60,000 S/F Renewal a Bellwether for Office Recovery

JLL announced that Berkley Insurance Company has renewed its lease at 757 Third Ave., a 504,953 square foot office building in Midtown East owned by BentallGreenOak.

Berkley Insurance Company will continue to occupy 60,000 square feet  across the 10th and 11th floors under an eight-year lease in the building that it has called home since 2014. Berkley Insurance Company is a member of W. R. Berkley Corporation, a Fortune 500 company.

Only the second deal over 60,000 square feet signed on Third Avenue this year, the renewal comes as the landlord continues to add value to the asset with a dedicated amenity center designed to meet demand from tenants seeking facilities and services that help attract and retain employees.  Accessed from the grand staircase in the main lobby, the facility provides space where tenants can collaborate, relax and socialize in spacious quarters that include The Library lounge, a full kitchen, pantry, coffee bar, wellness club, event, and conference space.

The property includes a prestigious roster of tenants in the financial services, accounting, real estate, technology, media and marketing sectors. Constructed by Emery Roth &  Sons, the historic, mid-century building has been magnificently maintained by institutional ownership to compete directly for tenants with adjacent properties on nearby Lexington, Park and Madison Avenues.

757 Third has EPA Energy Star certification and was one of the first US office buildings to receive Viral Response Approval from Fitwel for mitigating the spread of COVID-19. The building has single-tenant and multi-tenant floor plates with bespoke pre-built environments, tower floors with abundant natural light, sweeping views and meeting rooms.

Located a seven-minute walk from Grand Central Terminal and two minutes from the 53rd Street Station, 757 Third Avenue has seamless access to seven subway lines as well as the new LIRR connection. The property is surrounded by some of the city’s most in-demand restaurants, cafes, and fitness centers in a vibrant neighborhood that provides an opportunity for tenants to attract the best talent in a tight market.

“Since acquiring 757 Third Avenue in 2015, BentallGreenOak has invested significant capital to improve the building’s interiors, façade, and amenity package. We believe that our ongoing capital improvements, including extensive lobby upgrades and revamped, best-in-class community spaces, and unique pre-built packages will continue to attract and retain tenants and solidify the property’s position as one of the best Class A office buildings on the Third Avenue corridor,” said Anil Erdem, managing director at BentallGreenOak.

JLL is the exclusive leasing agent for the 26-story Emery Roth & Sons-designed tower. Vice chairman Mitchell L. Konsker, executive managing director Clark Finney, executive vice president Simon Landmann, and associate Lance Yaskinsky represented BentallGreenOak in the transaction. Tim Gibson, executive managing director at Newmark, represented Berkley Insurance Company.

Finney hailed the deal as a bellwether of a recovering office leasing market. “This renewal is further confirmation of a strengthening office market bolstered by landlords’ commitment to the health and wellness of their tenants through expanded amenity offerings,” he said. “Berkley Insurance’s commitment demonstrates New York City’s continued appeal as a home for the world’s leading corporations.”