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CBRE's Tighe Speaks Out on Fairchild Deal

NEW YORK CITY-Future-thinking big-name companies making deals for large amounts of space stand as proof that the market is bottoming out, according to one real estate veteran.

By Barbara Jarvie | Updated on January 21, 2004

NEW YORK CITY-Another day, another huge lease deal. This time, it’s Fairchild Publications making plans to leave its home at 7 West 34th St. in favor of 234,000 sf at the Teachers Insurance and Annuity Association’s 750 Third Ave. The 17-year deal was negotiated for Fairchild by CB Richard Ellis’ Mary Ann Tighe, Stephen Siegel, Greg Tosko and Ken Meyerson.

“It’s notable to see a company make a move in 2004 when it doesn’t have to make a commitment until 2008,” Tighe tells GlobeSt.com, adding that this East Side deal and the recently reported PricewaterhouseCoopers’ 29-year deal for 800,000 sf in Midtown stand as examples that companies believe the market is at a bottom and moving upward. “It’s substantial,” she says.

The media giant will begin to occupy the third floor immediately and will move in as a build out progresses. Built in 1958 at the corner of 47th Street and Third Avenue, the 34-story property comprises 761,057 net leaseable sf. Floorplates range from 9,000 sf to 39,000 sf. Financial arrangements were not disclosed; however, space in the site is advertised in the range of $34 to $45. Other tenants include First Commercial Bank, Eisner LLP and Buckingham Research Group.

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