NEW YORK CITY—Kroll Bond Rating Agency has signed a 95,000 square-foot sublease, for office space leased by the Meredith Corporation, which acquired Time, Inc. for $2.8 billion. In July, KBRA will move into floors 26 through 29 at 805 Third Ave. The sublease is for eight years, the remaining amount of time on Meredith's lease. Asking rents in the building were $65 per square foot, according to industry sources.
The 31-story, 597,533 square-foot office tower built in 1980 is owned by Cohen Brothers Realty, according to Real Capital Analytics. 805 Third Ave. is located between E. 49th and E. 50th streets.
Meredith is consolidating its New York operations at the former Time, Inc. space at 225 Liberty St. This office is part of the Brookfield Place complex.
KBRA will relocate from the 37,000 square feet it occupies on two non-contiguous floors at 845 Third Ave., a building between E. 51st and E. 52nd streets. The rating agency had outgrown its space. “We were bursting at the seams and needed immediate space, as well as a long-term plan to accommodate our future growth,” says KBRA's CFO Ajay Junnarkar.
KBRA was represented by Savills Studley's David Carlos. He will also handle the sublease of KBRA's existing offices at 845 Third Avenue. JLL's Frank Doyle, Randy Abend and Cooper Weisman represented Meredith.
“We had a lease out for another property when we learned about Meredith's acquisition of Time and immediately jumped on the opportunity,” said Carlos. “The Meredith space has been meticulously maintained and is in move-in condition. The ratio of perimeter offices to interior space, natural light, high ceilings and furniture perfectly met KBRA's needs.”
“Meredith's space at 805 Third Avenue was impeccably designed and the high-end build out was ideal for KBRA,” said Abend. “JLL continues to market the remainder of Meredith's space at 805 Third Avenue, including its state-of-the-art broadcasting studio.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
