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Deals & Dealmakers

JLL signs 130,000 s/f in deals for Shorenstein

JLL has filled nearly 130,000 s/f in office space at Shorenstein Properties’ 850 Third Avenue in the past three months.

The brokerage has completed eight transactions, leasing more than 20 percent of the building.
Shearman & Sterling LLP leased 40,100 s/f, Kaplan Fox & Kilsheimer LLP took 23,737 s/f, TouchTunes Music Corp. signed for 23,399 s/f, Pegasus Capital Advisors L.P leased 13,752 s/f.


Other deals included CIFG Holding Ltd, which took 8,660 s/f, Hodes Weill & Associates signed for 8,645 square feet and ABG Sundal Collier Inc. leased 5,571 s/f. Options Information Technology also took 5,330 s/f at the 600,000 s/f, Class A office building.

Shorenstein was represented in all eight transactions by Matthew Astrachan, vice chairman, Mitchell Konsker, vice chairman, and Matthew Polhemus, vice president, all with JLL.

“Shorenstein has made significant investments into the redevelopment and modernization of 850 Third Avenue, and they run a Class A operation” said Astrachan.

“As evidenced by the nearly complete lease-up of the building, tenants appreciate 850 Third Avenue’s efficient floor plates and expansive window line. In addition, 850 Third Avenue is located just a block away from the 53rd Street Subway Station, which offers direct access to Grand Central Terminal, Port Authority Bus Terminal and Penn Station, all from two subway lines.”

“We’ve invested significantly in improving this building to expand its image as a desirable corporate location for a broad range of tenants,” said Ronnie Ragoff, senior vice president of asset management, with Shorenstein. “We are delighted with the response our work has received.”

Shearman & Sterling LLP signed an extension for 40,100 s/f and will continue to occupy the entire fourth floor at 850 Third Avenues in Midtown.

The law firm was represented by James Quinn, managing director, and Gary Youm, senior vice president, with JLL.

Kaplan Fox & Kilsheimer will continue to occupy the entire 14th floor. The law firm was represented by Michael Monahan and Mark Ravesloot, vice chairmen, with CBRE.

TouchTunes Music Corp. will occupy the entire 15th floor at 850 Third Avenue. The interactive entertainment platform previously occupied a portion of the 15th floor. The tenant was represented by Neil King, senior vice president, with CBRE.

Pegasus Capital Advisors L.P signed a new lease for 13,752 s/f and will occupy the entire 18th floor at the office building. The private equity investment company is relocating to 850 Third Avenue from 505 Park Avenue. The tenant was represented by Keith Caggiano and Roshan Shah, senior vice presidents, with CBRE.

CIFG Holding Ltd. completed a lease renewal for 8,660 s/f and will continue to occupy a portion of the 10th floor at 850 Third Avenue. The insurance company was represented by Scott Vinett, executive vice president, with JLL.

Hodes Weill & Associates will occupy a portion of the 16th floor, relocating from its previous offices on the building’s 15th floor. The tenant was represented in-house.

ABG Sundal Collier signed a new lease for a portion of the ninth floor, relocating from 535 Madison Avenue. The tenant was represented by Howard Hersch, managing director, and Justin Haber, associate, with JLL.

Options Information Technology previously occupied a portion of the ninth floor. The tenant was represented by Sam Seiler, first vice president, with CBRE.

Shorenstein recently completed a capital improvement program at the 21-story office building, with the work including a new lobby and upgraded elevators.

The building owner also enhanced the property’s infrastructure to meet U.S. Green Building Council standards for Leadership in Energy and Environmental Design Gold Certification for Existing Building Operations and Maintenance.

The office tower currently has 5,202 square feet that offers terrace access available on the top floor of the building.

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