Savills Studley completed two sublease transactions for credit rating company Kroll Bond Rating Agency (KBRA) at 845 Third Avenue.
A team led by David Carlos, along with Kurt Handschumacher and David Dwight, represented KBRA in its relocation to 95,000 s/f at 805 Third Avenue and subsequently marketed KBRA’s 845 Third Avenue space for sublease.
Savills Studley subleased KBRA’s fourth floor space at 845 Third Avenue, totaling 26,000 s/f, to real estate firm Lee & Associates, which is relocating from 600 Madison in March 2019. The team subleased the eighth floor space, totaling 10,000 s/f, to law firm Ostrolenk Faber LLP, which relocated from 825 Third Avenue.
“845 Third was unable to accommodate KBRA’s rapid growth, forcing the tenant to relocate well in advance of its lease expiration,” said Carlos.
“Promptly subleasing these spaces enables KBRA to recoup significant dollars that can now be invested in its enterprise. In a crowded sublease market, we were able to implement the last phase of a two-year strategic growth plan for KBRA.”