Luxury fashion app Frockhub, Inc.has signed a three-year leasing transaction at the William Kaufman Organization’s (WKO) 777 Third Avenue, a 38-story, 575,985-square-foot class A office tower in Midtown East.
The lease encompasses 2,556 square feet on a portion of the 17th floor of the building, which is located on the full blockfront between 48th and 49th Street.
Michael I. Lenchner, Vice President and Director of Leasing of Sage Realty Corporation, the leasing and management division of WKO, represented building ownership in the transaction, while Matt Weiner at Liquid Space represented the tenant. Asking rents were in the $74 per square foot.
“This new lease for Frockhub shows the strong interest in our property and the East Midtown district for a wide variety of tenants, from tech, finance, legal and beyond,” Lenchner said, noting that the 97% occupied building only has 16,885 square feet of space available for rent.
Built in 1963 and designed in the International Style by architect William Lescase, the building is known for its signature style trademarks such as open public areas and distinctive artwork, including two iconic sculptures in the plaza area: the “Big Red Swing,” an interactive pop-art sculpture by artist Theodore Ceraldi and “Contrappunto,” a rotating stainless-steel sculpture at the front entrance by Brooklyn-based artist Beverly Pepper. Tenants have benefited from a major capital improvement program at the building, highlighted by the restoration of the lobby’s original Italian Calacatta marble, new elevator cabs and state-of-the-art technology, safety and emergency systems.
Major tenants at the property include the global headquarters of Avon, the renowned beauty and cosmetics company; Wallack Firm, a family law firm; Vnesheconombank, a banking firm; Terra Nova Asset Management, LLC, a financial services firm; Vollero Beach Capital Partners, LLC, a hedge fund; Hudson Bay Capital Management, LP, an employee investment manager; SEI Investments Company, a publicly-traded investment management firm; and ERG Property Advisors, a commercial real estate firm.
777 Third Avenue is co-owned in partnership with The Travelers Companies, Inc. The property’s anchor tenant is Avon and retail tenants include HSBC Bank and LensCrafters.
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/
