Robert D. Goodman, senior managing associate at First Service Williams, represented Minerals Technologies along with FSW associate Seth Hecht, says in a release that the tenant preferred to remain in the Grand Central District, its home base since being spun off from Pfizer in 1993. After a search, 622 Third, located between 40th and 41st streets near Grand Central Terminal, "represented the best value and operational fit."
Lease terms were not disclosed; asking rents at the 39-story office property are reportedly in the low-to-mid-$50s per square foot. Minerals Technologies is slated to move into its space on the 38th floor early this year.
Cohen Brothers Realty Corp., which owns and manages 622 Third, was represented in-house by SVP David Nevins. The property was originally built as the single-tenant headquarters of Empire Blue Cross and Blue Shield; Cohen Brothers bought in 1997, and undertook a repositioning that included rebranding the tower as Grand Central Plaza.
Minerals Technologies, which develops and produces specialty minerals for industries in 40 countries that range from pharmaceuticals to paint and coatings, joins a 622 Third tenant roster that also includes advertising agency McCann Erickson, law firm Marks Paneth & Schron and Swiss watchmaker Audemars Piguet. In December, restaurateur Richard Sandoval and his partner, operatic tenor Placido Domingo, signed a deal for 17,000 square feet to open a three-level branch of their Zengo Latin-Asian fusion concept. The restaurant, which will occupy the space formerly held by four smaller eateries, is scheduled to open in October.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
