Law firm Kaufman Borgeest & Ryan recently closed a 15-year lease deal at Global Holding’s 875 Third Ave. The company will occupy 27,000 square feet of prime Manhattan office space located between East 52nd and East 53rd streets, marking a significant downsizing from its current 48,000-square-foot lease at Silverstein Properties’ 120 Broadway. The move reflects a wider trend of companies adjusting their office space needs to accommodate employees’ preferences for flexible work schedules.
Asking rents were between $69 and $75 per square foot. The new tenant is scheduled to move in by March 2023 and will occupy the entire fifth floor of the building. The 29-story tower features a diverse tenant roster: It includes the likes of retailers I Tavolo, Starbucks, and Dunkin and is set to house Chopt in the renovated lobby. Currently, KUR Skin Lab, massage salon A’s Body Works and skin care treatment provider Janet Sartin also reside in the building.
JLL’s Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter represented the landlord, while Barry Lewen of Cresa and Howard Greenberg of Howard Properties negotiated on behalf of Kaufman Borgeest & Ryan.
“With over 600 linear feet of windows, 875 Third’s floor plates provide a uniquely efficient envelope for law firms,” Glickman said in a statement. “Along with the first-class amenities, transportation and ownership, the building offers an extremely attractive package for today’s tenants.”
Completed in 1982, the 700,000-square-foot tower was designed by Skidmore, Owings & Merrill as a 14-sided structure. Its long axis is also positioned at a 45-degree angle toward the avenue. Notably, the building was part of Madison Equities portfolio until 1998, when it was acquired by Boston Properties, which went on to renovate the property and resell it to its current owner by 2003. The building was then renovated once again in 2014 by Global Holdings.