Jones Lang LaSalle and Sage Realty Corp. have completed seven transactions, totaling 52,324 s/f at 747 Third Avenue and 777 Third Avenue.
Sompo Japan Insurance Co. and Morelli Alters Ratner PC each leased 13,055 s/f, Retrophin Inc. expanded by 3,445 s/f and Lascaux Resource Capital LLC signed for 2,096s/f at 777 Third Avenue.
Phillips & Paolicelli LLP took 8,263 s/f, JSB Partners LLC signed an extension for 7,105 s/f and BCMS Corporate leased 5,305 s/f at 747 Third Avenue.
The building owners, The William Kaufman Organization Ltd. and The Travelers Cos. Inc., were represented by Frank Doyle, Cynthia Wasserberger, Alexis Tener Petrus, Jonathan Schifirin and David Wassel, all with JLL.
The team worked closely with Michael Lenchner, vice president and director of leasing, with Sage Realty.
“The Third Avenue corridor has experienced a tremendous increase in leasing activity over the past quarter, despite area rents pushing $70 per square foot,” said Doyle.
“Tenants continue to appreciate the value of office space on Third Avenue, especially when compared to similar space in other Plaza District buildings. The seven deals we completed at 747 Third and 777 Third avenues demonstrate that the market has responded very well to the high quality of the product offered at both buildings.”
“It’s been the best of both worlds recently, with so many existing tenants renewing their leases, and equally rewarding, receiving such a great response to our high-end pre-built spaces and turnkey installations, which are offered at both of our towers,” said Lenchner. “We look forward to continuing this leasing momentum in the months ahead.”