The Development Corporation for Israel, an international financial organization, is relocating to the Rudin Family’s midtown office tower at 641 Lexington Avenue.
The company has signed a 15-year, 25,000 s/f lease comprising the entire 9th floor of the 32-story, 400,000 s/f building, which occupies the northeast corner of Lexington Avenue at 54th Street.
The organization, a broker-dealer that underwrites securities issued by the State of Israel in the United States, plans to move from 575 Lexington Avenue during the first quarter of 2014.
The new space will serve as the company’s primary New York City sales office.
“We’re proud that the Development Corporation of Israel has chosen 641 Lexington Avenue as its new home and we are committed to helping this important organization grow and prosper in the heart of Midtown,” said Bill Rudin, co-vice chairman and CEO of Rudin Management Company, the operating arm of Rudin Family Holdings.
“This leasing transaction is a clear indicator of New York City’s strong status as a magnet for international companies and global finance.”
Robert Steinman, vice president of Rudin Management Company, represented the building’s ownership in-house on the leasing transaction, while James Emden of Colliers International represented the tenant.
According to Steinman, only a 6,512 s/f space is currently available at 641 Lexington Avenue. he building’s asking rent is $55 a foot.
The building’s tenant roster includes government, healthcare and professional services organizations.