NEW YORK CITY-After a six-month leasing effort, a 75,000-square-foot renewal/expansion lease with longtime tenant TransPerfect International Inc. has brought the Cohen Brothers Realty Corporation's 41-story tower at 3 Park Ave. to 100% occupancy, the owner/developer announced. The global business firm took an additional 23,240 square feet of space on three different floors, completing a successful lease-up at the 700,000-square-foot tower.
Charles Cohen, president and CEO of Cohen Brothers Realty Corp, attributes the strength of the building to its Midtown South location, proximity to public transit, new construction in the lobby and amenities. “You also have stable ownership,” Cohen tells GlobeSt.com. “We built the building, we manage the building and we are very hands-on with build-out over the tenant space. We are very vertically integrated. Tenants in today’s marketplace need to be in a safe environment given the vagaries of the economic climate in the country and in the city.” Asking rents range in the $50s per square foot, he adds.
Broker Michael Burlant of Cushman & Wakefield represented TransPerfect in the seven-year leasing renewal/expansion, while David Nevins of Cohen Brothers Realty Corp., exclusive leasing agent for the building, represented the building owner.
Earlier in the year, Cohen has signed over 82,000 square feet of long-term office leases, with ICON Capital Corp. taking 29,604 square feet and F/X Concepts inking 23,000 square feet in the building. In addition, bakery Le Pain Quotidien will open a ground floor store here come fall.
Cohen added that the exclusive leasing team at C&W also played a major role in the building’s lease-up, including Bruce Mosler, Arthur Mirante, David Glassman, Joseph Cabrera, Brandon San Antonio, Ashlea Aaron and Scott Silverstein. “They did an excellent job bringing first-quality tenants to us,” he says. “We’ve got spectacular unobstructed views all around the city and it is really a premier building for the market that it is in.”
Other current tenants in the building include Prophase Trading Group, LLC, Icon Capital Corp., Mintz & Gold, LLP and Major League Gaming, Inc.
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