"Although this asking rate has occurred in other areas of Midtown, namely the Park Avenue District, the fully leased status of 780 Third Ave. is a significant milestone because this trophy building rivals prominent office properties in some of Manhattan's most elite business districts," says Greg Smith, EVP of JRT Realty Group Inc., who spearheads the leasing and property management team, which includes JRT's strategic alliance partner, Cushman & Wakefield. Harry Greely of Cushman & Wakefield and JRT Realty represented the tenant and building owner, locally based TIAA-CREF, respectively.
State Bancorp is relocating office operations from within Manhattan and establishing banking and trading operations at 780 Third Ave. Established in 1966 as the holding company for State Bank of Long Island, State Bancorp's general banking services focus on small to mid-sized businesses, municipal and consumer markets. Currently, the bank operates 16 branches and a lending center.
"This lease reflects a strong desire among many financial institutions for a central Midtown location, column-free office space, low-loss factor and full-floor occupancy," Smith says. "The combination of a short supply of desirable office product, coupled with little new construction, is driving asking rental rates for 2008 over $100--a record-setting trend."
According to Smith, 780 Third Ave.'s location within the Grand Central District, on the corner of 49th Street and Third Avenue just blocks from Lexington, Park Avenue South, and Madison and Fifth avenues and its distinctive first-class amenities appeal to current and prospective tenants alike. Building features include a large outdoor urban plaza; 154-seat terraced auditorium and conference center available to tenants at no charge; advanced business communications technology; concierge services; and infinite opportunities for customization of interior office space.
"780 Third Avenue continues to exemplify our strategy of investing in high-quality properties that we feel can add long-term value to our clients," says Mark Wood, managing director, real estate asset management at TIAA-CREF. "We will continue to work closely with JRT Realty and Cushman & Wakefield to attract and retain high-caliber tenants such as State Bancorp to 780 Third Ave."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
