Epiq Bankruptcy, Omni Development and Astoria Federal Savings & Loan Commit to Space at the Prominent Midtown Office Tower
NEW YORK, June 19, 2013 /PRNewswire/ — RFR Realty LLC today announced a trio of new office leases totaling 39,020 square feet at 757 Third Avenue, a 500,000-square-foot architecturally distinct office and retail tower located in the heart of Manhattan's Grand Central District. In the largest transaction, Epiq Bankruptcy Solutions, LLC, a technology-based case management and consulting services firm responsible for Chapter 11 cases, agreed to a 28,036-square-foot lease on the third and seventh floors of the signature property, while real estate developer Omni Development, Inc. and Astoria Federal Savings and Loan Association took 5,700 square feet on floor seven and 5,284 square feet on floor nineteen, respectively. With these new deals, 757 Third Avenue has seen over 160,000 square feet of recent leasing activity.
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"The RFR team works tirelessly to provide an unsurpassed office environment for our tenants – from the upscale building amenities and thoughtfully crafted interiors to the assiduous attention to architectural detail," said Aby Rosen, Co-Founder and Principal of RFR Holding LLC. "The recent leases at 757 Third Avenue are further testament to the quality of our portfolio and attention to tenant services."
These deals come on the heels of a pair of 10-year leases with personnel and contract staffing services firms Aerotek, Inc. and TEKsystems, Inc. The sister companies, which are headed by Super Bowl-winning Baltimore Ravens owner Steve Bisciotti, signed for a total of 28,000 square feet at the Midtown landmark, with Aerotek leasing 13,551 square feet on the 8th floor and TEKsystems taking 15,115 square feet on the 12th floor.
Designed by noted architect Emery Roth & Sons, 757 Third Avenue was acquired by RFR in 1999 and has since undergone a comprehensive capital improvements campaign, which includes the addition of a contemporary lobby, upgraded building systems and modern art in the common spaces, as well as a dedicated customer service focus. Asking rents at the trophy tower range from the low $50s per square foot for the pedestal floors of the property to the low $60s per square foot in the tower portion, 757 Third Avenue currently offers two separate 90,000-square-foot blocks of contiguous space.
Epiq Bankruptcy Solutions was represented in the lease negotiations by Mitchell Kunikoff from Lee & Associates NYC LLC, Omni Development was represented in-house by Steve Morrows, and Eric Cagner, Brian Lee and Peter Shimkin from Newmark Grubb Knight Frank oversaw the lease transaction on behalf of Astoria Federal Savings and Loan Association. Representatives of RFR Realty were Steve Morrows, Executive Vice President and Director of Leasing for RFR Realty, and a team from Jones Lang LaSalle led by Mitchell Konsker and Alexander Chudnoff.
About RFR
RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany. Founded by Aby Rosen and Michael Fuchs in the early 1990s, the firm has been an active force in the New York City and German real estate market for much of the past two decades. RFR's portfolio has grown to include more than 100 properties located in select domestic and international markets. While its property portfolio is anchored in the Manhattan and key German commercial markets, RFR also has significant commercial, residential, hotel, and retail holdings. RFR has a proven track record of adding significant value to the properties it acquires through property-level repositioning and strategic financial engineering. RFR has created an organization with deep experience in all phases of the property life cycle and is positioned to take advantage of market opportunities.
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