711 Third Ave.
NEW YORK CITY—Cassin & Cassin LLP's New York office space for the last 16 years seems to have set a precedent. The real estate law firm has signed a deal with SL Green to extend its lease, staying in the same location at 711 Third Ave. for another 10 years. The lease price or asking rents for the building were not disclosed. However, CoStar Group notes that in July 2017 previous deals in the building hovered between $65 to $70 dollars per square foot.
Cassin occupies the entire 20th floor, totaling 19,025 square feet in the office tower which stands between E. 44th and E. 45th streets. It is one block east of Grand Central Terminal.
“711 Third provides tenants with an extraordinary combination of convenience and value which has led to the building being 97% leased,” says Steven Durels, EVP and director of leasing and real property at SL Green.
Built in 1955, the building is 550,651 square feet according to Real Capital Analytics. It has an original mosaic mural by the renowned abstract expressionist artist Hans Hofmann, a leading figure in the highly influential and defining New York School of art movement.
SL Green invested in major building renovations adding new elevators, windows, hallways and restrooms. Other tenants include Ricoh Americas Corp., McKinsey & Company Inc. and Golenbock Eiseman.
CBRE's Paul Amrich, Neil King and Georgina Cook represented Cassin. Howard Tenenbaum and Gary Rosen of SL Green represented the landlord property owner.
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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.
