Responding to market demand,Sage Realty Corporation, the leasing and management division of the William Kaufman Organization (WKO), announced today that it has launched a short-form leasing program at 767 Third Avenue, a new initiative aimed at expediting and streamlining the office leasing process for small- to mid-sized tenants.
The just-launched program, spearheaded by Sage Realty’s CEOJonathan Kaufman Iger and Vice President & Director of Leasing Michael Lenchner, provides space users of various sizes with shorter lease term options, flexible floorplans and full access to all shared building amenities and workspaces with a short-form building standard lease agreement.
“This program came out of our perception of the market and where we see it going,” Iger said. “With the rise of co-working and the growing popularity of collaborative office space, we are addressing the changing tenancy in the market by offering a new opportunity that saves time, saves money and speeds up the leasing process for prospective tenants.”
According to Lenchner, the leasing transactions range in size from one office up to a few thousand square feet and the deals are taking approximately two to three weeks to complete. “Our new short form lease focuses on the most important issues that today’s companies are concerned about: their rent, lease terms and building services,” Lenchner adds. “As owners, we are addressing and responding to those needs by making the process of leasing office space easier, faster and cheaper by offering shorter lease terms and full access to everything that 767 Third Avenue offers: a brand-new amenity center and outdoor sundeck, best-in-class office space and concierge-style services. It’s also about creating and fostering community, which is our hallmark at Sage.”
Over the last few weeks, Sage has seen a surge of leasing activity at the building, completing six new transactions through the new leasing program. The new arrivals include: Libra (2,582 rentable square feet), Athena Communication (1,648 rentable square feet), Straus Asset (200 rentable square feet), Goldman Capital (1,500 rentable square feet) and Legend Advanced Funding (3,586 rentable square feet).
The new leasing program comes on the heels of WKO’s plans to unveil its brand-new, $3.1 million amenity center and outdoor sundeck, which is expected to be completed in July 2016.
Earlier in the year, WKO commissioned Fogarty Finger Architecture and landscape architect MPFP to transform a portion of the 7th floor into a unique “home away from home” for tenants of the building. The amenity area will include a sundeck with lush landscaping and movable tables and chairs, as well as a new, original amenity for a Manhattan commercial office building – a dropdown movie screen. In the warmer weather months, tenants of the building will be able to watch a movie on the sundeck, relax and enjoy views of the city skyline, all without leaving the office. Inside, a state-of-the-art tenant lounge will be available for daily use by all tenants of the building, featuring a communal meeting space, large boardroom, flat-screen TVs, couches and a kitchenette/pantry.
In addition to the new amenity area, the building’s ownership has completed an elevator modernization, upgrades to the lobby, common corridors and rest rooms, as well as the refinishing of the building’s oak façade and tables and benches in the plaza area, which is known for its iconic three-story high chess board.
According to Lenchner, two brand new pre-builts are available on the 17th floor, including one 3,353 rentable square-foot unit and another 3,702 rentable square-foot unit. Asking rents at the property range from $66 to $81 per rentable square foot.
Constructed in 1981, the sinuous tower at 767 Third Avenue is long-regarded as a premier property in the Midtown East marketplace. Built with a unique mix of oak and brick, the building features one-of-a-kind elements and public amenities, including an open plaza area with wooden benches and tables, a 1929-era Ford truck and a three-story high chess board.
About the William Kaufman Organization (WKO)
The William Kaufman Organization, a multigenerational real estate company founded by its namesake in 1924 and now led by Jonathan Kaufman Iger, has developed and repositioned over six million square feet of real estate in New York City. The current portfolio consists of 6 class A commercial office buildings, totaling three million rentable square feet, along with additional real estate assets. For more information, visit http://www.sagerealty.com/
