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Deals & Dealmakers

Been there, done that; RFR close to filling another turnaround building

RFR Realty announced two new office leases totaling over 167,000 s/f at 757 Third Avenue, bringing the 500,000 s/f tower to 95% occupancy.

757 Third Avenue

The transactions mark the climax of RFR’s campaign to reposition and lease up the Emery Roth & Sons-designed tower following the departure of KPMG, which vacated approximately 180,000 s/f of the building in 2012.

Within the past 24 months, RFR has completed new leases and renewals for nearly 400,000 of building’s 500,000 square feet.

Grant Thornton LLP, the audit, tax and advisory firms, signed on for 130,357 s/f in a 15-year deal that will see the firm relocate from 666 Third Avenue and expand its Manhattan presence by 20,000 s/f.

Berkley Insurance Company, the principal reinsurance subsidiary of the W. R. Berkley insurance firm, will consolidate Midtown and Downtown offices into 37,453 s/f at 757 Third Avenue.

Other recent transactions at the building include a 12,199 s/f lease to MPA – The Association of Magazine Media; a 6,961 s/f lease to investment advisory firm Train, Babcock Advisors LLC; and a transaction that saw Astoria Federal Savings and Loan Association lease 5,700 s/f on floor seven and 5,284 square feet on floor nineteen.

“With our campaign at 757 Third Avenue, RFR has comprehensively outperformed the local submarket,” said Gregg Popkin, chief operating officer of RFR. “I think our success here simply confirms that we created something the market wanted — an interesting, compelling office address on Third Avenue with professional management — and marketed it aggressively.”

“Throughout the marketing of 757 Third Avenue, tenants were pleasantly surprised to find such a distinguished property in this submarket,” said Mitch Konsker, who along with Alexander Chudnoff led the Jones Lang LaSalle team working with RFR on leasing.

“Yet again, RFR has proven to have the golden touch when it comes to repositioning a building and attracting a great mix of tenants.”

In addition to 757 Third Avenue, RFR has repositioned Lever House, 160 Fifth Avenue, 90 Fifth Avenue, 350 Madison Avenue, and 285 Madison Avenue.

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