In response to the growing demand for small- and mid-sized units, the William Kaufman Organization’s (WKO) new generation of pre-built office suites at 747 Third Avenue are filling up fast, with five new leases totaling approximately 19,800 square feet now completed.
Two tenants have each leased a portion of the property’s three newly constructed TAMI pre-built units on the 21st floor. They include award-winning ad agency and production company The Vault NYC LLC (3,049 square feet) and investment firm ROAM Global Management LP (3,059 square feet). Designed by Montroy DeMarco Architecture LLP, the TAMI pre-built office suites feature a communal lounge area in the corridor, unique high-end finishes, and furnished pantries with a Bevi water cooler. Each TAMI pre-built office provides optional secure mobile access to each suite, high-speed fiber Internet connectivity and security cameras.
In addition, the building’s existing pre-built spaces on the 17th, 19th and 20th floors are also seeing new leasing activity. Executive search services firm Whitney Partners LLC is taking an additional 2,223 square feet on the 17th floor, bringing its total presence to 5,246 square feet at the property. The tenant has been housed at 747 Third Avenue since 2012 and plans to expand later this year.
Also signing is private debt asset manager PSC Eaglewood Americas LLC, which is relocating to a 3,835 square-foot unit on the 19thfloor. The firm is currently located at 350 Park Avenue and expects to move to 747 Third Avenue later this spring.
And lastly, law firm Fischetti & Malgieri LLP – led by prominent criminal defense lawyer Ronald P. Fischetti – has renewed its 4,634 square-foot lease on a portion of the 20th floor.
Michael I. Lenchner, Vice President and Director of Leasing of Sage Realty Corporation, represented building ownership in all five transactions. Daniel Madison of Newmark Knight Frank represented ROAM Global Management LP in the three-year transaction as well as PSC Eaglewood Americas LLC in the five-year transaction. Erik S. Harris of Newmark Knight Frank represented The Vault NYC LLC in the five-year transaction. There were no outside brokers for the Whitney Partners and the Fischetti & Malgieri transactions. Asking rents for current available office space are in the $64 to $69 per square foot range in the building.
“Our in-house leasing efforts at 747 Third Avenue have attracted a diverse mix of prominent tenants to our brand new pre-built units,” Lenchner said. “With our high-quality finishes and a flexible layout, we have created move-in ready space for any tenant seeking quality space in a convenient and desirable Midtown location.”
Lenchner adds that only one 3,202 square-foot TAMI pre-built remains available for lease on the building’s 21st floor.
Built in 1972 and designed by Emery Roth & Sons, 747 Third Avenue was erected in the International Style. As a result of the 747 Third’s recent capital improvement program, the 403,469-square-foot building’s newly-completed renovation has transformed the lobby, highlighted by a state-of-the-art visitor access system, concierge desk and digital art, as well as its signature “green wall.” Design elements from the entrance carry throughout the lobby, extending to new common corridors, and feature striking, high-end materials and finishes. Major tenants at the property include Regus and Thomson Reuters.
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/
