777 Third Ave.
NEW YORK CITY— Oppenheimer & Co. Inc., a leading wealth management firm, and subsidiary of the publicly-traded company Oppenheimer Holdings, inked a 10-year, 13,055 square-foot lease at 777 Third Ave. with the William Kaufman Organization. The tenant expects to relocate in April 2019, moving from 825 Third Ave. into the entire 34th floor in the offices down the street. The new space will house one of the company's New York City branch offices.
The William Kaufman Organization also finalized a 3,445 square-foot lease for the financial advisory firm, Piton Investment Management, LP, for space on the 22nd floor. Piton was previously subleasing in the building.
Asking rents were $68 to $70 per rentable square foot.
“777 Third Ave. has long been regarded as a choice address for a wide variety of tenants, and it remains one of the top properties on the Third Avenue corridor today,” says Michael I. Lenchner, VP and director of leasing of Sage Realty Corporation, the leasing and management division of the William Kaufman Organization. “The building continues to be well-received by the market, and these transactions are a testament to the strength of our property and our outstanding Midtown East location.” The building is 98% occupied.
Lenchner represented building ownership in both transactions. JLL's Matthew Astrachan and Steven Bauer represented Oppenheimer while Cushman & Wakefield's Eric Thomas represented Piton Investment Management.
Major tenants in the building include HSS Properties Corporation, Starboard Value LP, Hudson Bay Capital Management, LP and SEI Investments Company. HSBC Bank and LensCrafters have retail shops at the location.
Built in 1963, 777 Third Avenue is a 38-story, 575,985 square-foot Class A office tower spanning a full block between 48th and 49th streets. In addition to open public areas and distinctive artwork, the property features two sculptures in the plaza: the “Big Red Swing,” pop-art by artist Theodore Ceraldi, and “Contrappunto,” a rotating, stainless-steel sculpture by Brooklyn-based artist Beverly Pepper.
The asset is co-owned by the William Kaufman Organization and the Travelers Companies, Inc.
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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.
