Several high-profile office leases were signed by industry-leading companies last month. We rounded up the five most notable in New York City in March – check them out below:
1. R3 & Check Point Software Technologies Move to 1155 Avenue of the Americas
The iconic, granite-clad, 41-story tower located between West 44th and West 45th streets welcomed two new tenants in the month of March. Specifically, two leading tech companies will occupy significant portions of the Durst Organization’s 1155 Avenue of the Americas. First, blockchain company R3 will be relocating from 11 West 42nd Street. The 10-year lease is for 17,246 square feet on the 34th floor at a rate of $95 per square foot. Additionally, Check Point Software Technologies will relocate from 500 Fifth Avenue. The company signed a five-year lease for 9,663 square feet on the 25th floor at $110 per square foot, according to the landlord.
Tom Bow, Rocco Romeo and Tanya Grimaldo were the in-house representation for the landlord. Leo Paytas of Newmark Knight Frank negotiated on behalf of R3, and Waite Buckley of Vicus Partners represented Check Point.
The two tech companies will join staffing firm Indeed.com, leading game publisher Take 2 Interactive, brokerage Keller Williams and accounting firm BKD as tenants of the recently improved property.
2. Two New Office Leases at 366 Madison Avenue
Two law firms will be moving to 366 Madison Avenue. The 16-story building is just a few blocks from Grand Central Terminal, and a prime location for tenants. Cushman & Wakefield arranged both long-term leases — one on the 5th floor and the other on the 7th floor — totaling 13,702 square feet combined. The full-service law firm Hall Booth Smith will move into the offices on the 5th floor, while Ford Harrison will move into the 7th-floor offices.
3. Pernod Ricard Renews Lease at 250 Park
The American headquarters of the French liquor company extended its lease to remain on the 16th and 17th floors of the 20-story property for another 10 years. The property at 250 Park is located between East 46th and East 47th streets. The 48,722-square-foot space features a custom bar, two terraces overlooking Park Avenue and a cozy lounge area for employees to enjoy.
Cushman & Wakefield confirmed the lease rate at $76 per square foot for Pernod Ricard, which produces brands such Absolut Vodka and Kahlua. Legal tech firm Complete Discovery Source, consulting firm Conning and staffing company Insight Global also have offices in the prestigious building.
4. MDC Partners Takes 200,000 Square Feet at 1 World Trade Center
One WTC welcomed its third-largest tenant in March, with MDC signing an 11-year lease for floors 65 through 69 and a portion of the 64th floor, as well. The global marketing and communications company will anchor the upper portion of the building and occupy nearly 200,000 square feet. The Durst Organization’s president announced that the building is currently 93% leased, and there are still a few office leases available for companies interested in moving to the tallest building in the Western Hemisphere. The company is looking forward to establishing it as the preeminent building in Manhattan for the tech and media industries.
5. HHC Signs 15-year Lease at Medical Center in Bronx
Tremont Renaissance, a brand new, full-service health center, is set to open at 1910 Webster Avenue in the Bronx. The project was built to address three critical areas that are underserved in the city: access to quality, sufficient and affordable housing; nutrition; and healthcare. The New York City Health and Hospitals Corporation (HHC) 15-year medical lease covers 21,643 square feet and is worth more than $14 million.
The HHC is set to open a comprehensive family health center that will provide pediatric, primary, urgent and elderly care. All commercial spaces are now fully leased at Tremont Renaissance, and the building is set to reflect the vitality that is energizing the Bronx.