In a deal that marks the culmination of its campaign to reposition and lease up the property, the William Kaufman Organization has signed an 18,412 s/f lease renewal and expansion at 777 Third Avenue, bringing the 575,985 s/f tower to 100 percent occupancy.
SEI Investments Company, a publicly-traded investment management firm that currently leases 7,869 s/f on the 26th floor, is expanding its footprint by leasing an additional 10,543 s/f at the 38-story building.
The expansion comes on the heels of a surge of leasing activity involving over 100,000 s/f of transactions at the property.
During the last 12 months, Sage Realty Corporation, the leasing and management division of the William Kaufman Organization, and a leasing team from Jones Lang LaSalle, have completed new leases and renewals for a wide range of business.
According to Michael Lenchner, vice president at Sage Realty Corporation, the multi-year repositioning effort was an opportunity for the landlord to diversify its tenant roster and enhance the building’s competitive position in the marketplace following the departure of a large advertising agency tenant in 2010.
Shortly after, cosmetics giant Avon signed for 272,000 s/f. Once the new anchor tenant moved in, a number of smaller, full-floor tenants flocked to the building. “We believed from the beginning that the new 777 Third Avenue would be able to attract a diverse roster of new triple A tenants, and we were proven right,” he said.
L. Craig Lemle of Savills Studley represented SEI.