The William Kaufman Organization announced that Practical Law Company Inc. has renewed its lease and expanded to almost double its previous space in the Tower Floors of 747 Third Avenue
The direct-lease renewal and expansion totals 32,791 s/f and has been signed for a period of 10 years. Financial terms were not disclosed.
According to Michael Lenchner, vice president and director of leasing for Sage Realty Corporation, “We are delighted that Practical Law Company Inc. has not only renewed their lease at 747 Third Avenue, but is also expanding their space. We value Practical Law Company as our tenant, and look forward to our new long term relationship.”
Representing the tenant was Marcus Rayner and Ed Wartels of Cresa Partners LLC.
“We are very pleased to stay at 747 3rd Avenue,” said Jeroen Plink, CEO, Practical Law Company Inc. “It is a great building, right in the heart of midtown and close to Grand Central. We are also very excited about the recent lobby renovation.”
The William Kaufman Organization and Travelers Insurance, owners of the property, recently undertook a multi-million dollar modernization of 747 Third Avenue’s lobby, entrance and plaza.
High end materials and finishes used include granite paving surrounded by brushed stainless steel, painted pure white glass, translucent stretch ceiling fabric, granite flooring and mahogany wood details. A new security system with turnstiles, and a new visitor desk constructed of stainless steel, metal mesh, stone and glass complete the space.
Rather than traditional and static art on the walls, the lobby features “living art” in the form of new video screens, offering an ever-changing sequence of images from both digital and broadcast feeds.
The building occupies the entire east side of Third Avenue between 46th and 47th streets, in the middle of New York City’s Turtle Bay corporate district. One especially unique amenity the building offers tenants is 24 hour HVAC.