Law, Financial Services Firms Lead Leasing Charge

NEW YORK CITY-Nearly doubling its space, Laurus Funds, has expanded into a second full-floor of 10,366 sf at 825 Third Ave. in the Plaza District. The company now occupies approximately 21,000 sf.

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.