Laurus, which has $800 million under management, has taken the space in a sublease from Morgan Stanley. Although the terms of the deal were undisclosed, the asking price for the space was $51 per sf.
Michael Kaufman and Jack Wynne of Kaufman/Adler Realty negotiated the deal for Laurus. "Prices in the Plaza District have risen significantly over the past several years," Kaufman says. "825 Third Ave., however, offers clients prestige, but at reasonable rates not found in most other buildings in the area." Phil Sprayregen of Byrnam Wood represented Morgan Stanley.
The site is owned by the Durst Organization and CB Richard Ellis is the managing agent. Other tenants include the Royal Norwegian Consulate General and La Maganette restaurant.
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