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Deals & Dealmakers

Flurry of new leasing deals bring 777 Third Avenue to near full occupancy

The William Kaufman Organization (WKO) has completed six leases and renewals totaling 28,500 s/f at 777 Third Avenue in Midtown East.

In the largest transaction, strategic research consultancy firm Benenson Strategy Group has signed a 10,671 s/f lease renewal on a portion of the 33rd floor of the building.

Also renewing is independent private investment firm Hudson Hill Capital (3,129 s/f) on a portion of the 19th floor; independent investment firm Candlewood Investment Group (4,224 s/f) on a portion of the 14th floor; and longtime tenant Grisanti Capital Management LLC (3,056 s/f) on a portion of the 21st floor.

In addition, legal services group Tully Rinckey PLLC is taking a direct 4,216 s/f lease on a portion of the 22nd floor. The firm is currently a subtenant at 777 Third Ave.

Professional services firm SCSI, Inc. is moving to a 3,211 s/f space on a portion of the 27th floor for a seven-year term. The firm, which is currently located at WKO’s sister property, 747 Third Avenue, expects to move to 777 Third Avenue in June 2018.

MICHAEL LENCHNER

The six new transactions come on the heels of the Hospital for Special Surgery’s (HSS) new lease that was finalized last summer. HSS is taking 98,600 s/f on floors two through five.

Michael I. Lenchner, Vice President and Director of Leasing of Sage Realty Corporation, the leasing and management division of WKO, represented building ownership in all six transactions.

Brad Needleman of Newmark Grubb Knight Frank represented Benenson Strategy Group; Tim Freydberg of CBRE represented Hudson Hill Capital LP; and Amy Lerner of Ambar Realty Group, LLC represented SCSI, Inc. Asking rents were in the high-$60s per square foot range.

“777 Third Avenue’s outstanding location, with easy access to Grand Central, the FDR Drive and several major subway lines, coupled with our recent multi-million dollar renovation, is driving the leasing activity at the property,” Lenchner said, noting that the 95 percent occupied building has one remaining furnished unit and a fully-wired entire floor of 13,055 rentable square feet in the tower, as well as several smaller pre-builts available for lease.

777 Third Avenue is co-owned in partnership with The Travelers Companies, Inc. Major tenants include Starboard Value LP, Sompo America Insurance Services LLC Hudson Bay Capital Management, LP, an employee investment manager; and SEI Investments Company, a publicly-traded investment management firm. Retail tenants include HSBC Bank and LensCrafters.

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