Kroll Subleases Out 36,000 SF at 845 Third Ave.
The credit rating agency had left this space to move into 95,000 square feet subleasing from the Meredith Corporation last May.
NEW YORK CITY—After moving down the street from 845 Third Ave. between E. 51st and E. 52nd streets to 805 Third Ave., between E. 49th and E. 50th streets, Kroll Bond Rating Agency has new tenants in place at the space in its prior office.
At 845 Third Ave., KBRA subleased 26,000 square feet on the fourth floor to Lee & Associates. The real estate firm will relocate from 600 Madison Ave. next month. In the same building, KBRA had subleased 10,000 square feet on the eighth floor to Ostrolenk Faber LLP. The law firm had relocated from 825 Third Ave. in December 2018.
As previously reported in GlobeSt.com, the Rudin family owns 845 Third Ave. Building tenants at this property include K2 Intelligence, Cohere Communications and SeniorBridge Family Companies. Retail tenants include Modell’s Sporting Goods.
A Savills Studley team led by David Carlos along with Kurt Handschumacher and David Dwight represented KBRA in its relocation to 95,000 RSF at 805 Third Ave. to accommodate the company’s growth. The brokerage team also marketed KBRA’s 845 Third Ave. space for sublease. Lee & Associates was represented by its president, James Wacht. Ostrolenk was represented by Kalman Censor and Norman Bobrow.
Savills Studley declined to provide asking rents and prices for the lease and subleases. However, Commercial Observer reported that the asking rents at 845 Third Ave. are $65 per square foot according to CoStar.
As reported in May 2018 in GlobeSt.com, KBRA had subleased 95,000 square feet of office space from the Meredith Corporation at 805 Third Ave. under an eight-year agreement. From industry sources GlobeSt.com learned that asking rents at that building owned by Cohen Brothers Realty were $65 per square foot. Meredith had acquired Time, Inc. for $2.8 billion and moved out of the building to consolidate offices at Brookfield Place.
Victor Rodriguez, senior market analyst at CoStar, tells GlobeSt.com for Class A buildings asking rents in Midtown’s Plaza subdistrict market (which is defined roughly from Lexington to Sixth avenues, from 50th to 59th streets) run at $91 per square foot.