845 Third Avenue include investigator K2 Intelligence, financial firm Kroll Bond Rating Agency and home health provider SeniorBridge Family Companies.



TIAA signs two new tenants at 685 Third Avenue

Commonwealth Secretariat and NewOak Capital will take about 46K sf between them

TIAA’s Kevin Smith and 685 Third Avenue in Midtown (Photo: CoStar)

TIAA’s Kevin Smith and 685 Third Avenue in Midtown (Photo: CoStar)

A financial services firm and the governing body of the Commonwealth of Nations, formerly the British Commonwealth, will soon take up residence at TIAA’s 685 Third Avenue.

Commonwealth Secretariat, an organization representing 53 sovereign states, mostly part of the former British Empire, signed a deal to take 27,000 square feet on the building’s 11th floor at an asking rent in the $60s per square foot

Michael Burgio and Daniel Organ of Cushman & Wakefield represented the tenant, which is leaving its current home at 800 Second Avenue, the New York Post reported.

NewOak Capital will take the buildings 21st floor, a total of 17,800 square feet. Asking rent for that space was higher, $77 per square foot. Newmark Grubb Knight Frank’s Larry Zuckerman and Dan Gronich represented NewOak.

JLL’s Matt Astrachan, Frank Doyle, Clark Finney, Jonathan Fanuzzi and Dan Santagata represented the landlord in both deals.

The building’s largest tenant, Salesforce, recently announced it was planning to consolidate its operations at its new headquarters at 3 Bryant Park, which is now officially known as the Salesforce Tower New York.

TIAA took out a $190 million loan last year to fund renovations at the 646,000-square-foot Midtown East tower.


First Commercial Bank, Consulting Company Each Sign Full-Floor Deals at 750 Third Avenue



After 15 years on the top floor at 750 Third Avenue, Taiwan-based First Commercial Bank has re-upped, Commercial Observer has learned, and advisory and expert services firm Ankura Consulting Group is moving onto a full floor in the Grand Central Terminal-area building.

Commercial Bank’s 11,779-square-foot space spans the entire 34th floor of the 857,354-square-foot office building between East 46th and East 47th Streets, according to information from landlord SL Green Realty Corp. The renewal lease is for 15 years, said Daniel Horowitz of Savills Studley, who represented First Commercial Bank in the deal.

“The building obviously is well-managed by SL Green and [Commercial Bank is] on the top floor of the building so they have the prestige of having a relatively modest-sized presence and maintaining an outsized commanding view of Third Avenue,” Horowitz said. Natasha Brown represented the landlord in-house in the transaction.

Commercial Bank will perform “some modest upgrades, reconfigure the space and make it productive for the ensuing years,” Horowitz added.

Meanwhile, Atlanta-based Ankura signed a new five-plus-year lease covering 11,779 for the entire 28th floor of the building, according to a release from SL Green. The building asking rents range from $69 to $72 per square foot, according to Steven Durels, the director of leasing and real property for SL Green. He noted that the company will move in later this summer after a build-out.

Don Preate of Cushman & Wakefield represented Ankura, while David Kaufman acted in-house for SL Green. A spokesman for C&W didn’t immediately respond to a request for comment.

“We are delighted to welcome Ankura to the building, and retain First Commercial Bank, Ltd., for the long-term,” Durels said in prepared remarks. He added that “these transactions are testament to the continued robust leasing activity currently be experienced in Midtown Manhattan and particularly within the Grand Central Terminal submarket.”

SL Green acquired the building in July 2004 from TIAA-CREF for $255 million, according to property records. Other tenants in the building include accounting firms Eisner and Marcum, as well as Endurance Reinsurance and FTI Consulting.