"We worked to find third-party consultants familiar with build-to-suits and what tenants want so that when we get asked questions, we can respond quickly. The kiss of death on a space tour is answering a question with, 'We'll get back to you.' So to the extent that we have the answers up front, we can get to the essence of a transaction faster.” The vendor group will be led by LB architects and with that assistance, JLL plans to develop revised and scalable design standards for both turnkey and pre-built programs.

TIAA-CREF acquired 685 Third Ave., located between East 43^rd and East 44^th streets, in mid-2010 from a large pharmaceutical company. The asset manager fully renovated and repositioned the building as a multi-tenant office property. The effort, designed by Gensler, included a new lobby, new elevators and the creation of a pocket park adjacent to the building.

"Teachers really invested heavily before we came on the scene," says Astrachan,"and made a tired asset that's 200 steps from Grand Central (yes, I counted with my own two feet) into a vibrant building."

Originally constructed in 1962, an addition to the office building was completed in 1974. The 31-story property offers more than 300,000 square feet of office space in the midrise and tower sections. Floor plates range from 22,692 square feet to 29,930 square feet on the second floor to the 15th floor; 6,912 square feet to 9,288 square feet on the 16^th floor and 17^th floor; 17,600 square feet to 19,000 square feet on the 18^th floor to the 25^th floor; and 13,600 square feet for the top six floors.

TIAA-CREF recently completed a number of leases at 685 Third Ave., including the Tribune Co.'s 10-year lease for 27,453 square feet on the 30thand 31st floors; Decker Communications completing a five-year transaction for 5,449 square feet on the 18th floor and Luke's Lobster inking a deal for a new, ground-floor location—slated to debut this summer—that opens up into the newly renovated park.